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Sluggish global milk supply growth and improving dairy prices expected in 2024

Limited milk supply growth and lacklustre demand led to soft global dairy commodity pricing in 2023. However, the global dairy market appears to be transitioning to the next phase in its cycle, with prices expected to move higher through 2024, according to a new report from Rabobank.

“Still, the market remains finely balanced, and uncertainty remains surrounding underlying demand for 2024,” the specialist agribusiness bank says in its just-released Global Dairy Quarterly Q4 2023 report.

As 2023 draws to a close, Rabobank says, the global dairy market continues to walk a tightrope of limited “new” milk and sluggish demand.

Dec 14, 2023



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