Dublin, Feb. 18, 2021 (GLOBE NEWSWIRE) -- ResearchAndMarkets.com published a new article on the dairy industry "Growth in Global Milk Supplies Predicted for 2021"
Despite the disruption to food markets by coronavirus early in the year, dairy markets remained robust through 2020. The US average all-milk price reached its peak for the 2020 calendar year in November and isn't expected to reach similar levels until the second half of 2021 at the earliest, according to The National Milk Producers Federation. The peak US average all-milk price reached for 2020 was $21.30 per hundredweight. The mid-January dairy futures indicated that milk prices would generally stay at around $18 per hundredweight until summer 2021. The weekly National Dairy Product Sales Reports prices for cheese dropped to around $1.60 per pound at the end of December 2020 and remained there into early January. Industry experts say that foodservice use of dairy products will remain low well into 2021 which is likely to affect demand for cheese, butter and milk fat products.
Latest forecasts continue to predict growth in global milk supplies for 2021, although at a lower rate than last year. It is expected that vaccine rollout and economic recovery will improve consumer confidence as the year progresses. There has been increased demand from countries that have been able to control the virus and are seeing economic growth. However, some countries are still struggling with outbreaks and depressed foodservice demand which could affect import levels through 2021.
The article on ResearchAndMarkets.com contains a selection of reports on the dairy industry such as:
- Global Organic Dairy Products Market 2020-2024
- Dairy Snack Market - Growth, Trends, and Forecast (2020 - 2025)
- Dairy Blend Market Report: Trends, Forecast, and Competitive Analysis
To see the full article and a list of related reports on the market, visit "Growth in Global Milk Supplies Predicted for 2021"
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