As a nation, Aussies love our dairy – but it seems the glory days of $1 milk are now well and truly behind us.
Supermarket heavyweights Coles, Woolies and Aldi all recently announced an average 10 cent per litre price rise for private labels of milk, and higher costs are also believed to be on the cards for other dairy favourites like cheese, cream and yoghurt in the months ahead.
Meanwhile, emerging markets such as Asia and South-East Asia in particular are embracing Aussie milk at record levels, due at least partly to an increased focus on health and nutrition sparked by the Covid pandemic.“We’re seeing this fairly tight supply and strong demand putting upward pressure on prices, and at the same time, we’ve also seen cost pressures growing for producers of dairy and farmers,” Ms Omstedt said.
And dairy farmers in overseas markets such as the US and Europe are also battling rising production costs at the moment and are therefore choosing to thin their own herds as a result, while recent wet weather in Australia and New Zealand has reduced yields even further. “But on a positive note, a lot of farmers last year had one of the most profitable years – dairy farmers in Australia have quite high milk prices at the moment from a historical point of view, and it means farmers are helping absorb some of the price increases.”
“Despite reports of global shortages of milk, we are confident that Australian supermarkets will not run out of dairy products as domestic supply is typically prioritised. However, global demand will place some pressure on domestic prices.”Q4 Global Dairy Quarterly
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