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Mexico’s Dairy Demand to Grow in 2024

Mexico’s economy has grown for eight straight quarters, but a slowdown could be in the making. How that will impact dairy demand in 2025 and beyond is unknown, but for now demand has been strong and is expected to expand again next year, which should help boost U.S. exports.

Betty Berning, analyst with the Daily Dairy Report, said, “The Mexican peso has strengthened against the U.S. dollar for most of 2023, with a slight setback this fall. Currently, the peso is on an upswing, and its value relative to the greenback now sits 14% higher than year-ago levels. Strong demand from the United States’ top dairy export market will help keep dairy products moving and provide support to prices.”

According to a recent USDA Global Agricultural Information Network (GAIN) report, Mexico’s year-over-year milk production in 2024 is expected to increase 2% to slightly more than 30.4 billion pounds. An additional 50,000 cows, compared to this year, will push Mexico’s milk herd to 6.7 million head. Growth in cow numbers combined with a modest 1% gain in milk per cow will drive 2024’s output gain.


December 13, 2023



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