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EU Dairy Market Outlook Q4 2026: European Dairy Industry Report
Milk protein has more than doubled while butter fell. See what drives the European split.
- Fat against protein: Why the same milk is producing a falling butter price and a climbing protein price, and what that means for a blended budget.
- Bullish and bearish drivers: Structural protein demand and firm SMP export buying against weak milk fat fundamentals and milk output that is still growing.
- Quarter by quarter to 2027: Butter, cheese, powders and the protein complex, with the Vesper outlook and our AI forecast side by side.
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What's inside
What you'll find in this report
Fat against protein
Why the same milk is producing a falling butter price and a climbing protein price, and what that means for a blended budget.
Bullish and bearish drivers
Structural protein demand and firm SMP export buying against weak milk fat fundamentals and milk output that is still growing.
Quarter by quarter to 2027
Butter, cheese, powders and the protein complex, with the Vesper outlook and our AI forecast side by side.
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About this report
Who is this report for?
Procurement managers, buyers, and category leads at food and beverage companies who need forward-looking market intelligence to plan purchases and manage price risk.
What format will I receive?
The report is delivered as a PDF to the email address you provide. You will receive it within minutes of submitting the form.
How often are these reports updated?
Market Outlooks are published every quarter; the mid-year report is the edition that opens Q3. Recap and Forecast reports are published annually. Buying Guides are updated as market conditions change significantly.
Is it really free?
Yes. Vesper publishes these reports to help procurement teams stay ahead of the market. No credit card, no trial sign-up required.
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