Spain's Whey Price Bottoms at $1,411 per Ton

Spain Whey Export Price in October 2022

In October 2022, the whey price amounted to $1,411 per ton (FOB, Spain), with a decrease of -9.9% against the previous month. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in April 2022 when the average export price increased by 14% m-o-m. Over the period under review, the average export prices attained the peak figure at $2,101 per ton in June 2022; however, from July 2022 to October 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In October 2022, the country with the highest price was China ($3,858 per ton), while the average price for exports to the Netherlands ($958 per ton) was amongst the lowest.

From January 2022 to October 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+1.7%), while the prices for the other major destinations experienced more modest paces of growth.

Spain Whey Exports

After two months of growth, overseas shipments of whey decreased by -4.3% to 4.9K tons in October 2022. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in April 2022 with an increase of 50% month-to-month. As a result, the exports attained the peak of 6.3K tons. From May 2022 to October 2022, the growth of the exports failed to regain momentum.

In value terms, whey exports fell to $6.8M (IndexBox estimates) in October 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in April 2022 when exports increased by 72% against the previous month. As a result, the exports reached the peak of $12M. From May 2022 to October 2022, the growth of the exports failed to regain momentum.

Spain Whey Exports by Country

France (1.6K tons), the Netherlands (832 tons) and Vietnam (744 tons) were the main destinations of whey exports from Spain, together comprising 65% of total exports.

From January 2022 to October 2022, the biggest increases were in Vietnam (with a CAGR of +6.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($1.9M), China ($1.4M) and Vietnam ($891K) appeared to be the largest markets for whey exported from Spain worldwide, together comprising 60% of total exports.

In terms of the main countries of destination, Vietnam, with a CAGR of +6.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Factors Affecting Whey Prices

Whey is used in a variety of products, including baby formula, sports drinks, and protein powders. The increase in demand for these products has led to an increase in price. In addition, many European countries have reduced their production of whey due to environmental regulations. This has further contributed to the price increases seen in Spain.

The type of whey is the most important factor in determining price. Whey protein isolate, which is the purest form of whey protein available, commands the highest prices due to its superior quality. Whey protein concentrate is the next highest quality product and is usually priced at a discount to isolate. Finally, there are lower quality wheys known as hydrolysates or peptides that are typically used by bodybuilders and athletes who are looking for a quick boost of amino acids after a workout. These products are usually priced at a significant discount to isolates and concentrates.

The fat content of whey also plays a role in determining price. Wheys with higher fat contents will generally be cheaper than those with lower fat contents because they are not as highly purified. For example, a 80%whey protein concentrate will be less expensive than a 90%whey protein concentrate because it contains more impurities.

Source: IndexBox Market Intelligence Platform