Global dairy quarterly Q2 2024: Searching for equilibrium

The upward trend in global milk prices has decelerated slightly in Q2, following a notable rise in late 2023 and early 2024. Earlier in the year, forecasts projected a gradual but steady increase in prices for 2024. However, the market’s price recovery may progress more slowly than previously anticipated, as current indicators point to potential challenges ahead.

The earlier price surge seems to have been driven largely by a reaction to low prices and a phase of restocking, rather than a lasting boost in consumer demand across most regions. Now, buyers are turning more cautious in anticipation of a seasonal peak in Northern Hemisphere milk production. Additionally, China's increasing domestic production is reducing its need for imports – a trend that will likely continue to challenge the global dairy market in the near term.

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2024

2023

  • Andrés Padilla

    Senior Analyst - Beverages, Dairy,Packaging & Logistics
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  • Mary Ledman

    Global Sector Strategist – Dairy
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  • Lucas Fuess

    Senior Analyst – Dairy
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  • Richard Scheper

    Analyst - Dairy
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  • Emma Higgins

    Senior Analyst – Agriculture
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  • Michelle Huang

    Senior Analyst – Dairy
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  • Michael Harvey

    Senior Analyst – Dairy & Consumer Foods
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