Executive Summary

Milk production figures throughout the major dairy exporting regions of New Zealand, the EU-27+UK, the U.S., Australia and Argentina were recently updated with values spanning through Aug ’21. Highlights from the updated figures include:

• Combined milk production within the major dairy exporting regions remained at a record high seasonal level for the 15^th consecutive month throughout Aug ’21, finishing 0.7% above previous year figures.
• Aug ’21 YOY increases in milk production were led on a percentage basis by Argentina, followed by the U.S. and the EU-27+UK. New Zealand and Australian milk production volumes declined on a YOY basis throughout the month.
• Milk production growth throughout the U.S. continued to outpace growth experienced throughout the other major dairy exporting regions for the 13^th consecutive month throughout Aug ’21.

Additional Report Details

Combined milk production within the major dairy exporting regions of New Zealand, the EU-27+UK, the U.S., Australia and Argentina finished 0.7% above previous year levels throughout Aug ’21, remaining at a record high seasonal level for the 15^th consecutive month. The aforementioned regions combined to account for 90% of global butter, cheese, whole milk powder and nonfat dry milk export volumes throughout 2020.

Combined milk production volumes finished largely flat or lower on a YOY basis over eight consecutive months through Jun ’19, prior to finishing higher throughout each of the past 26 months through Aug ’21. The Aug ’21 YOY increase in combined milk production volumes was the second smallest experienced throughout the past 15 months, however, finishing only slightly above the previous month’s growth rate.

Aug ’21 YOY increases in milk production on a percentage basis were led by Argentina (+3.9%), followed by the U.S. (+1.1%) and the EU-27+UK (+1.1%). Aug ’21 milk production volumes declined on a YOY basis throughout New Zealand (-4.8%) and Australia (-3.6%). The EU-27+UK produces significantly more milk than the other dairy exporting regions, accounting for over half of the combined production within the five exporting regions throughout Aug ’21.

Excluding the U.S., milk production within the major dairy exporting regions increased by 0.5% on a YOY basis throughout the month of August, remaining below the growth rate exhibited within the U.S. for the 13^th consecutive month.