For the Quarter Ending September 2025
North America
• In United States, the Whey Protein Concentrate (WPC) Price Index remained stable quarter-over-quarter in Q3 2025, supported by robust retail sales.
• WPC production costs were influenced by weakening all-milk prices, offset by strengthening energy costs in Q3 2025.
• Robust consumer spending, with retail sales up 5.42% in September 2025, drove strong Q3 demand for whey products.
• Stable unemployment at 4.3% in September 2025 bolstered consumer purchasing power, supporting the WPC demand outlook.
• Inflationary pressures (CPI 3.0% Sep 2025, PPI 2.6% Aug 2025) impacted overall WPC production expenses.
• WPC production strengthened in July 2025 but weakened in August, despite strengthening US milk production in Q3.
• Export expectations for whey products faced downward adjustments in 2025 due to stiff international competition.
• Declining consumer confidence to 94.2 in September 2025 suggests caution in discretionary spending on WPC products.
• Slow manufacturing growth (0.1% year-over-year industrial production in September 2025) indirectly affected WPC-consuming industries.
Why did the price of Whey Protein Concentrate (WPC) change in September 2025 in North America?
• Robust retail sales, up 5.42% in September 2025, supported strong domestic WPC demand.
• Weakening all-milk prices in Q3 2025 eased WPC production costs, despite rising energy expenses.
• Inflationary pressures (CPI 3.0% in September 2025) contributed to higher WPC operational costs.
APAC
• In China, the Whey Protein Concentrate (WPC) Price Index fell quarter-over-quarter in Q3 2025, driven by deflationary pressures and contracting manufacturing activity.
• The WPC price forecast indicates continued pressure from weak consumer confidence (89.6 in September 2025) and declining producer prices.
• WPC production costs faced upward pressure from firm farmgate milk prices in key exporting regions during Q3 2025.
• Demand for protein-enriched foods and sports nutrition strengthened in China in Q3 2025, despite overall domestic demand weakening in July 2025.
• China's Manufacturing Index was contracting in September 2025, impacting industrial demand for WPC as an ingredient.
• Retail sales increased 3.0% and industrial production expanded 6.5% year-on-year in September 2025, supporting WPC demand.
• China's domestic dairy stocks declined to multi-year lows in Q3 2025, indicating tightening supply.
• Consumer Price Index decreased 0.3% and Producer Price Index declined 2.3% year-on-year in September 2025.
Why did the price of Whey Protein Concentrate (WPC) change in September 2025 in APAC?
• Deflationary pressures, with CPI decreasing 0.3% year-on-year in September 2025, dampened consumer spending.
• The Manufacturing Index was contracting in September 2025, reducing industrial demand for WPC ingredients.
• Producer Price Index (PPI) declined 2.3% year-on-year in September 2025, pressuring WPC selling prices.
Europe
• In Germany, the Whey Protein Concentrate (WPC) Price Index fell quarter-over-quarter in Q3 2025, influenced by contracting industrial activity.
• WPC production costs were impacted by a 1.7% decrease in producer prices in September 2025, driven by lower energy.
• Raw milk prices, a key feedstock, decreased in July 2025, then modestly increased in August and September.
• WPC demand outlook was bearish as industrial production declined by 1.0% in September 2025.
• The Manufacturing Index contracted in Q3 2025, signaling weaker demand from industrial WPC applications.
• Consumer price index rose 2.4% in September 2025, impacting consumer purchasing power for WPC products.
• Retail sales rose 0.2% in September 2025, offering mild support for consumer-facing WPC demand.
• Raw milk deliveries to German dairies increased significantly from August 2025, impacting whey availability.
Why did the price of Whey Protein Concentrate (WPC) change in September 2025 in Europe?
• Industrial production declined 1.0% in September 2025, reducing WPC demand from industrial applications.
• Producer prices decreased 1.7% in September 2025, primarily due to lower energy costs.
• Consumer price index rose 2.4% in September 2025, impacting purchasing power for WPC products.