It is hard to pin down the exact macroeconomic drivers of a slowdown in demand.

In 2022 the US exported 70% of the NFDM/SMP produced.

Exports are becoming an increasingly important part of the US cheese industry.

An analyst describes the dairy market as vitious.

Milk powder prices trended lower over the second half of 2022.

The price that cultured dairy product makers pay for the milk they use is tied to the price of butter and nonfat dry milk.

Although high feed and other input costs have hit dairy farmers hard, cheese production is still growing.

The price of milk that goes into ice cream is driven by the price of butter and nonfat dry milk.

Reduced milk production is resulting in less butter and lower inventories.

Everyone is looking for the next big thing to boost market share in a crowded space.