Browse Data and Analysis

Milk production in Australia for 2024 is estimated to increase, for the first time since 2020, by 3.3 percent to 8.75 million metric tons (MMT). Industry confidence is elevated by high milk prices for dairy farmers over recent years and, also lower feed and fertilizer prices and broadly good seasonal conditions in 2024.

Post increased its estimate of raw milk production in 2024 due to a larger dairy cow inventory. Imports of fluid milk, whole milk powder (WMP), and skimmed milk powder (SMP) are estimated to all decline in 2024 due to higher domestic milk production.

New Zealand fluid milk production is forecasted to be 21.2 million metric tons (MMT) in the 2024 market year (MY). This is a decrease on the previous 5-year average of ~21.6 MMT, reflecting the decreasing herd numbers and the short-term effects of the following: El Niño weather pattern, softening revenue, high cost of debt servicing, and challenging feed and fertilizer prices.

Vietnam offers abundant opportunities for exporting consumer-oriented products, despite the challenges of recovering from the COVID-19 pandemic and dealing with high inflation. The Vietnamese economy is poised for significant expansion in the coming decades. With a burgeoning population and a growing middle class, Vietnamese consumers are becoming more discerning about the origin and composition of their food.