Key milk components required to produce cheese, butter and other dairy products keep growing.
The U.S. dairy industry has long relied on monthly milk production data from the USDA to track the trajectory of milk supplies available for processing and to project potential dairy product output. Historically, falling milk production from dairy farms would signal a decline in supplies of both fluid milk and the key solid milk components used to produce cheese, butter and other dairy foods. Production volumes of farmgate milk and the components in that milk trended closely together for decades. As a market indicator, tightening milk supplies could potentially curtail dairy processors’ growth or expansion plans.
That dynamic has changed, however, as the composition of milk produced in the U.S. has evolved to steadily include more butterfat and protein content. While U.S. milk production has slowed in recent years, key milk components used to make many of the most popular solid dairy products have climbed. Recent dairy production data accentuates the trend. Through September 2024, U.S. milk production on a milk volume basis has declined for 14 consecutive months. Meanwhile, butterfat and protein production has grown in 12 of those same months.
October 4, 2024
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