The Americas are eating into Europe's dairy dominance

The US and the rest of the Americas are eating into Europe’s traditional dominance of the global trade in dairy produce, according to RaboResearch's world dairy map.

The EU remains the largest dairy exporter, accounting for around 27% of global trade, but its share has gradually declined from close to 30% in 2017.

The US share of the global dairy trade has increased from 10% to 14% during the same period, with increased cheese exports helping to power this growth. Cheese exports out of Argentina and Uruguay have also grown significantly, according to the RaboResearch report.

“Global dairy trade has maintained its long-term growth trajectory, expanding at an average rate of roughly 2% per year over recent years,” the RaboResearch report stated.

“Volumes reached more than 100 billion kg in liquid milk equivalents in 2025 – up from 91.1 billion in 2017 – reflecting steady structural demand growth,” it added.

Balance of power shifting

“Global dairy trade continues to expand at a resilient pace, but the balance of power is shifting,” said senior dairy specialist at RaboResearch Tom Booijink.

“We are seeing a gradual redistribution of export share away from Europe toward more competitive and less constrained producers in the Americas,” he explained.

China remains the world’s largest importer of dairy produce, but imports have declined significantly from their 2021 peak, due to increased domestic production and “softer demand” in key product categories.

“Exporters are increasingly looking to alternative growth markets, including southeast Asia, the Middle East and Brazil,” said Booijink.

Cheese has now become the “main engine” of dairy trade growth, according to Booijink.

Global cheese trade has increased by roughly 40% since 2017, supported by consistent demand, as well as strategic investment in processing capacity, the RaboResearch report stated.

Whey is also gaining importance, but in value rather than in volume terms.

“Rising demand for protein, driven by sports nutrition, health trends and the growing use of weight-loss medications, is pushing up prices and increasing its strategic relevance for the industry,” the report noted.

Other segments show more mixed dynamics.

“Butter trade surged in 2025, driven largely by a sharp increase in US exports, while milk powder markets remain relatively subdued,” the RaboResearch report observed.