The global market for whey protein concentrate 80 (WPC80) is tightening at pace. Q2 volumes are close to being sold out across Europe and the United States, with producers and traders firmly in control of negotiations. The focus for buyers has shifted away from price and toward securing volume, a telling sign of just how tight availability has become.

The EU Vesper Price Index for WPC80 (instant) increased to €16,500/mt EXW, while the US equivalent increased to €16,825/mt EXW as of February 25.

All producing regions facing the same constraints

The tightness is not confined to one geography. Buyers across Europe, the US, and New Zealand are all facing limited availability, with prices in all three regions moving up in tandem. Chinese buyers have returned to New Zealand as a sourcing origin following a reduction in relevant tariffs, diverting volumes away from Europe and the United States, which is further tightening the European and US markets. European buyers are largely unable to access US product due to price levels and trade flow dynamics.

Demand increasingly spread across multiple end-use categories

Part of what makes the current price environment more durable, according to the analysis, is the broadening of demand across different segments. Whey proteins are now used across sports nutrition, medical applications, weight management, and general food fortification, meaning a slowdown in one channel does not necessarily translate into a market-wide demand drop.

WPI follows WPC80 higher

Whey protein isolate (WPI) markets are also firm. The EU Vesper Price Index for WPI (instant) increased to €24,500/mt EXW, and the US equivalent increased to €23,462/mt EXW. Q2 trades are taking place at higher price levels than a few weeks ago, with European prices now ranging between €22,500 and €25,000/mt and US prices above $12/lb.

The outlook for WPI is described as slightly bullish with a firm undertone, and closely tied to where WPC80 prices go from here.

Sweet whey powder: more stable, but US market shows volatility

The EU Vesper Price Index for sweet whey powder (food) increased to €1,250/mt EXW, while the US equivalent decreased to €1,177/mt EXW. The US dry whey market is showing more volatility, with CME prices falling up to 13% compared to the previous week.

European SWP markets are described as primarily stable, with cost price support from liquid whey, whey concentrate prices of around €950/mt, providing a floor. US export competitiveness is noted as a concern, particularly as permeate is cheap and EU and US SWP prices have converged, with both regions now competing more directly for export business.

Permeate and lactose: broadly stable for now

Whey permeate prices are holding steady. The EU Vesper Price Index for whey permeate (food) remained at €740/mt EXW. High availability remains a structural feature of this market, driven by sustained WPC80 and WPI production volumes.

Lactose markets are moving slowly upward, supported by increased demand for standardisation of skimmed milk powders. The EU Vesper Price Index for food-grade lactose increased to €1,300/mt EXW. The structural outlook further into 2026, however, is less positive, with higher supply and softening demand drivers expected to put downward pressure on prices toward the end of the year.


This article is part of a more comprehensive whey market analysis. For the full analysis, visit: https://app.vespertool.com/market-analysis/2750