Family farm incomes across Ireland saw a dramatic recovery in 2024, with average earnings rising by 87% to just under €36,000, according to a new report from Teagasc economists. The rebound follows a challenging year in 2023 and was driven by stronger output prices, easing input costs, and enhanced support under the new Common Agricultural Policy (CAP).
The Teagasc National Farm Survey shows gains across all farm systems, with particularly strong improvements in dairy, tillage, and sheep farms.
Dairy Incomes Soar
Dairy farmers recorded the biggest increase, with average incomes more than doubling to €108,200 which is a 113% rise. Improved milk prices and favourable mid-year grazing conditions were key contributors, alongside lower feed and fertiliser costs. Teagasc noted the continued volatility of dairy income due to fluctuating milk prices.
Beef Sector Sees Mixed Gains
Cattle rearing farms, largely focused on suckler beef, saw a 93% increase in income, averaging €13,500. This was supported by stronger cattle prices and a range of schemes including the Suckler Carbon Efficiency Programme and the Organic Farming Scheme.
Meanwhile, “Cattle Other” farms, such as beef finishers, reported a more modest 32% income increase, reaching just over €18,000, limited by smaller price gains in finished cattle.
Sheep and Tillage Farms Recover Strongly
Sheep farms also saw a dramatic turnaround, with incomes more than doubling to nearly €28,000 which is a 115% increase, thanks to higher lamb prices and lower input costs.
Tillage farms recovered from a poor 2023 with a 101% increase in average income, now at €38,700. A shift to spring crops and improved weather conditions helped boost yields and grain quality, while input costs, particularly fertiliser, declined.
Farm Viability Improving
The widespread income growth pushed the proportion of economically viable farms to 42% which is one of the highest levels on record, Teagasc said.
Despite the positive figures, Teagasc cautioned that much of the income recovery reflects a rebound from the exceptionally low levels recorded in 2023.
