This monthly report outlines the latest global dairy trade trends and data combined with our own commentary analyzing demand in key markets for cheese, NFDM/SMP, whey (0404.10) and WPC80+, alongside shorter
Despite all the volatility and emotion surrounding trade at the start of 2025, it was in fact a remarkably strong year for dairy. Total dairy trade volumes, in milk solids equivalent terms, bested prior year levels in all but two months. And a particularly strong December (+13%, +120,921 MT MSE) helped to deliver a 3% (+323,284 MT MSE) increase for the year against 2024 volumes.
A total of 11.322 million MT MSE of dairy products circled the globe in 2025, the second largest amount ever. In fact, dairy trade was just 1% (-116,612 MT MSE) shy of the record set in 2021. After plateauing over the last few years, the increase is an encouraging indication that global dairy trade is once again expanding in earnest.
Southeast Asia was the top destination for global dairy exports in 2025, wresting first place from China for the second year in a row. A surge in milk powder shipments during the fourth quarter boosted trade to the region by 2% (+37,294 MT MSE) for the year. China remained in second place also seeing a 2% (+33,549 MT MSE) rise in trade as stronger cheese shipments compensated for continued weakness in powders.
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