FAO – Dairy Market Review: Overview of Global Market Developments, 2024

The FAO Dairy Market Review highlights global trends in dairy production, trade, and prices, focusing on significant developments from the past year. The report details how global dairy product prices declined in 2023 after peaking at near-record levels in mid-2022. It also notes a slowdown in world milk production growth, which reached its lowest pace in two decades. Trade in dairy products experienced its first contraction in nearly 20 years, largely driven by reduced imports from key markets like China, despite some gains in other regions. The review discusses challenges such as high production costs, labor shortages, and extreme weather events impacting production across different continents. Furthermore, it analyzes policy changes affecting the industry and identifies future challenges for global dairy markets.