Cheese wins the fat battle over butter

Since the end of the milk quota era in the EU (31^st March 2015), butter prices have evolved in ways no one could have ever anticipated. This trend was supported by a more positive perception of butter, driven by all kinds of cooking programs on television and social media, leading to a steady rise in butter consumption. Since 2020, instability in the world because of the COVID-19 virus, the war in Ukraine and the conflict in the Middle East led to huge price fluctuations. However, this instability did not result in lower EU consumption. The average price since the turmoil broke out increased at a higher pace than ever before. Especially the development in 2024 was a surprise. This Insight will try to shed some light in the dark of what’s driving these unprecedented price developments.

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