Agricultural profits in Scotland bounced back sharply in 2024, recovering strongly from a five-year low the previous year, new figures show.
The Chief Statistician has published the 2024 figures for total income from farming, the official indicator of profit in Scotland’s agricultural sector.
The latest data, published today (29 May) reveals a significant rebound from the sector’s five-year low in 2023.
Total income from farming is projected to reach approximately £1.3bn in 2024, marking an increase of £400 million from the previous year.
While high commodity prices have kept the value of agricultural output relatively steady at around £4.6bn, it is the reduction in costs compared to 2023 that has driven an improved profit margin this year.
Estimated total costs stand at £3.8 billion, down nearly £500 million from 2023, according to the Chief Statistician.
Although expenditure on feed and fertiliser remains elevated compared to levels before 2022, these costs have nonetheless decreased in 2024.
Scotland’s largest agricultural sector, beef, is estimated to have generated output worth £0.8bn in 2024 — a record value reflecting strong market prices despite a decline in the number of finished cattle.
The egg, pig, and poultry sectors also achieved record values, while the milk sector saw a modest increase.
Conversely, decreases were observed in sheep and lamb production, the figures show.
Within the cropping sectors, a substantial rise in the value of potatoes pushed output to nearly £0.4bn, whereas cereal output retreated to levels more akin to those seen in 2021.
