EU wholesale prices

Updated 14 May 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 April, wholesale price movements of dairy products in Europe were mixed. Butter, WMP and cheddar cheese declined while SMP and average cheese saw some uplifts.

After a strong start to the year, growth in milk deliveries slowed in April, though it remained mostly higher, year-on-year in all major producing countries. Lower prices and the war in the Middle East will increase production costs and squeeze margins. The spread of BTV in western France has also changed calving patterns and peak milk.

Butter prices were down 4.2% month-on-month but has now recorded a significant decline of 43.4% year-on-year. Industrial stocks of butter are estimated to be high which is weighing on prices. The strengthening of the Euro and war in the Middle East is limiting exports.

SMP prices increased by 3.3% month-on-month in April. Tight stocks globally and growing consumer demand for protein as well as rising export volumes due to very competitive pricing added to the positive tone of the market.

WMP prices declined marginally by 0.4% month-on-month. Production remained lower while subdued export demand weighed on prices.

Whey prices saw the largest increase of 16.3% month-on-month and 42.8% year-on-year to reach record-breaking levels. Globally, growing demand for whey is boosting market sentiment.

The average cheese price increased marginallyby 0.6% after a period of decline from September last year. However, year-on-year prices declined by 20.4%.

Cheddar was the only product to decline this month (-4.1%). Edam gained 2.1% followed by Emmental and Gouda at 1.8% and 1.0% 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, April 2023 to April 2026

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.

While AHDB seeks to ensure that the information contained on this webpage is accurate at the time of publication, no warranty is given in respect of the information and data provided. You are responsible for how you use the information. To the maximum extent permitted by law, AHDB accepts no liability for loss, damage or injury howsoever caused or suffered (including that caused by negligence) directly or indirectly in relation to the information or data provided in this publication.

All intellectual property rights in the information and data on this webpage belong to or are licensed by AHDB. You are authorised to use such information for your internal business purposes only and you must not provide this information to any other third parties, including further publication of the information, or for commercial gain in any way whatsoever without the prior written permission of AHDB for each third party disclosure, publication or commercial arrangement. For more information, please see our Terms of Use and Privacy Notice or contact the Director of Corporate Affairs at info@ahdb.org.uk  © Agriculture and Horticulture Development Board. All rights reserved.