2025年巴黎FIE展会聚焦,乳清蛋白领域前沿动态解析

相关阅读延伸：2025年巴黎FIE展会之乳清蛋白篇

作者：贝瑞克公司

2025 Paris FIE Exhibition: Whey Protein Special Chapter

2025年12月2号到4号，第30届FIE（欧洲食品配料展）在巴黎举行。恰逢25年收官之月，我们也想深入了解欧洲市场的第一手情况，在三天时间里，我们拜访了展会上的绝大多数乳清蛋白参展商，先将信息汇总给各位读者，以供参考。

The 30th Fi Europe (Food Ingredients Europe) was held in Paris from December 2 to 4, 2025. As the closing month of 2025, this timing presented an ideal opportunity for us to gain in-depth, first-hand insights into the European market. Over the three-day exhibition, we visited most of the whey protein exhibitors. We have compiled the key information below for readers' reference.

1、欧洲一线品牌、wheyco、阿拉、穆勒、菲仕兰、BMI、milei等的WPC80产品，26年1季度的期货均已售磬，二线品牌波兰大M、polmlek等一季度也仅有零星货源，且报价集中在14800美金-15600美金之间，并且所有品牌方，对于26年2季度的涨价意愿强烈，大多数厂家告诉我们，他们2季度的产能已经预售了70%-80%。

For WPC80 products from major European brands such as Wheyco, Arla, Müller, Friesland Campina, BMI, and Milei, futures contracts for Q1 2026 have been fully sold out. Among second-tier brands, Poland’s Mlekovita and Polmlek have only limited supplies available for Q1, with quotations ranging from USD 14,800 to USD 15,600 per metric ton. Additionally, all brands are strongly inclined to raise prices for Q2 2026, and most manufacturers indicated that 70%-80% of their production capacity for Q2 has already been pre-sold.

分离乳清蛋白的供应相比浓缩乳清蛋白更为紧张，价格大多上涨到26000美金/吨以上，美国买家几乎买遍了市场上所有可以销售的WPI产品，现货市场一柜难求。

The supply of whey protein isolate (WPI) is even tighter than that of whey protein concentrate (WPC). Prices have mostly surged above USD 26,000 per metric ton, as U.S. buyers have purchased nearly all available WPI products on the market. The spot market is facing a severe shortage, making it nearly impossible to secure a full container of inventory.

2、美国厂家本次参展不多，只有格兰比亚等少数几家参展，但他们的影响无处不在。所有的厂家都在跟我们分享来自美国的巨额采购需求。据了解，美国大多数厂家的2季度产能都已预售完毕，美国买家缺货到甚至接受了欧洲一线品牌WPC80超过16000美金的二季度报价。美国从之前乳清蛋白全球价格洼地转换到高地，让人不禁感慨行情的疯狂。

While U.S. manufacturers had a limited presence at the exhibition—with only a handful of participants such as Glanbia—their influence was ubiquitous. All exhibitors shared with us insights into the massive procurement demand emanating from the U.S. It is understood that most U.S. manufacturers have fully pre-sold their production capacity for Q2 2026. Plagued by severe shortages, U.S. buyers have even accepted Q2 quotations for WPC80 from major European brands exceeding USD 16,000 per metric ton. The U.S., once a global price depression for whey protein, has now shifted to a price peak—serving as a stark reminder of the frantic market conditions.

Price Comparison Analysis of WPC80 Between the EU and the US (Unit: EUR per Metric Ton)

2025 WPI Prices in Europe and the United States

* 绿色曲线代表美国，蓝色曲线代表欧洲。

* The green curve represents the U.S.，the blue curve represents Europe.

3、相比其他乳制品原料惨淡的行情，蛋白类产品可能是唯一的需求、供应和价格同步增长、并且持续了两年的单品。

Compared with the sluggish market conditions of other dairy ingredients, protein-based products may be the only single product category that has achieved synchronous growth in demand, supply, and prices—sustaining this momentum for two consecutive years.

所以，面对不断刷新历史新高的乳清蛋白报价，我们很礼貌地向国外的蛋白工厂们问了三个问题：为啥？凭啥？你想干啥？

Therefore, facing the whey protein quotations that keep surging to all-time highs, we politely posed three questions to overseas whey protein manufacturers: Why the surge? What’s the justification? What’s your market strategy ahead?

最后，我们结合了蛋白类的市场数据，还有厂家的最新答复，汇总如下，供各位参考：

Finally, based on the protein-based market data and the latest feedback from manufacturers, we have compiled the key points below for your reference:

1、25年国内乳清蛋白进口数据图

2025 China Whey Protein Import Data Chart

*红色为预估数字。

* The figure in red is estimated number.

① 从进口数据来看，9月份中国进口数量持续下降，仅为2587吨，同比大降34%，26年全年我们预估80粉进口额同比下降8%。

Based on import data, China’s whey protein import volume continued to decline in September, reaching only 2,587 metric tons—a sharp year-on-year drop of 34%. For the full year 2026, we project that the import value of WPC80 will decrease by 8% year-on-year.

② 在今年2-3季度，因为担心美国关税和后续价格的稳定性，中国大多数买家选择了轻仓策略，这一结果导致国内4季度和明年1季度的到货数量都不会太多，市场上绝大多数工厂，明年2季度的需求还没有采购。我们预计，在明年1季度，国内的缺货程度将更加严重。所以，有部分的市场参与者，采购逻辑将从踩刹车转为猛踩油门，旺盛采购需求会集中释放，将加剧乳清蛋白明年上半年的供需矛盾。

In Q2-Q3 of this year, due to concerns over U.S. tariffs and subsequent price stability, most Chinese buyers adopted a light inventory strategy. As a result, arrival volumes in China will remain limited in Q4 2025 and Q1 2026. Additionally, the majority of domestic manufacturers have not yet secured procurement for their Q2 2026 demand. We project that the shortage situation in China will worsen further in Q1 2026. Consequently, some market participants will shift their procurement strategy from a cautious "brake" to an aggressive "accelerator"—robust procurement demand will be concentrically released, exacerbating the supply-demand imbalance of whey protein in the first half of next year.

③ 运动营养和特医渠道的新增需求，抵消了婴配和酸奶以及乳饮料渠道的下降压力，是国内80粉市场主要买家，我们预估速溶型号的市场占比超过60%。

Newly added demand from the sports nutrition and medical nutrition(SMPF) channels has offset the downward pressure from the infant formula, yogurt, and dairy beverage sectors. Emerging as key buyers in China’s WPC80 market, we project that the instant grade will account for over 60% of the total market share.

2、美国乳清蛋白24-25年度产量及出口数量对比图

2024-2025 U.S. Annual Production vs. Export Volume Comparison Chart of Whey Protein

① 受美国政府罢工影响，数据只更新到8月份。乳清蛋白粉25年1-8月份产能同比增加1.69%，出口数量同比增加10.42%。相比需求端双位数的增加，供应端的增长严重不足，导致了乳清蛋白产品价格飙升。

Due to the U.S. government shutdown, the data has only been updated to August. From January to August 2025, the production capacity of whey protein powder increased by 1.69% year-on-year, while export volume rose by 10.42% year-on-year. Compared with the double-digit growth on the demand side, the growth on the supply side is severely insufficient, leading to a sharp surge in the prices of whey protein products.

② 美国的新建WPC产能还处于爬坡阶段，不能满足其国内旺盛的需求，其主要乳清蛋白工厂的26年上半年产能均已预售出去。不足的部分甚至需要高价从欧洲和新西兰采购，也拉高了其他产地生产者的报价心理预期。美国市场的WPC和WPI期货报价，目前已经超过新西兰和欧洲市场，再一次领跑全球。

Newly commissioned WPC production capacity in the U.S. is still in the ramp-up phase and cannot meet the strong domestic demand. Major U.S. whey protein manufacturers have fully pre-sold their production capacity for H1 2026. The shortfall even requires procurement from Europe and New Zealand at premium prices, which has also raised the pricing expectations of producers from other origins. Currently, futures quotations for WPC and WPI in the U.S. market have surpassed those in New Zealand and Europe, leading the global market once again.

③ 在特医和餐饮渠道，分离乳清蛋白的需求远超过浓缩乳清蛋白，利润回报也更高（相比wpc80，分离蛋白的利润提高了60%以上），导致美国工厂将更多的产能从WPC转到WPI；

In the medical nutrition and food service channels, demand for WPI far exceeds that of WPC80, with significantly higher profit margins (profit margins for WPI are over 60% higher than those for WPC80). This has prompted U.S. manufacturers to shift more production capacity from WPC to WPI.

④ 美国蛋白价格高涨带来的一个副作用就是，国内某些代理，之前通过第三国转口换包装的方式，进口原产地美国的乳清蛋白，以此规避中美之间的高额关税的方式，失去了套利空间。国内买家也失去了一个低价采购乳清蛋白来源的渠道。

A side effect of the surging U.S. protein prices is that certain domestic agents—who previously imported U.S.-origin whey protein via third-country transshipment and repackaging to evade high China-U.S. tariffs—have lost their arbitrage space. Domestic buyers have also lost a low-cost channel for procuring whey protein.

⑤ 美国市场，除了减肥神药司美格鲁肽的应用之外，星巴克9月底在美国和加拿大市场推出了高蛋白的咖啡和奶茶，一杯额外添加15-36克的分离蛋白，据说市场大卖，每个月需要30个柜子以上的分离蛋白，将优质乳蛋白的应用从特医渠道延伸到餐饮渠道，将加剧市场的缺货情况。

In the U.S. market, aside from the widespread use of semaglutide (the "weight-loss wonder drug"), Starbucks launched high-protein coffee and milk tea in the U.S. and Canadian markets at the end of September. Each serving contains an additional 15-36 grams of whey protein isolate (WPI), and the products have reportedly been a huge hit. With monthly demand exceeding 30 shipping containers of WPI, this has expanded the application of high-quality dairy protein from the medical nutrition channel to the foodservice channel—further exacerbating the market shortage.

3、欧洲市场WPC2024-2025年度出口统计图

European Market WPC: 2024-2025 Annual Export Statistics Chart

① 欧洲25年1-8月份乳清蛋白出口为40864吨，同比减少0.41%，意味着欧洲本土的需求也在增加，可供出口的产能有限。

From January to August 2025, Europe's whey protein exports reached 40,864 metric tons, a year-on-year decrease of 0.41%. This indicates that domestic demand in Europe is also on the rise, resulting in limited exportable capacity.

② 欧洲主要WPC80工厂，受目前蛋白类产品的高利润吸引，目前有两个趋势：第一、以BMI为代表的企业，26年将继续缩小乳清粉的生产规模，将有限的乳清液，用于扩大WPC80的产能，第二、以wheyco为代表的企业，将更多产能用于附加值更高的蛋白类产品，比如零乳糖乳清蛋白、乳脂球膜蛋白、分离蛋白类产品，而减少普通型号的乳清蛋白产品；

Driven by the high profits of protein-based products, major European WPC80 manufacturers are showing two key trends: First, companies represented by BMI will continue to reduce whey powder production scale in 2026, allocating limited whey liquid to expand WPC80 capacity. Second, enterprises led by Wheyco will pert more capacity to higher-value-added protein products—such as lactose-free whey protein, milk fat globule membrane protein (MFGM), and whey protein isolate (WPI)—while cutting output of standard-grade whey protein.

③ 相比美国同行，欧洲工厂对待本次乳清蛋白行情，在工厂投资上大多数还是保持了克制，并没有激进的增加产能，更多了选择了内部优化产品结构，以实现产品利润回报最大化。

Compared with their U.S. counterparts, most European manufacturers have exercised restraint in factory investment amid the current whey protein market trend. Instead of aggressively expanding capacity, they have opted to optimize internal product mix to maximize product profit returns.

4、新西兰市场最新情况

New Zealand Market: 2024-2025 Latest Updates Situation

① 恒天然依然保持了少量多次的投放节奏，其最新26年一季度的速溶型号WPC80投标中，面对全球投放了4个柜的速溶，据传最后以15100美金以上的价格成交。与欧美价格保持了一致。热稳型号因需求不及速溶型号，成交价格稍低于速溶型号。

Fonterra has maintained its "small-batch, frequent release" strategy. In its latest tender for WPC80 instant for Q1 2026, the company offered 4 shipping containers of the instant product globally, reportedly closing at a price exceeding USD 15,100 per metric ton—aligned with European and U.S. market prices. Due to lower demand compared to the instant grade, the transaction price of the heat-stable grade is slightly lower.

我们总结一下，本轮蛋白持续上涨的行情，是由美国的内需强力拉动，并且从运动营养、特医渠道（司美格鲁肽）甚至扩散到茶饮渠道，乳清蛋白作为乳制品原料中为数不多的功能性食品，在本轮价格上涨趋势中，也为更多消费者所熟知和认可。其原料来源的天然受限，导致其供应无法像其他乳制品原料可以快速增量。其不受全球鲜奶产能短期过剩的影响，也不再受中美关税冲突的影响。我们在最新几期行情分析文章中，一直建议各位，相比于价格回落的风险，供应的风险更不可控，分步建仓是最优解。我们这一建议，将继续延顺到明年2季度底。

To summarize, the ongoing upward trend in protein prices is strongly driven by robust U.S. domestic demand, with applications expanding from sports nutrition and medical nutrition channels (fueled by semaglutide) to even the tea beverage sector. As one of the few functional foods among dairy ingredients, whey protein has gained wider recognition among consumers amid this price rally. Its naturally constrained raw material sources mean supply cannot be rapidly increased like other dairy ingredients. Unaffected by short-term surpluses in global raw milk production capacity or China-U.S. tariff frictions, the market maintains unique resilience. In our recent market analysis reports, we have consistently advised that supply risks are more uncontrollable than the risk of price declines, making phased position building the optimal strategy. This recommendation will remain in effect until the end of Q2 2026.

同时，我们也在思考，在这次持续将近两年，目前来看短期也不会降温的疯狂行情中，顶部究竟在哪里？是供需达到平衡吗？还是在蛋白类的应用扩大到运动营养、特医渠道、甚至延伸到餐饮这一新情况，所有的生产端都在狂欢；但消费者们，究竟愿意为健康和美丽，承受多大的代价？

Meanwhile, we are also contemplating: amid this ongoing market frenzy which has lasted nearly two years and shows no signs of abating in the short term, where does the peak truly lie? Will it be when supply and demand reach equilibrium? Or will it be amid the new landscape where the application of protein-based products has expanded to sports nutrition, medical nutrition channels, and even extended to the foodservice sector—with all producers riding a wave of optimism? Yet, how much cost are consumers truly willing to bear for health and beauty?

行情再高总有顶点，风险随着高度一直在累积。是像远处的艾尔菲铁塔见好就收，完美落幕；还是像近处的高楼，最高处也可能是高位接盘，一地狼藉。买或者不买，都是问题。

No matter how high the market rally climbs, there is always a peak—and risks have been mounting as it ascends. Will it conclude perfectly like the distant Eiffel Tower, where investors cash in at the right moment and bow out gracefully? Or will it resemble the nearby high-rises, where the top floor may also mean catching the market peak, leaving buyers stuck with heavy losses in a messy aftermath? To buy or not to buy—either way, it’s a dilemma.

备注：本文所有内容为作者个人观点，仅作行业交流学习用，勿做商业用途，不构成任何投资建议，感谢各位同行专家在本文撰写过程中给予的资讯和意见支持！

Note: All content in this article represents the author's personal views. It is intended solely for industry exchange and learning purposes, shall not be used for commercial purposes, and does not constitute any investment advice. We would like to thank all peer experts for their information and opinions provided during the writing of this article!

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