EU wholesale prices

Updated 16 April 2026

An overview of how the dairy markets are moving in the EU. Price series comparing average EU wholesale prices of butter, skimmed milk powder (SMP), whole milk powder (WMP) and cheese. They are updated on a monthly basis.

In March, wholesale price movements of dairy products in Europe saw some uplifts for all products except the average cheese price. Milk deliveries on the continent have been picking up seasonally and the major producing countries have seen a substantial increase in volumes year-on-year. Disease recovery, low input prices, good forage quality and elevated milk prices for most of the 2025 boosted volumes.

Butter prices saw an increase of 4.4% month-on-month. Butter supplies continued to increase due to growth in production and imports, limiting upside movement in prices.

SMP prices increased by 9.5% month-on-month in March. Global stocks were reportedly lower than originally thought and good demand due to competitive pricing supported prices.

WMP prices increased considerably by 7.3% month-on-month. Exports remained on the lower side due to lack of global competitiveness, but production in the EU declined in Q4 of 2025, year-on-year.

Whey prices increased considerably by 11.1% month-on-month and 21.8% year-on-year. Whey became more valuable in the global marketplace due to increased demand.

The average cheese price declined by 1.3% in March compared to the previous month. Cheddar declined the most, by 2.0% during the month, followed by Emmental, Gouda and Edam declining by 1.4%, 1.2% and 0.5%, respectively.

Table 1. EU (ex UK) wholesale prices

Source: Milk Market Observatory

*Simple average Emmental, Gouda, Edam and Cheddar prices

Figure 1. EU (excluding UK) wholesale prices, March 2023 to March 2025

Source: Milk Market Observatory

Figure 1 shows butter prices rising sharply through 2024, peaking in mid‑2024, then falling in late 2025. SMP remains the lowest and fairly stable. WMP and whey trend upward gradually. Average cheese prices are relatively steady, with a slight rise in 2025 followed by a dip.

Please note that prices can vary markedly within each market sector: the prices above are intended to give a guide to trends in price changes, but the absolute values experienced in the market place may differ from those shown.

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