Over this period, global dairy trade expanded at an average rate of around 2% per year. Growth was relatively steady, albeit punctuated by occasional disruptions.
This growth has been supported by relatively low feed prices, which have encouraged output and kept supply levels elevated worldwide.
Rabobank have forecast a continuation of milk production growth into 2026, pressuring dairy prices.
The sharpest production declines are expected in northwestern Europe, driven by stricter environmental and animal welfare regulations.