In this monthly dairy industry update, our analysts will share valuable insights about the dairy industry. This month: the trade volume of Dutch cheeses (Gouda, Maasdam, Edam) is down 1.2% in October compared to October 2020, prices are up 6.5%.
Market Monitoring of the dairy industry
Market monitoring helps agri food companies to objectively evaluate their current position within the market and the development of that position. Furthermore, it helps to spot new growth opportunities and whether the market is saturated.
For the A-INSIGHTS MarketMonitor, we analyze the global trade in dairy products on a monthly basis. Derived from local customs agencies and statistics offices, the data gives us insight into monthly trade volumes and prices for all major importers and exporters. Combined with our sector expertise, we can provide you with an up-to-date view of the developments in the global dairy market.
Volumes are slightly down, but prices remain at high levels
After a solid trading month in September (+7.2% year-over-year), trading volumes for Dutch cheeses (Gouda, Edam, and Maasdam) declined by 1.2% year-over-year in October. This leaves the year-to-date volume for 2021 0.3% below the 2020 volume for the same period. The volume decrease is driven by lower trading volumes of Edam and Maasdam cheese, whilst Gouda volumes remain up compared to 2020. Prices are up and continue to increase: at €3.93/kg, October prices are up 6.5% compared to 2020 and well above the year-to-date average price of €3.71/kg.
Figure 1. Total export Dutch cheeses (Gouda, Edam, Maasdam) YTD until October, tonnes and €/kg
Germany closes the gap in export volume with the Netherlands
In October, Germany continues to close the gap in export volume with the Netherlands. Where the latter incurs a 13.5% volume decline, the former manages to increase the export volume 19.3% year-over-year. With a relatively stable total trading volume, the movement of the export volume shows that the demand for Germany's relatively low-priced product is increasing at the cost of demand for the higher-priced product from the Netherlands.
Figure 2. Top 5 exporters Dutch cheeses (Gouda, Edam, Maasdam) October, tonnes and €/kg
Volume developments vary, but prices are up across the board
Although volume developments vary among major importers of Dutch cheeses, the upward price trend is visible with all of the 10 largest importers. Prices increase most in countries that already import relatively expensive products such as Germany (+8.8%) and France (+10.2%), but also in countries with lower-priced imports like Greece (+10.5%) and the Czech Republic (+9.2%). In terms of volume, the only major volume decline is visible in Germany, France, and Japan, which is in part due to high trading volumes in October 2020.
Figure 3. Top 10 importers Dutch cheeses (Gouda, Edam, Maasdam) October, tonnes and €/kg
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