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Italian cheeses have seen a 5.8% increase in quantity and a 13.7% increase in value in the first ten months of 2023

Italy 15.02.2024
Source: The DairyNews
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In the face of escalating global geopolitical tensions that could potentially impact prices, exercising caution is advised. However, the 116th edition of Fieragricola in Verona served as a valuable platform to scrutinize the dairy sector's performance on both national and international fronts.
Italian cheeses have seen a 5.8% increase in quantity and a 13.7% increase in value in the first ten months of 2023
The recent figures from the Global Dairy Trade quotation, a bi-weekly auction of dairy products in Oceania considered a global trend indicator, reveal positive outcomes for major items.

While production levels have remained relatively steady, major cheese, powder, and butter exporting countries have only seen a marginal increase of 0.2% in milk production compared to the previous year. Global demand is on the rise by 0.6%, with sustained global exchanges showing a positive trend (+4.1% in milk equivalent imports and +3.1% in exports, source: Clal.it). These promising trends bode well for enhanced profit margins for dairy farmers in 2024.

There's potential for a downward trajectory in production costs, particularly influenced by animal nutrition. Corn prices might weaken, and the soy market may experience bearish spirals due to South American overproduction (source: Commodity Outlook Ing Bank).

Within the European Union, overall dairy production for the 27 member countries has seen a modest increase of 0.1% from January to November 2023 compared to the same period in 2022. Notable increases in milk deliveries are observed in Germany (+1.7%), the Netherlands (+1.2% YoY), and Poland (+1.6%). However, Italy experienced a slight decline of 1.1%, with France and Ireland showing Year-over-Year declines of -2.9% and -3.2%, respectively.

In Italy, spot milk prices are rebounding after a December decline. On the Verona commodities exchange, a national reference alongside Milan for spot milk, the latest quotation on January 22 witnessed a 0.5% increase, bringing Italian raw milk values to €51/100 kg.

Positive signals for the Italian dairy industry also emerge from exports, exceeding €6.37 billion in value from January to October 2023 (+10.2% compared to the same period in 2022), driven by increasing unit prices. Noteworthy export categories include butter and other fats (+30.6%), powders (+217.1% for WMP and +38.9% for SMP), and cheeses, representing the tricolor dairy art.

A particularly positive development in the export of Italian cheeses is evident. Italian cheeses have seen a 5.8% increase in quantity and a 13.7% increase in value in the first ten months of 2023, surpassing €4.16 billion, solidifying their position as a cornerstone of agri-food exports. Leading the way are Grana Padano and Parmigiano Reggiano, with a 5.5% increase and a 59% market share in the EU, along with growth in fresh cheeses (+8.1%) and grated or powdered cheeses (+7.7%).
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April 2024
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