Milk Market Update: Cheese prices under pressure? Market Analysis as of 28 February 2025
The price for protein concentrates and skimmed milk powder continue to show remarkable stability. Spot milk and milk fat also remain solid.

Market Development: Review and Outlook
The milk market remains calm. However, there has been movement in cheese and milk fat prices in recent days.
Market Situation in Switzerland
The situation in Switzerland has stabilised. Responsible actions by market players can help manage seasonal peaks without major disruptions. Uncertainty factors remain the bluetongue disease, US trade policies, and the financial condition of some actors.
Cheese Under Pressure?
Falling fat prices and expected milk volumes are putting pressure on cheese prices. Lower prices have been offered in recent weeks. However, butter stocks are low and demand remains stable. Additionally, demand for butter is being boosted by price reductions at Lidl. The following graph shows the development of butter stocks in red until end November 2024.


Cheese stocks are also low. Therefore, we expect a rise in fat and cheese prices by the third quarter at the latest, with stable to slightly rising prices expected in the second quarter.
We will be present at the following trade fairs:
- Tutto Food, Milan, 5–8 May 2025, Hall 1 Stand U07
- PLMA, Amsterdam, 20 & 21 May 2025,
- International Cheese Awards 2025
- Summer Fancy Food, New York, 29 June – 1 July 2024, with our partner World's Best Cheese
- Le Mondial du Fromage et Produits Laitiers, Tours (France), 14–16 September 2025, We will have a stand.
- Anuga, Köln 4 – 8. October 2025, with our Partner Dicke Food
- World Cheese Award, 13 – 15. November 2025, Bern, we will have a stand
- Winter Fancy Food, San Diego, 11 – 13 January 2026 with our partner World's Best Cheese.
- Marca, Bologna, 14 – 15 January 2026, I will visit the show
- Salon du Fromage, Paris, 7th – 9th June 2026, with our Stand
Stay informed! Enjoy the exquisite Swiss flower meadow cheese made from raw milk – not only a delight but also healthy and soothing!
Kind regards, Affineur Walo