July 28, 2023
Mike Pearson examines the downfall in the sales of dairy foods and the impact on the dairy industry.
The average American eats 20 pounds of ice cream a year, according to the Dairy Food Association-- however sales are down 5 percent in 2023.
Milk prices reached a high in summer of 2022 and cheese prices followed with an increase to 25 dollars a hundred.
Milk prices climbed 9-20 percent-- this led to consumers purchasing less milk and butter in 2022. Prices of ice cream reached a high and it meant many consumers not making the purchase at all.
Economists in 2022 commented more people were buying half gallons instead of gallons in an effort to curtail the grocery costs consumers were facing.
Dairy farmers pushed production as hard as they could and it meant some dairy farmers to eventually dump their milk in 2023.
The outlook is positive though with futures prices trending higher and Mexican imports are up 14 percent. However, Asian exports are down.
Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, a farm broadcaster and host of This Week in Agribusiness.
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