For the Quarter Ending September 2025
North America
• In United States, Whey Permeate Powder Price Index remained stable in Q3 2025, balancing macroeconomic signals and surging milk output.
• Production costs rose from 3.0% CPI in September 2025 and 2.6% PPI in August 2025.
• Demand rose from 5.42% retail sales in September 2025 and surging U.S. dairy exports in July 2025.
• Price outlook suggests stability, balancing strong export demand and surging domestic milk production in Q3 2025.
• Price Index reflected stable pricing, despite 0.1% industrial production increase in September 2025 indicating sluggish activity.
• Milk feedstock costs weakened in Q3 2025 due to abundant supply; natural gas prices softened in July 2025.
• Natural cheese stocks tightened in August 2025, while U.S. dairy import volumes weakened in July 2025.
• Consumer confidence declined to 94.2 in September 2025, dampening demand for discretionary food items.
Why did the price of Whey Permeate Powder change in September 2025 in North America?
• Robust U.S. dairy export volumes in July 2025 bolstered demand for dry whey products.
• Weakened milk feedstock costs in Q3 2025, from abundant supply, eased production expenses.
• Declining consumer confidence to 94.2 in September 2025 tempered domestic demand.
Europe
• In Germany, the Whey Permeate Powder Price Index fell quarter-over-quarter in Q3 2025, driven by lower production costs and subdued demand.
• Production costs were influenced by strengthening German farm-gate milk prices, offset by easing industrial energy costs.
• European permeate demand remained modest in Q3 2025, with industrial production declining 1.0% in September 2025.
• Germany's Manufacturing Index contracted in Q3 2025, signaling weaker overall industrial demand for ingredients.
• European exports faced headwinds in Q3 2025 due to currency disadvantages and competitive US pricing.
• Abundant European permeate supply contributed to market saturation amidst modest regional demand in Q3 2025.
• Industrial natural gas prices in Germany trended downward in Q3 2025, easing production expenses.
• Rising CPI by 2.4% in September 2025 indicated reduced consumer purchasing power, impacting end-product demand.
Why did the price of Whey Permeate Powder change in September 2025 in Europe?
• Germany's industrial production declined 1.0% in September 2025, coupled with a contracting Manufacturing Index.
• Abundant European permeate supply and constrained export opportunities due to competitive US pricing.
• Producer prices of industrial products decreased 1.7% in September 2025, driven by easing industrial energy costs.
APAC
• In China, Whey Permeate Powder Price Index fell in Q3 2025, influenced by contracting manufacturing activity in September 2025.
• Whey Permeate Powder production costs were impacted by raw milk prices, continuing a downward trend in early July 2025.
• Demand for Whey Permeate Powder grew robustly in infant formula and strengthened in animal feed sectors during Q3 2025.
• Retail sales grew 3.0% year-over-year in September 2025, supporting consumer demand for Whey Permeate Powder products.
• Industrial electricity prices dropped in major industrial regions in June 2025, contributing to lower Whey Permeate Powder production costs in Q3.
• China's Consumer Price Index decreased 0.3% year-over-year in September 2025, reflecting deflationary pressures.
• Producer Price Index decreased 2.3% year-over-year in September 2025, indicating reduced factory gate prices.
• China's whey imports declined through September 2025, with markets pivoting towards US origins due to reduced tariffs.
Why did the price of Whey Permeate Powder change in September 2025 in APAC?
• A 0.3% year-over-year CPI decrease in September 2025 created deflationary pressures on pricing.
• A contracting Manufacturing Index in September 2025 signaled reduced industrial demand for raw materials.
• A 2.3% year-over-year PPI decrease in September 2025 reflected lower input costs.
