Michael Dykes, CEO of International Dairy Foods Association (IDFA), shared at the 2024 International Dairy Forum in Phoenix, Az., earlier this week that our industry has a growth mindset. In fact, Dykes shared a McKinsey survey that highlighted 60% of the processing executives are expressing optimism for 2024, and 73% plan to increase their investments over the next three to five years.
With more than $7 billion in planned processing investments, growth is indeed on the horizon. The big-ticket question is whether today’s producers can help fill the milk production need. Dykes said that U.S. dairy producers are the most efficient in the world and can produce twice as much milk today with half as many cows as we were 60 years ago.
“Our farmers want to grow; our processors want to grow. And if we aren't growing, if we aren't looking toward the future, we're going to get surpassed by others,” he said, sharing that he wholeheartedly believes U.S. producers will fill the upcoming processing needs.
By KAREN BOHNERT
January 25, 2024
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