The dairy market for products like milk and curd has been experiencing notable trends and pricing shifts in 2024. Rising milk prices combined with a decline in feed costs are contributing to favorable margins for dairy producers. In the U.S., for example, milk prices for Class III (often used in cheese) and Class I/II (for fluid milk and cream) are all around or above $20 per hundredweight (cwt), with the all-milk price around $22.80 per cwt as of mid-2024.

Globally, the dairy market is expanding, with estimates suggesting it could reach $631.36 billion in 2024, driven by increased demand for fresh milk, yogurt, and other dairy products in emerging markets. Additionally, a shift toward high-quality and organic dairy products has bolstered demand, particularly in markets like Europe and North America.

Price volatility can still affect the market, as strong milk prices encourage production increases, which may later result in oversupply and drive prices down. Export demand remains strong, with notable increases in shipments of cheese, dry whey, and skim milk, while imports are also up, especially for butter and infant formula.

If you’re looking at this market for investment or sourcing purposes, these trends underscore the importance of timing and market positioning to take advantage of price shifts and demand cycles.