The Food and Agriculture Organization (FAO) of the United Nations reported a slight decline in global food prices for August 2024. According to the FAO Food Price Index, which tracks monthly price changes for widely traded food commodities, the index averaged 120.7 points in August, down marginally from July and 1.1% below the same month in 2023.

The global dairy alternatives market is forecast to expand from USD 27.1 billion in 2023 to USD 78.7 billion by 2033, at a compound annual growth rate (CAGR) of 11.2%. Driven by growing consumer demand for plant-based alternatives to traditional dairy products, the market offers substitutes like milk, yogurt, cheese, and butter derived from sources such as soy, almonds, oats, coconut, rice, and cashews.

Saputo Dairy Australia (SDA) has announced the closure of the historic King Island Dairy factory, dealing a significant blow to Tasmania's economy and affecting 58 employees. The decision comes after a 10-month search for a buyer, which proved unsuccessful, prompting SDA to begin the final operating season of the dairy with plans to cease operations and retire the brand by mid-2024.

French food giant Danone has announced it will remove the Nutri-Score nutritional rating from the packaging of its drinkable yoghurts, following a downgrade in their scores. Beginning in September 2024, this decision will affect popular brands such as Actimel, Danonino, Hi-Pro, Danone, and Activia.

After facing a significant $276 million impairment on dairy infrastructure and reporting a net loss of $230 million in FY23, Bega Group has rebounded strongly in FY24.

New Zealand’s dairy sector is experiencing a strong start to the 2024-25 season, with July setting a new record for milk production and significantly boosting export volumes. This early-season performance, coupled with rising Whole Milk Powder (WMP) futures, has driven Milk Price Futures higher, underscoring the dynamic nature of the global dairy market.

China, like many other major dairy-producing regions, is witnessing a decline in milk production, a trend attributed to rising production costs. This reduction in output is expected to maintain upward pressure on global dairy prices, according to Stefan Vogel, General Manager of Rabobank Research for Australasia.

China’s whole milk powder (WMP) production is expected to rise in 2024, driven by an increase in raw milk production, according to the latest USDA Dairy World Markets and Trade report. As fluid milk markets face saturation, excess raw milk is being diverted to WMP production, which offers a longer shelf life and can be stored for future use. However, despite this growth, WMP remains less profitable for dairy processors, leading them to limit raw milk purchases for drying.