U.S. — Wholesale prices for whey protein concentrate and isolate in the U.S. began rising in 2024. Whey protein concentrate with 80% protein is trading at more than $13 per pound on the dairy commodities market, a 250% increase from one year ago, according to Ever.Ag.

Whey protein isolate, which contains at least 90% protein, is 150% more expensive than last year, Ever.Ag reported. U.S. prices for whey protein concentrate powder increased by around 15% over the past year, according to Datasembly. Kathleen Wolfley, vice president of Ever.Ag Insights, stated, "Demand is very firm and seemingly outpacing supply for right now."

Wolfley said the use of GLP-1 weight-loss drugs is one factor driving demand for whey protein concentrate. Now Foods raised the price of its whey protein products earlier this year. Tubs of whey protein powder are the biggest seller in the sports nutrition category at Now Foods. Agropur intended to increase whey protein manufacturing at plants in Quebec, Nova Scotia, South Dakota, and Wisconsin.

U.S. exports of 80% whey protein concentrate and whey protein isolate to China fell 47% from January through April compared to the same period a year ago, according to Vesper. Jasper Endlich, a dairy analyst at Vesper, stated, "There simply isn't enough product for the U.S. customer, and exports have therefore been paused as much as possible."

In late May, 80% whey protein concentrate reached a record average of 26,450 euros ($30,518) per metric ton in Europe, according to DCA Market Intelligence. This record average price was more than double the price from less than a year earlier. Wolfley noted that "The supply-demand dynamics could start to improve, but I don't know if that's a tomorrow dynamic or within a year. Some of these things are going to take time."