Global Dairy Market
End of Year Report 2023

We are at the end of a period where the supply of milk and its derivatives surpassed its corresponding demand. Particularly in the first half of 2023 and to a lesser extent until the start of Q3, an excess of dairy products prevailed. Dive into our end or year report, in which we reflect on past trends, current prices dynamics, and the future outlook of the dairy market.

What happened in 2023?

• In the United States, the year-to-date statistics reveal a 4.47% increase in cow slaughter compared to the preceding year, 2022.
• Southern European nations are grappling with reduced domestic milk production attributed to consistently higher average temperatures.
• The year-to-date year-on-year exports of raw milk from Germany to Italy have experienced a remarkable surge of 145.35%.
• Thanks to favorable pasture growth, New Zealand’s milk production has remained consistent with last year, showing a slight uptick of 1.55% year-to-date compared to the previous year.
• China is assuming a more prominent role in the dairy industry, prompting countries like New Zealand to adjust their production strategies.
• Lower prices have spurred heightened exports of milk equivalents to African, Middle Eastern, and Asian countries.