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Dairy’s Long-Term Outlook Bright, Doud, NMPF Economists Say

November 15, 2023

The future of U.S. dairy farming is bright as global growth and American capacity for innovation and production combine to create a powerhouse, the National Milk Producers Federation’s (NMPF) incoming president and CEO and the organization’s economists highlighted in presentations at NMPF’s annual meeting in Orlando, FL.

“In terms of the world of protein, dairy is a huge part of the future,” said Gregg Doud, who will take over NMPF’s reins on Jan. 1, in remarks at the meeting, held jointly by NMPF, the National Dairy Promotion and Research Board and the United Dairy Industry Association. Doud, a former chief agricultural trade negotiator for the Office of the U.S. Trade Representative, said opportunities are there for U.S. dairy’s taking with robust outreach and appeals to consumers worldwide.

“My message to you today is very simple,” he said. “Let’s go. Let’s get it in gear.”

Dairy producers in the past year have faced operating margins at their lowest since the federal dairy safety net was adopted in its current structure in 2014 as prices plummeted from record highs. In a panel of NMPF economists following Doud’s remarks, forecasts showed an improving price outlook next year, even as inflation continues to pose challenges for consumers.

“We see a road to recovery in 2024,” said Will Loux, head of the joint economics unit serving NMPF and the U.S. Dairy Export Council. “Things aren’t all roses, we still have really significant headwinds on the demand side both here at home and abroad, but we look at the world with a lot of optimism still, especially in the long run.”

The joint annual meeting concludes today.