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Dairy market recap 2025 and outlook 2026

Dairy prices moved with changes in milk supply, production, and trade in 2025. This report captures the key shifts and the outlook for early 2026. 

  • Raw milk supply and solids variation drive price shifts
  • Butter and powders respond quickly to global supply–demand pressure
  • Whey products and lactose move with protein demand and cheese output
  • Cheddar, Gouda, and Mozzarella react to production and export changes
  • WPC, WPC80, and WPI remain tight on limited capacity
  • and more…

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EOY 2025/ Outlook 2026 - Dairy

What procurement leaders say about Vesper

“We look at Vesper’s forecasts on a daily basis. Knowing what prices are expected to do in three, six, or nine months is the most important feature for us as buyers”
— Jan Bert Banga, Global Procurement Manager Dairy, Nestle

“Vesper is an excellent benchmark for buyers to double-check whether the quotes they get represent the market.”

— Yue Li, Market Intelligence Manager at Danone