Global Cheese Production Trends: Forecast and Dynamics in 2024
Source: The DairyNews
Cheese Production on the Rise: Australia is poised to increase its cheese production by 5 percent, reaching 445,000 tons in 2024, aligning with a broader industry trend where milk processors channel a larger milk pool towards cheese over other processed products.
Resilience in Cheese Prices: Over the past year, cheese prices have demonstrated resilience, declining at a slower rate compared to skim milk powder, whey, and butter. Notably, there's been a shift in the types of cheeses produced, with cheddar cheese production experiencing a 3 percent decrease, while overall cheese production increased by 6 percent in 2023, possibly indicating a move towards specialized varieties catering to export markets.
Global Cheese Export Outlook: Australia and the European Union anticipate a rebound in cheese exports in 2024, supported by improved import demand and increased competitiveness in key markets such as Japan, China, South Korea, and the Philippines.
EU's Marginal Increase: In the European Union, cheese production is forecasted to marginally increase in 2024, prioritized over butter and milk powders due to higher expected profitability. Domestic demand is expected to rise, fueled by economic recovery, rising incomes, and a resurgence in the hospitality and tourism sectors.
New Zealand's Dynamic Market: New Zealand experienced a 7 percent surge in cheese production in 2023, reaching 400,000 tons, driven by unexpected milk production strength. In 2024, despite a decline in milk output, cheese production is expected to remain steady, with a focus on meeting demand from Japan, China, and South Korea. However, increased competitiveness from Australia and the EU may impact market share in key markets.
Record Cheese Production in the U.S.: The United States anticipates a record 2-percent increase in cheese production, reaching 6.5 million tons in 2024. Significant investments in processing capacity and accelerated milk production growth contribute to this surge. The U.S. is poised for an 8-percent jump in cheese exports to 466,000 tons, driven by higher demand from Japan, China, Mexico, South Korea, and the Philippines.
Global Cheese Export Outlook: Australia and the European Union anticipate a rebound in cheese exports in 2024, supported by improved import demand and increased competitiveness in key markets such as Japan, China, South Korea, and the Philippines.
EU's Marginal Increase: In the European Union, cheese production is forecasted to marginally increase in 2024, prioritized over butter and milk powders due to higher expected profitability. Domestic demand is expected to rise, fueled by economic recovery, rising incomes, and a resurgence in the hospitality and tourism sectors.
New Zealand's Dynamic Market: New Zealand experienced a 7 percent surge in cheese production in 2023, reaching 400,000 tons, driven by unexpected milk production strength. In 2024, despite a decline in milk output, cheese production is expected to remain steady, with a focus on meeting demand from Japan, China, and South Korea. However, increased competitiveness from Australia and the EU may impact market share in key markets.
Record Cheese Production in the U.S.: The United States anticipates a record 2-percent increase in cheese production, reaching 6.5 million tons in 2024. Significant investments in processing capacity and accelerated milk production growth contribute to this surge. The U.S. is poised for an 8-percent jump in cheese exports to 466,000 tons, driven by higher demand from Japan, China, Mexico, South Korea, and the Philippines.
