There was a 113% year-on-year increase in dairy farm incomes in 2024, according to the National Farm Survey.

Of the dairy farmers surveyed, it found that the average family farm income was €108,189, up from around €50,000 last year, but down from 2022’s record of €157,600.

According to Teagasc, the increase in incomes was driven by a strong recovery in the milk price. Gross output in 2024 typically increased by 15% to €358,150 relative to 2023.

Average milk production per hectare fell by 4% year-on-year to 11,210l. Despite this, the improved milk price in 2024 resulted in an increase in gross output per hectare of 15% to €5,967 on average.

Costs

On the average dairy farm, total production costs declined by 4% compared to 2023, with a reduction in both direct (€147,927) and overhead costs (€102,035).

However, one of the costs that increased was spending relating to rented land. After an increase in 2023, there was a further 13% rise last year to €11,954 on average.

Meanwhile, dairy farmers made up 17% of the respondents to the survey. The average dairy farm size was 70ha and average herd size was 141 livestock units.

Approximately 45% of dairy farms were in the 50ha to 100ha size category, with a further 26% in the 30ha to 50ha bracket.

Smaller farms than this only represented 12% of the dairy population, with the remaining 17% in excess of 100ha.