The global dairy market is set to provide “good returns for the foreseeable future” due to the declining global milk supply.

“The dairy market remains strong as global supply tights follow current demand trends,” a spokeswoman for Lakelands said.

This is because some major Irish milk processors have recently raised milk prices by at least 2c / L and also raised milk prices last month.

According to the Agricultural and Horticultural Development Commission (AHDB), global milk production continued to record a year-on-year deficit in March, with aggregate milk supply across major producers down 0.7% from last year.

From March 2021 to March 2022, the world’s average daily milk supply fell by 5.8 million liters.

Bad weather had a serious impact on milk production in Australia, New Zealand and the United States, but Ireland, which had grown mostly last year, saw a 2.5% decline in milk production between March 2021 and March 2022.

EU-27 daily deliveries fell 0.5% compared to last year in major countries such as the Netherlands (-2.5pc), Germany (-1.4pc) and France (-1.2pc), with some It negated the annual growth rate seen in the region. Italy (+ 2.9pc) and Poland (+ 1.8pc).

This is because some of Ireland’s major processors recently announced an increase in milk prices for milk in May.

Kerry Group announced a 2c / L increase in milk in May, as well as Lakeland dairy products, which said the global dairy market was “strong.”

“Inflation is affecting farmers, processors and food manufacturers at all levels, as rising costs are affecting goods and services in all categories, and the war in Ukraine continues to have widespread effects. , Market sentiment is becoming more and more difficult.

Granvia also announced a 2c / L increase in milk in May, with the dairy market “balancing the decline in global milk supply with some inflationary pressures affecting consumer demand in certain markets. And we continue to perform at a high level. “

Daily Gold recently announced a 2.5c / L increase in milk in May, which “reflects society’s ability to return strong milk prices to suppliers due to the continued strength of the milk market.” Said.

A processor spokesperson said this strength was driven by global supply and demand constraints on dairy ingredients in major dairy producing regions.

“Society recognizes a significant increase in supplier input costs this year and will continue to maximize the value of milk returns to address this challenge.”

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