Whey price rise overview: impact on infant formula and nutrition
- Whey prices have surged as protein demand accelerates globally
- WPC80 prices rose 120%, driven by processing capacity constraints
- Infant formula faces limited impact despite whey’s nutritional importance
- Sports nutrition and pro-age products may face greater pressure
- Expanding processing capacity could ease shortages and moderate prices
Whey is having a moment – driven by the proteinmaxxing trend across social media and the rising demand for satiety and prevention of muscle loss from GLP-1 users, the commodity has seen recent dramatic rises in price that are showing no signs of abating.
“Prices of higher-end whey protein have sharply risen over the last couple of months,” says Tom Booijink, senior dairy specialist Europe & Africa for RaboResearch Food & Agribusiness. According to figures provided by Rabobank:
- Whey powder (about 12% protein) rose from €900/tonne in October 2025 to €1,320/tonne in July 2026, an increase of 47%
- WPC 80 (whey protein concentrate 80, 80% protein) jumped from €12,500/tonne to €27,500/tonne, an increase of 120%
- WPI (whey protein isolate, 90% protein) increased from €20,500/tonne to €32,500/tonne, up 59%
- Acid casein (95% protein) rose from €6,350/tonne to €8,200/tonne, an increase of 29%
The dairy by-product is used in everything from protein bars and shakes to meal replacements and yoghurts. It is also used in the essential category of infant formula.
“Whey is a key ingredient,” says Booijink. “In bovine milk, the protein composition is approximately 80% casein and 20% whey protein. Infant formula, however, typically aims for a protein ratio closer to 40:60 (casein:whey) to better resemble human milk. As a result, whey is one of the most important protein ingredients used in infant nutrition.”
Why is whey essential for infant formula?
“Protein from whey is of high quality and contains several amino acids, such as tryptophan, which are essential to support the growth and development of babies,” says Professor Seamus O’Mahony, head of the School of Food and Nutritional Sciences at University College Cork. “Whey protein can be incorporated into infant nutritional products in different ingredient formats, including demineralised whey, whey protein concentrate, whey protein isolate and hydrolysed whey protein.”
“Demineralised whey is produced by gently removing some of the excess minerals, such as sodium and chloride, allowing it to be used in the formulation of infant nutritional products; without demineralisation, the mineral content would be too high for babies to metabolise.”
When did whey start to be used in formula?
“After pioneering technology for the removal of minerals from whey, demineralised whey was first used as an ingredient in infant nutritional products in the 1960s,” says Professor O’Mahony. “This was a major breakthrough in allowing the formulation of whey protein-dominant formulations, with protein profiles now tailored to better match that of human breast milk.
In more recent years, other forms of whey protein have been incorporated into more specialised infant nutritional products, such as whey protein isolate for formulating lactose-free products. Demineralised whey has been used in infant nutrition for over 60 years and represents an excellent source of, not just protein, but lactose and non-protein nitrogen for infant growth and development.”
Will consumers feel the price rise?
With price rises of any commodity, the question is how long it will take for manufacturers to raise prices of the end product. Infant formula is a concern, as many already struggle to afford it but can’t go without it.
However, Booijink thinks that infant formula won’t be the most affected sector.
“I believe the impact of the current market situation on infant formula will be low to moderate,” he says. “The main bottleneck in the market is not the availability of whey itself, but rather the capacity to convert liquid whey into high-protein ingredients such as WPC80 and whey protein isolate.”
Producing WPC80 and WPI requires ultrafiltration and microfiltration technologies, says Booijink, which demand significant capital investment and specialised expertise.
“Processing capacity for these products is currently limited,” he says. “While demand for whey has also increased, reflected in the approximately 47% rise in whey prices, the much larger price increases are seen in WPC80 and WPI. This suggests that the primary constraint lies in processing capacity rather than in the availability of raw whey.”
Profitability decisions
Consumers could be cushioned from price increases by the profitability of the sector, but this is not always the case.
“Infant formula is widely recognised as a high-margin category,” says Booijink. “Public sources and annual reports from companies such as Danone, Nestlé, and FrieslandCampina consistently show that margins in infant nutrition are considerably higher than in many other dairy categories. As a result, increases in raw material costs do not necessarily have to translate into higher consumer prices. Whether these costs are passed on largely depends on the pricing power and competitive positioning of infant nutrition manufacturers.”
This was discussed in a 2025 report by the UK’s Competition and Markets Authority (CMA). “Due to limited incentives to compete on price, the CMA has provisionally found that – unlike in many other grocery categories – there is little pressure on manufacturers or retailers to shelter customers from increases in manufacturing costs, which have largely been passed on quickly and in full,” it said. Recent figures show that the cost of infant formula in the UK rose by as much as 45% between January and March 2026, and a new study from Swansea University found that rising infant formula prices are causing some families to fall into debt and adopt feeding practices they know could harm their babies
Sports and ageing nutrition will feel it more
“Other sectors, such as sports nutrition, are likely to be affected more directly because high-end whey proteins are a defining component of many of these products,” says Booijink. “Historically, producers in this category have been able to absorb part of the cost increases due to relatively healthy margins, but there are limits to how long this can continue.”
The same applies to pro-age nutrition (once known as elderly nutrition) which, like infant formula, is more concerning, as it’s relied on by many older people to meet nutritional needs. “This category also depends on dairy proteins,” says Booijink, “although it generally relies somewhat more on casein proteins and somewhat less on whey proteins than sports nutrition does. Casein prices have risen as well, although not to the same extent as whey protein prices.”
| Prices per mt in EUR | Oct 2025 | Jul 2026 | Increase in 9 months | Source |
|---|---|---|---|---|
| Whey powder (~12% protein), | 900 | 1.320 | +47% | Official Dutch quotation |
| WPC 80 (80% protein) | 12.500 | 27.500 | +120% | Trader data |
| WPI (90% protein) | 20.500 | 32.500 | +59% | Trader data |
| Acid casein (95% protein) | 6.350 | 8.200 | +29% | Trader data |
Future solutions
The protein trend, and therefore pressure on whey supply, isn’t going anywhere, so what’s the solution for preventing price rises in essential nutrition categories? The CMA report said that its interim infant formula report ‘sets out a number of more significant interventions that governments could, in principle, make with the aim of bringing down prices directly – such as price caps’.
“Regarding a potential price cap, my view as an economist is that they are generally not an effective solution,” says Booijink. “They interfere with the normal demand and supply dynamics of the market. The current high prices for WPC80 and WPI have already triggered substantial investments in additional processing capacity. Over time, these investments should help alleviate the supply constraints. If prices are artificially capped, the incentive to invest in new capacity is reduced, potentially prolonging the underlying shortage.”
Neither can manufacturers change the proportion of whey that they use. “Regardless of whey protein ingredient type used, in responding to the increasing cost, it would not be considered an option for formulators to reduce or dilute the proportion of whey protein in products,” says Professor O’Mahony. “Infant formula is the sole source of nutrition for formula-fed babies and is a highly regulated product category – for example, not just the total protein content, but the profile of all the essential amino acids is tightly regulated.”
An increase in processing capacity seems to be the option that offers hope of a price decrease.
Booijink concludes: “In short, while higher whey prices do affect infant formula, the greater impact is likely to be felt in categories that depend heavily on highly processed whey proteins such as WPC80 and WPI. The fundamental challenge today appears to be processing capacity rather than raw whey availability.”
