midyear report 2026
Plentiful milk split the dairy market in two through the first half of 2026.
Europe made a lot of milk this year, and on the face of it that should have meant cheap dairy across the board. Instead the market pulled apart.
Commodity fats and powders like butter, SMP and WMP stayed heavy, weighed down by high production and full stocks, while whey proteins ran the other way.
Processors kept sending liquid whey into WPC80, and demand for high-protein fractions grew larger and steadier than the whey stream could keep up with.
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"WPC80 was no longer just a sports nutrition story. It had spread into high-protein yogurts, medical and weight management applications, GLP-1-driven demand and general food fortification, so a slowdown in any single channel no longer meant a slowdown across the board."
Jasper Endlich
Dairy Analyst, Vesper
One market, two very different second halves
Butter, SMP and WMP look set to stay well supplied, held down by cheap cream and stocks near multi-year highs, while WPC80 and WPI have run to levels the market has not seen before and are still searching for their next direction.
Some buyers are reformulating toward other proteins, others are locking in cover. The report sets out Vesper's supply, demand and price outlook for each corner of EU dairy through 2026, so your next buying decision rests on a forecast rather than a headline.
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