Global cheese consumption will reach a record 21.6 million metric tons in 2024

“Global demand for cheese continues to grow,” said Sarina Sharp, analyst at Daily Dairy Report. “Global cheese production is growing even faster than demand, and the United States is a major contributor to the surplus.”

Compared to 2023, global cheese consumption increased by 9.8% compared to 2019, outpacing growth in domestic consumption, which could rise by 8.3%. Over the same period, foreign cheese production is forecast to grow by 4.2%, falling short of the expected 4.6% increase in foreign cheese consumption.

Sarina Sharp's calculations indicate that the US cheese industry will continue to be dependent on exports, but the news on future developments is positive. The USDA expects each of the world's largest cheese importers to import at least as much cheese this year as in 2023.

“However, slowing economic growth and a declining population have reduced demand in key Asian markets. While Japan and South Korea are likely to import more cheese this year than in 2023, their imports are still expected to fall short of 2020, 2021 and 2022 volumes, Sarina Sharp said. “Slightly lower demand in these markets will likely be offset by record imports from Mexico and China and record purchases from Russia, the world’s second-largest imported cheese market.”