Wednesday, 12 April 2023
In March, GB milk deliveries were estimated at 1,088 million litres, in-line with AHDB’s March forecast update and the 5-year average for the month. This is a 1.2% volume increase compared to March last year. Daily deliveries for the month averaged 35.09 million litres up 3% on February following the usual seasonal trend.
This brings the GB estimate for the 2022/23 season to 12.39bn litres, a marginal increase of 0.2% compared to the previous season and in-line with our forecast. After a slow start to the season due to squeezed farm margins, milk production picked up in the latter half of the year following high milk prices, with seven consecutive months (Sep – Mar) recording increased production year on year.
With yields expected to remain high through spring, we have forecasted marginal growth for milk deliveries in the 2023/24 season (+0.5%). However, this heavily depends on the extent of milk price declines, as tightening farm margins could potentially lead us to see higher destocking rates.
Retail and Consumer Insight Analyst
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