Cheese Market

How big is the Cheese Market in 2026?

The Cheese Market is projected to reach USD 188.1 billion by 2036, growing at a 5.4% CAGR from 2026 to 2036. FMI estimates the market at USD 111.2 billion in 2026. The market was valued at USD 105.5 billion in 2025. Cheese is outgrowing liquid milk in mature dairy markets, with many consumers, such as in Germany, buying less milk and more cheese in 2025 [12]. The difference reflects storability and trade reach, since cheese converts perishable milk into a product that can be aged, exported and sold across retail, foodservice and processing.

Processing capacity has expanded ahead of that demand. The USDA National Agricultural Statistics Service reported US cheese output of 14.8 billion pounds in 2025, up 4.0% [1]. Price is the main limitation, because added volume pushes commodity values down. FAO reported that lower cheese prices pulled its dairy price index down 0.1% in September 2026 [4]. Branded portion formats are less exposed to that cycle, which is why some suppliers are adding portion capacity. Bel began a USD 200.0 million project in March 2026 to double its Brookings plant from 10,000 to 20,000 tonnes a year [21]. Actual demand is set by the price foodservice and industrial buyers will pay per tonne, which follows commodity cheese values.

Key Market Trends & Insights

• Ownership of milk and brands is concentrating in fewer groups. For instance, Fonterra completed the sale of its consumer arm Mainland Group to Lactalis on 31 March 2026 [17]. Arla and DMK merged on 1 June 2026 into a cooperative with a milk pool of 19.4 billion kg [18].
• US plants are setting the export price for commodity cheese. The U.S. Dairy Export Council said US cheese has held a meaningful price advantage over EU and New Zealand product since late 2024 [3]. AHDB warned that low-priced US cheese will challenge British exporters in the industrial segment [7]. Exporters in Europe and Oceania that cannot match US block prices must compete on brand, origin or service.
• Whey income now shapes the economics of a cheese plant. US prices for WPC80 whey protein rose 60.0% in 2025 and climbed another 76.0% by June 2026 [3]. Glanbia reported that record whey input costs cut the margin of its Performance Nutrition unit to 13.0% from 16.9% in 2025 [25]. Cheesemakers that capture this co-product value can accept lower margins on the cheese itself.

Regional Highlights

• In Europe, more milk is turning into cheese stocks and exports. AHDB reported that EU milk deliveries rose 2.7% between April and June 2026 and cheese exports grew 6.5% by 23,300 tonnes [8]. Available cheese supplies still rose 2.9%, which keeps pressure on European wholesale prices until milk growth slows.
• In Asia Pacific, suppliers are adding plants and trade lanes. Lactalis said its purchase of Fonterra's consumer business raises its production sites in the region from 34 to 50 [15]. US cheese exports to South Korea rose 36.0% and shipments to Southeast Asia rose 55.0% in the first half of 2026 [3].

Cheese Market Size and Forecast

Table 1: Cheese Market Size and Forecast

Market size and forecast	Value
Market size in 2025	USD 105.5 billion
Estimated market size in 2026	USD 111.2 billion
Projected market size by 2036	USD 188.1 billion
CAGR from 2026 to 2036	5.4%

Source: Future Market Insights analysis of the cheese market, 2026.

Analyst Perspective

“Pizza chains and food manufacturers buy cheese against contract specifications for melt, moisture and price, while households pay premiums for named origins and convenient portions. Suppliers with secure milk supply and strong whey co-product returns can quote lower cheese prices and still protect margins. Milk supply is the main qualification risk, because heat stress and animal disease can cut intake at short notice and leave a plant short of contracted volumes.”

- Nandini Roy Choudhury, Principal Analyst at Future Market Insights

How is the Cheese Market segmented?

• By product type: Mozzarella, Cheddar, Pepper Jack, Parmesan, Gouda, and Others. Sliced and spreadable formats overlap with the processed cheese market that FMI tracks separately.
• By nature: Organic and Conventional.
• By source: Dairy-based and Plant-based.
• By form: Block, Cube, Shreds, Slice, Spread, Powder, and Sticks.
• By end use: Food and Beverage Industry, HoReCa, and Household Retail.
• By sales channel: B2B and B2C, with B2C covering Modern Trade, Convenience Stores, Traditional Grocery Stores, Specialty Stores, Online Retail, and Other Retail Formats.
• By region: North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa.

Why does Cheddar lead by Product Type in the Cheese Market in 2026?

Cheddar holds 39.0% of the Cheese Market by product type in 2026.

Cheddar is one of the leading segments on account of its varied properties. US cheddar output reached about 4.0 billion pounds in 2025 from 246 plants, up from about 3.8 billion pounds in 2024 [1]. Large dedicated plants such as Glanbia's Southwest Cheese joint venture in New Mexico specialise in American-style cheddar [24]. Cheddar is even more central to British supply. AHDB reported that cheddar made up over 70.0% of UK cheese production and used 22.0% of all UK milk in 2025 [6]. That concentration allows British plants to run long campaigns on a single recipe, which lowers unit costs.

Mozzarella and the other product types hold the remaining 61.0%. Mozzarella is the main alternative at scale, accounting for 79.1% of the 6.33 billion pounds of Italian-type cheese made in the United States in 2025 [1]. Some cheddar capacity is also shifting to higher-value products, which narrows cheddar's lead at the margin. AMPI is converting its Blair plant in Wisconsin from cheddar to cottage cheese, with completion expected in the fourth quarter of 2026 [26].

Table 2: Product Type, 2026 Share

Leading Share	2026 market share
Cheddar	39.0%
All Other Segments Combined Share	61.0%

Source: Future Market Insights analysis of the cheese market, 2026.

Why does Conventional cheese lead by Nature in the Cheese Market in 2026?

Conventional cheese accounts for 95.0% of the Cheese Market by nature in 2026.

Retail demand is price-sensitive even for premium names. For instance, the Parmigiano Reggiano consortium said Italian households bought less often and in smaller portions in 2025 after retail prices rose, which cut domestic volumes by about 10.0% [11]. Organic cheese has a higher milk cost, so it meets the same price resistance from a smaller buyer base.

Capacity investment also favours conventional supply. US cheesemakers added more than 500,000 tonnes of capacity over the last five years [3]. Plants of that size depend on conventional milk volumes to reach full utilisation and repay their investment.

Organic cheese holds the remaining 5.0% by nature. Its supply base is recovering, as AHDB reported GB organic milk deliveries up 11.0% for the milk year to date at the end of 2025 [5]. More organic milk eases the raw material constraint, although the segment remains small in contract-led industrial and foodservice channels.

Table 3: Nature, 2026 Share

Leading Share	2026 market share
Conventional	95.0%
All Other Segments Combined Share	5.0%

Source: Future Market Insights analysis of the cheese market, 2026.

Why does Dairy-based cheese lead by Source in the Cheese Market in 2026?

Dairy-based cheese represents 96.5% of the Cheese Market by source in FMI's 2026 assessment.

Foodservice and industrial buyers need melt, stretch and browning performance that plant recipes still find hard to match. Dairy cheese also earns a second income from whey, which supports its pricing against cheaper substitutes. Arla Foods Ingredients grew revenue by 19.3% during January to June 2026 on higher volumes and whey protein prices [19]. Co-product income of this kind lets dairy plants hold cheese prices that plant-based suppliers cannot easily undercut.

Retail demand for dairy cheese is still rising in mature markets. AHDB reported that GB volumes of cow cheese rose 2.2% in the 12 weeks to 5 September 2026 [9]. Specialty and continental lines grew 4.6% in the same period, which shows retail growth coming from premium lines as well as volume.

Plant-based cheese holds the remaining 3.5% by source. Its suppliers are moving into industrial channels to build volume beyond retail. Flora Food Group offers Violife cheese and cream cheese alternatives in bulk packs for food manufacturers [27]. Industrial supply adds scale, although functional performance still limits use in melt-critical applications. The segment's own outlook is covered in the plant-based cheese market report.

Table 4: Source, 2026 Share

Leading Share	2026 market share
Dairy-based	96.5%
All Other Segments Combined Share	3.5%

Source: Future Market Insights analysis of the cheese market, 2026.

What are the key drivers restraints and opportunities?

Cheese revenue moves with milk supply and with the price buyers will pay for each tonne. Cheap milk lifts output but depresses prices, while tight milk raises costs before shelf prices can adjust.

Driver

Milk supply growth in the main exporting regions is lifting cheese output. AHDB reported that global milk production in its tracked regions rose 2.3% in July 2026 [9]. US cheese exports set a record in 2025, with volume up 20.0% [2]. Additional output requires export outlets, which pushes suppliers toward longer contracts with foodservice and retail buyers abroad.

Restraint

Lower commodity prices are reducing revenue per tonne even as volumes grow. Saputo said lower US dairy commodity prices cut its fourth-quarter fiscal 2026 revenue by 5.5% [20]. UK cheese exports reached a record volume in the second quarter of 2026, yet their value fell 4.0% [7]. Suppliers on fixed milk contracts can lose margin quickly when cheese prices drop.

Opportunity

Portion snacks and protein-led products offer growth above the commodity cycle. Bel reported an eighth consecutive quarter of volume growth across its core brands in 2025, with organic growth of 4.9% in North America and 15.1% in Asia [22]. Branded portions earn higher prices per kilo than bulk blocks, which raises revenue per litre of milk processed.

How do trade rules affect cheese sourcing and pricing?

Import duties now decide which origins can serve some markets. China's Ministry of Commerce imposed countervailing duties on EU fresh, processed, blue and other cheeses and on high-fat cream from 13 February 2026 [10]. The measure runs for five years. The U.S. Dairy Export Council said retaliatory tariffs in China also reduced US cheese sales there in 2025 [2]. Exporters from both regions therefore face higher landed costs in a major Asian market.

Tariffs on European cheese entering the United States add a separate cost. The Parmigiano Reggiano consortium reported that new duties raised the total US tariff on its cheese to 25.0% [11]. Importers were delaying orders while they waited for clearer rules. Some trade agreements are widening access instead, and AHDB expects the UK and Switzerland agreement to improve access for selected dairy products [7]. Duty-inclusive landed cost now decides origin selection in annual supply contracts.

What limits reliable cheese supply and quality?

Milk supply is the first limit on reliable cheese output. AHDB forecasts GB milk production for 2026/27 at 12.73 billion litres, down 2.2% [9]. The GB milking herd fell to 1.57 million head in July 2026, its lowest level, and bluetongue has spread across the country [9]. In the United States, output growth depends on herd expansion to fill new plant capacity [9].

Ageing time and raw-milk rules limit how fast premium supply can respond. Raw milk was used for 76.0% of French protected-origin cheeses in 2024 [14]. Parmigiano Reggiano is quoted at 12 and 24 months of age, and the 24-month grade averaged EUR 15.6 per kg in 2025 [11]. A dairy must finance that stock for years before it can sell it. Range complexity adds a further cost, which large processors are now reducing. FrieslandCampina cut its number of cheese SKUs by 20.0% in 2025 to lower costs [23].

Where can cheesemakers win additional business?

Cheesemakers can raise revenue per litre of milk through whey proteins, cottage cheese and ingredient cheese. Whey protein demand links cheese plants with the whey protein market, where prices rose sharply in 2025 and 2026 [3]. Cottage cheese is a second outlet, and AMPI reports that output from its converted Blair plant is fully committed [26]. Ingredient sales add a third channel. Industry buyers accounted for 17.3% of Parmigiano Reggiano sales in Italy in 2025 for use in other foods [11]. Each outlet reduces a plant's dependence on commodity block prices.

Cheese Market by Country (2026 to 2036)

Table 5: Cheese Market Country Growth Forecast

Country	CAGR, 2026 to 2036
United States	4.6%
Italy	4.5%
Germany	3.9%
France	3.6%
United Kingdom	3.1%

Source: Future Market Insights analysis of the cheese market, 2026.

United States

The USDA reported total cheese output of 14.8 billion pounds in 2025, up 4.0% [1]. Wisconsin produced 24.6% of that volume. Over the last five years US cheesemakers added more than 500,000 tonnes of new capacity [3]. That capacity was built ahead of domestic demand and now relies on buyers in many countries.

Export buyers have absorbed much of the new output. US cheese exports set a record in 2025 with volume up 20.0% [2]. Mexico was the leading buyer of US cheese at USD 965.0 million [2]. Exports grew another 24.0% over the first six months of 2026 as Mexico and South Korea increased purchases [3]. Demand from a neighbouring market of that size anchors US export growth and reduces dependence on long-haul shipments.

Export reach and new plants support a 4.6% CAGR for the US market from 2026 to 2036, the fastest rate among the five profiled countries. The domestic market is less certain. The U.S. Dairy Export Council noted softer domestic demand in 2025 [2]. Shipments to the Middle East and North Africa fell 17.0% between January and June 2026 because of conflict in the region [3]. Revenue therefore depends on a wide spread of export customers, since a disruption in one region can remove volume quickly. Plants that pair export contracts with branded or protein-led products should hold margins best when commodity prices fall.

Italy

Italian cheese earns its value from protected names that sell at a premium abroad. Parmigiano Reggiano output rose 2.7% to 4.19 million wheels in 2025 [11]. Exports reached 50.5% of sales, equal to 74,980 tonnes. The United States remained the first foreign market with 16,800 tonnes.

The home market is under price pressure. The consortium said the 12-month grade averaged EUR 13.2 per kg at origin in 2025, up 20.6% [11]. Italian households kept buying but bought less often and in smaller portions. Domestic volumes fell by about 10.0%, although total value held. Retail chains accounted for 65.5% of Italian sales, which leaves producers exposed to the pricing decisions of a concentrated buyer group.

Growth in Britain and Canada shows that buyers outside the EU will pay for origin. Sales to the United Kingdom rose 7.8% and sales to Canada rose 8.3% in 2025 [11]. Export gains of this kind are expected to account for most of the 4.5% CAGR projected for Italy over 2026 to 2036. The United States is the main source of risk. Added duties have raised the total US tariff on Parmigiano Reggiano to 25.0%, and importers have slowed new orders [11]. Producers that spread sales across many export markets will depend less on any single tariff decision. Price-led volume loss at home also means that export pricing power will decide Italian revenue growth.

Germany

German households are eating more cheese while the number of dairy farms keeps falling. The Federal Office for Agriculture and Food reported cheese consumption of 26.4 kg per person in 2025, nearly 1 kg more than in 2024 [12]. Fresh cheese showed the strongest gain. That product group links German demand to the cream cheese market that FMI covers separately.

Production grew more slowly than consumption. German cheese output rose from 2.74 to 2.76 million tonnes in 2025 [12]. Self-sufficiency in cheese fell to 125.0% from 129.0%. The number of dairy farms dropped 3.1% to 47,157, while cow numbers rose slightly to almost 3.6 million. Each remaining farm is larger, and more of the national output now stays at home. Lower self-sufficiency reduces the volume available for export, which raises the importance of domestic retail channels for German processors.

Milk supply has recovered in the short term. German milk deliveries were up 5.8% in July 2026 [9]. Export markets face new costs, since China now applies countervailing duties to EU cheese for five years [10]. Suppliers with fresh cheese brands and strong retail ties can protect margins more easily than bulk exporters. Rising home consumption also absorbs output that would otherwise compete in duty-affected export markets. Steady home demand and a large export base support 3.9% annual growth in German cheese revenue between 2026 and 2036.

France

France is a mature cheese market, so growth relies on trading consumers up within a stable base. The Ministry of Agriculture recorded French cheese consumption of 26 kg per person in 2024 [13]. The country makes about 1,200 cheese varieties and has 51 protected dairy names. Its dairy trade surplus reached EUR 3.1 billion in 2024. Consumption at that level leaves little room for volume growth at home.

Protected-origin cheeses hold their volume but grow slowly. INAO and CNAOL reported 202,503 tonnes of AOP cheese sold in 2024, up 1.0% [14]. These cheeses made up 17.7% of French cheese output outside processed, fresh and pasta filata types. They generated EUR 2.4 billion in sales. Roquefort volumes fell 3.0% in the same year, which shows that some traditional names are losing buyers. Slow volume growth in protected names holds France to a 3.6% CAGR for 2026 to 2036, the second-lowest rate in the profiled group.

Export demand is the main source of upside, although access is narrowing. Chinese duties on EU cheese and cream took effect in February 2026 [10]. Producers that pair protected names with convenient formats can widen their buyer base at home. Snack portions also travel well into export markets where French origin earns a price premium. The commercial priority for French suppliers is therefore value per kilo, since domestic volume offers limited headroom.

United Kingdom

Cheddar shapes the British market more than any other variety. AHDB reported that cheddar accounted for over 70.0% of UK cheese production in 2025 [6]. Its share of milk use rose to 23.0% in January to June 2026. Cheese consumption per person rose 11.0% between 2015 and 2024 according to the Defra Family Food Survey, as cited by AHDB [6].

Wholesale prices swing sharply with milk supply. Mild cheddar lost 17.0% of its value in the fourth quarter of 2025 and averaged GBP 2,830 per tonne in December [5]. Most cheese milk contracts were then cut by 3.00 to 3.60 pence per litre [5]. By September 2026 mild cheddar had recovered to GBP 3,330 per tonne as heat reduced milk volumes [9].

A mature home market and tight milk give the United Kingdom the slowest growth among the profiled countries at a 3.1% CAGR for 2026 to 2036. Exports provide volume growth. UK cheese export volume reached a record between April and June 2026 and rose 15.3% [7]. Export value fell 4.0%, and AHDB expects low-priced US cheese to challenge British suppliers in industrial sales. Retail demand is moving toward newer lines. Specialty and continental cheese grew 4.6% in the 12 weeks to 5 September 2026 while cheddar fell 1.3% [9]. Milk supply is a further risk, with a smaller herd and bluetongue expected to cut output [9]. Suppliers with specialty ranges and export brands should outgrow those tied to commodity cheddar.

Who are the notable companies in the Cheese Market?

Cheese supply is organised around four business models: global dairy groups, farmer cooperatives, large-scale processors and branded portion specialists. Lactalis describes itself as the world's leading dairy group and reported 2025 revenue of EUR 31.2 billion [15]. It invested nearly EUR 1.1 billion in its industrial sites in 2025 to add capacity and support new products. Arla became a larger cooperative after its merger with DMK and expects full-year 2026 revenue of EUR 16.8 billion to EUR 17.6 billion [19]. Arla also describes itself as the world's largest manufacturer of organic dairy products [18]. Saputo reported fiscal 2026 revenue from continuing operations of CAD 17.6 billion [20]. Bel focuses on branded cheese portions and reported 2025 sales of EUR 3.8 billion [22]. It invested EUR 60.0 million in a new Babybel line at Sablé-sur-Sarthe and has begun a process with a start-up to turn its whey into functional proteins.

Cooperatives and ingredient groups compete on milk supply and cost. Fonterra kept its ingredients and foodservice businesses after selling Mainland Group [17]. It will supply raw milk to Lactalis for at least 10 years and bulk cheese and other products for at least six years. FrieslandCampina grew its natural cheese sales by 2.0% in 2025 while cutting its cheese range [23]. Glanbia makes cheddar through its Southwest Cheese joint venture with Dairy Farmers of America and Select Milk Producers [24].

Specialist suppliers serve narrower demand. AMPI is a farmer cooperative that is moving one plant from cheddar into cottage cheese [26]. Flora Food Group sells Violife plant-based cheese alternatives to food manufacturers [27]. Buyer procurement among these suppliers turns on milk security, product range and contract terms.

Key Developments in the Cheese Market

• On 11 March 2026, Bel broke ground on a USD 200.0 million expansion of its Babybel plant in Brookings, South Dakota [21]. The project will double capacity from 10,000 to 20,000 tonnes a year.
• On 31 March 2026, Fonterra completed the NZD 4.2 billion sale of its consumer and associated businesses, Mainland Group, to Lactalis [16][17].
• On 1 June 2026, Arla Foods and DMK Group completed their merger, creating a cooperative with about 11,200 farmers and a combined milk pool of 19.4 billion kg [18].

Key Players in the Cheese Market

• Groupe Lactalis
• Arla Foods amba
• Saputo Inc.
• Bel Group
• Fonterra Co-operative Group Limited
• Royal FrieslandCampina N.V.
• Glanbia plc
• Associated Milk Producers Inc. (AMPI)
• The Kraft Heinz Company
• Flora Food Group (Violife)

Cheese Market Report Scope

Table 6: Cheese Market Report Scope

Coverage field	Report scope
Market definition	Natural, processed and plant-based cheese sold to food manufacturers, foodservice operators and households, valued at manufacturer selling prices. Whey, butter and other dairy co-products are excluded.
Product Type	Mozzarella; Cheddar; Pepper Jack; Parmesan; Gouda; Others
Nature	Organic; Conventional
Source	Dairy-based; Plant-based
Form	Block; Cube; Shreds; Slice; Spread; Powder; Sticks
End Use	Food and Beverage Industry; HoReCa; Household Retail
Sales Channel	B2B; B2C (Modern Trade; Convenience Stores; Traditional Grocery Stores; Specialty Stores; Online Retail; Other Retail Formats)
Regions and profiled countries	North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa. Profiled countries: United States, Italy, Germany, France, United Kingdom
Companies covered	Groupe Lactalis; Arla Foods amba; Saputo Inc.; Bel Group; Fonterra Co-operative Group Limited; Royal FrieslandCampina N.V.; Glanbia plc; Associated Milk Producers Inc.; The Kraft Heinz Company; Flora Food Group
Quantitative Units	USD billion

Source: Future Market Insights analysis of the cheese market, 2026.

Cheese Market Research Methodology

The cheese assessment draws on national dairy statistics, levy board market reviews, trade data and company disclosures [1][6][12][2]. FMI measures annual sales value of cheese at the manufacturer level across retail, foodservice and industrial buyers. Segment values are classified by product type, nature and source, with form, end use and sales channel tracked as additional views. Country forecasts reflect local milk supply, consumption, export reach and trade barriers over the same 2026 to 2036 period. Production tonnage, export volume and wholesale price are reviewed as separate measures.

Cheese Market by Segments

Cheese Market segmented by Product Type:

• Mozzarella
• Cheddar
• Pepper Jack
• Parmesan
• Gouda
• Others

Cheese Market segmented by Nature:

• Organic
• Conventional

Cheese Market segmented by Source:

• Dairy-based
• Plant-based

Cheese Market segmented by Form:

• Block
• Cube
• Shreds
• Slice
• Spread
• Powder
• Sticks

Cheese Market segmented by End Use:

• Food and Beverage Industry
• HoReCa
• Household Retail

Cheese Market segmented by Sales Channel:

• B2B
• B2C
  • Modern Trade
  • Convenience Stores
  • Traditional Grocery Stores
  • Specialty Stores
  • Online Retail
  • Other Retail Formats

Cheese Market by Region

• North America
  • United States
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
• Europe
  • Germany
  • France
  • Italy
  • United Kingdom
  • Spain
  • Netherlands
  • Nordics
• East Asia
  • China
  • Japan
  • South Korea
• South Asia
  • India
  • ASEAN
  • Rest of South Asia
• Oceania
  • Australia
  • New Zealand
• Middle East and Africa
  • GCC Countries
  • Türkiye
  • South Africa

Research Sources and Bibliography

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• [2] U.S. Dairy Export Council. (2026, February 24). Cheese and butter fuel dairy export growth in 2025.
• [3] U.S. Dairy Export Council. (2026, August 7). U.S. dairy exports rise 9% in the first half. The U.S. Dairy Exporter Blog. https://blog.usdec.org/usdairyexporter/u.s.-dairy-exports-rise-9-in-the-first-half
• [4] Food and Agriculture Organization of the United Nations. (2026, October 2). FAO Food Price Index rises in September amid weather concerns and transport disruptions.
• [5] Agriculture and Horticulture Development Board (AHDB). (2026, January 14). Q4 2025 dairy market review. https://ahdb.org.uk/news/q4-2025-dairy-market-review
• [6] Agriculture and Horticulture Development Board (AHDB). (2026, August 12). Milk utilisation trends: Cheese, milk powders, butter and yogurt production on the rise. https://ahdb.org.uk/news/milk-utilisation-trends-cheese-milk-powders-butter-and-yogurt-production-on-the-rise
• [7] Agriculture and Horticulture Development Board (AHDB). (2026, August 20). Q2 2026 dairy trade review: cheese exports at an all-time high, whilst other categories disappoint. https://ahdb.org.uk/news/q2-2026-dairy-trade-review-cheese-exports-at-an-all-time-high-whilst-other-categories-disappoint
• [8] Agriculture and Horticulture Development Board (AHDB). (2026, September 24). Q2 2026 EU butter and cheese stocks build up whilst milk powders dwindled. https://ahdb.org.uk/news/q2-2026-eu-butter-and-cheese-stocks-build-up-whilst-milk-powders-dwindled
• [9] Agriculture and Horticulture Development Board (AHDB). (2026, October 22). Q3 2026 dairy market review. https://ahdb.org.uk/news/q3-2026-dairy-market-review
• [10] Ministry of Commerce of the People's Republic of China. (2026, February 12). Announcement No. 9 of 2026 on the final ruling of the anti-subsidy investigation into certain dairy products originating in the European Union. http://www.mofcom.gov.cn/zcfb/zc/art/2026/art_07b1db16c8ba418fa09a5483aed16d08.html
• [11] Consorzio del Formaggio Parmigiano Reggiano. (2026, March 26). Parmigiano Reggiano: nel 2025 crescono produzione (+2,7%), export (+2,7%) e valore al consumo, mentre frena il mercato domestico (-10%). https://www.parmigianoreggiano.com/it/news/dati-economici-2026
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• [13] Ministère de l'Agriculture et de la Souveraineté alimentaire. (2026, March 13). Infographie: Production et consommation de lait et produits laitiers.
• [14] Institut national de l'origine et de la qualité (INAO) and CNAOL. (2025, September). Chiffres clés 2024 des filières laitières AOP et IGP. https://www.inao.gouv.fr/sites/default/files/2025-09/CNAOL_CHIFFRESCLES2024_VF.pdf
• [15] Lactalis. (2026, April 16). Press release: 2025 Annual Results. https://assets.ctfassets.net/c4xiawjy3foe/DFQYWqvoZWhzEUue6ds2o/6513863e43df9c9cb11afd81873ea0ff/Lactalis_Press_release_-_2025_Annual_Results_1.pdf
• [16] Fonterra Co-operative Group Limited. (2026, March 6). Mainland Group sale unconditional. https://www.fonterra.com/americas/en/our-stories/media/mainland-group-sale-unconditional.html
• [17] Fonterra Co-operative Group Limited. (2026, March 31). Fonterra completes sale of Mainland Group to Lactalis. https://www.fonterra.com/americas/en/our-stories/media/fonterra-completes-sale-of-mainland-group-to-lactalis.html
• [18] Arla Foods amba. (2026, June 1). Arla Foods and DMK Group officially unite to create Europe's leading dairy cooperative. https://www.arla.com/company/news-and-press/2026/pressrelease/arla-foods-and-dmk-group-officially-unite-to-create-europes-leading-dairy-cooperative/
• [19] Arla Foods amba. (2026, August 27). Half-Year Report 2026. https://www.arla.com/4a509b/contentassets/601d701b423e4374bdb5f0ffa9174ac3/arla-hy26_uk.pdf
• [20] Saputo Inc. (2026, June 4). Saputo Reports Financial Results for the Fourth Quarter and Fiscal 2026. https://newsroom.saputo.com/news-releases/news-release-details/saputo-reports-financial-results-fourth-quarter-and-fiscal-2026
• [21] Bel Brands USA. (2026, March 11). Bel Invests $200 Million to Double Babybel Production Capacity in Brookings, South Dakota. https://belbrandsusa.com/news/bel-invests-200-million-to-double-babybel-production-capacity-in-brookings-south-dakota/
• [22] Bel Group. (2026, March 25). Press release: 2025 annual results. https://www.groupe-bel.com/wp-content/uploads/2026/03/2026.03.25-PR-2025-results-EN.pdf
• [23] Royal FrieslandCampina N.V. (2026, March 11). Global Investor Update: Year-end 2025. https://www.frieslandcampina.com/uploads/2026/03/260311_Global_Investor-Update_YE2025_web.pdf
• [24] Glanbia plc. (2025, November 12). Celebrating 20 years at Southwest Cheese. https://www.glanbia.com/news/celebrating-20-years-southwest-cheese
• [25] Glanbia plc. (2026, February 25). 2025 Full Year Results. https://www.glanbia.com/media/press-releases/full-year-2025-results
• [26] Associated Milk Producers Inc. (2026, January 30). AMPI transitioning to cottage cheese at Wisconsin plant. https://www.ampi.com/news/ampi-transitioning-to-cottage-cheese-at-wisconsin-plant
• [27] Flora Food Group. (2026). Industrial Food Manufacturing, accessed 4 November 2026. https://www.floraprofessional.com/en-gb/channels/industrial