Incomes on all types of farms rose in 2024

At 42 per cent, the proportion of farms considered “economically viable” this year is among highest on record.

FAMILY farm incomes are up by 87 per cent compared to an “extremely difficult” 2023.

The data comes from economists at Teagasc who confirm a substantial recovery in family farm income (FFI) across all farm types this year.

In 2024, the average family farm income rose to just under €36,000, which, is an increase of 87 per cent on 2023.

“The widespread nature of the income recovery highlights how improved output prices, favourable weather, support payments and some easing of costs can support farm viability,” Teagasc says.

At 42 per cent, the proportion of farms categorised as “economically viable” this year is one of the highest on record.

The new report puts the increase in incomes down to three factors: better sale prices, some ease in costs and additional supports under the new CAP.

Particularly strong FFI improvements were recorded for dairy, tillage and sheep farms but Teagasc advises “this must be interpreted in the context of particularly low-income figures in 2023”.

The average incomes on sheep and dairy farms more than doubled in 2024 with dairy farm incomes rising by 113 per cent to an average of €108,200 and sheep farn incomes rising by 115 per cent to just under €28,000.

The 18 per cent increase in lamb prices was one driver of improved incomes in 2024, with a fall in input costs also benefitting sheep producers compared to 2023.

The recovery in dairy incomes in 2024 was driven by much improved milk prices and favourable grazing conditions from mid-year onwards which boosted production later in the year.

Cattle rearing farms, which, typically focus on suckler beef production rebounded strongly in 2024 with the average income increased by 93 per cent to €13,500. Higher cattle prices and lower production costs contributed to the improved economic performance of these farms.

Meanwhile, beef finishing and store cattle enterprises experienced an income increase of 32 er cent in 2024, with the average income rising to over €18,000 driven by firmer prices for finished animals and lower production costs.

As farmers switched to planting spring crops because of particularly difficult winter conditions and results for tillage farms shows this bore fruit for tillage farmers who saw average incomes rise by 101 per cent to €38,700. Favourable weather during the summer period also aided grain quality. And although grain prices were up marginally, “lower fertiliser prices were of particular benefit, although land rental costs remained high,” according to Teagasc.