MW America faces a huge shortage of high-protein whey as prices go through the roof
By Bill Peters
Nutrition companies are struggling to keep up as the wellness craze and GLP-1 boom drive up demand for a once-niche supplement
Whey has "just astronomically gone up in terms of cost," according to one executive.
Whey protein powder used to be a niche supplement sold in big jars to fitness mega-enthusiasts. But as Americans clamor for more protein, some of the nation's biggest nutrition companies face concerns over shortages and skyrocketing costs.
Increased usage of GLP-1 drugs has only added to the protein fervor in the U.S. Now the food industry is packing protein into everything from potato chips to sodas, and as a result the price of some higher-protein whey - a byproduct of the cheese-making process - has jumped since last year to what some executives have said are all-time highs.
"It seems like every food manufacturer has a product coming out with enhanced protein," said Brian Walton, an economist at Bozic, a dairy-market data-aggregation hub. "It's certainly driving that market."
Exact data for whey prices is harder to come by than for some other commodities, and historical comparisons aren't always readily available. But analysts and and executives say the price levels are historic.
The Department of Agriculture last week said that WPC 80 - or whey-protein concentrate powder that's 80% protein - was being quoted at between $12 to $13 a pound. Whey-protein isolate was reportedly going for around $14 a pound, the agency said. Those substances have become increasingly common in high-protein drinks and snacks.
"Demand remains high, supported in part by elevated nonfat dry milk prices," the agency said in a report. "Production is steady and inventories are tight, with little to no spot load availability."
The agency said in April that some whey suppliers were sold out for the rest of the year. One manufacturer, the agency said, could cease production after the summer.
Some big companies have started to express anxiety. Simply Good Foods (SMPL) CEO Joe Scalzo, whose company makes Atkins and Quest nutrition bars and shakes, said in April that whey-protein isolate and milk isolate were at "historic highs."
"There's a lot of pressure in that marketplace," he said. "So, as we move through the second half of this year and into fiscal 2027, we're expecting a fair amount of pressure on our protein structure, at least over the foreseeable future."
Dayton Judd, the CEO of nutrition supplement maker FitLife Brands (FTLF), said in April that his company's MusclePharm products were probably 80% protein, and that some whey protein concentrates cost as much as $11 a pound.
"It's just astronomically gone up in terms of cost," he said.
Jefferies analysts said in a Saturday note that U.S. food sales overall have taken a hit due to higher gas prices and cuts to SNAP benefits. But demand for protein-fortified foods, they noted, was still surging.
Broader wellness trends, the new food pyramid and social-media trends like so-called "protein-maxxing" have created more demand for protein. People using GLP-1 drugs for weight loss have tried to find ways to get more protein in their diets while they eat less. Around 12% of U.S. adults have used those drugs for weight loss, polling has shown.
Some of the food industry's biggest companies are trying to capitalize off of consumer demand and putting pressure on supplies. Starbucks $(SBUX)$ sells protein cold foam as an add-on. PepsiCo $(PEP)$ sells Doritos Protein chips. Tougher competition has hit shares of companies like BellRing Brands, which makes Premier Protein drinks, PowerBar snack bars and Dymatize protein powder.
Bellring's stock( BRBR) is down 68% so far this year. FitLife's stock is down 34% over that period and Simply Good Foods' stock is down 37%.
Not everyone is suffering. Analysts have said the current trends stand to benefit companies like Saputo $(SAPIF)$, which makes whey protein powder, cheese and other dairy products.
Other companies, analysts have noted, are trying to expand production to meet demand. Walton said that if whey prices stay high for another year or two, manufacturers might seek out substitutes. But their options might be limited.
"Dairy has pretty unique protein value compared to plant-based protein, just because of the amino acids," he said. "So it's a little bit hard to switch, in some cases, out of dairy."
But others have started to raise prices. BellRing CEO Darcy Horn Davenport said in May that the company had raised prices a few times. She said rival protein-drink makers would likely have to rethink their own prices as whey costs rise.
The cost of non-fat dry milk, a big ingredient for the milk proteins in BellRing's shakes, had also risen, executives there said. However, Paul Rode, BellRing's chief financial officer, said he expects whey costs to ease next year.
"They may not be zero, but they will at least not be as significant as we saw in 2026," he said.
-Bill Peters
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(END) Dow Jones Newswires
June 11, 2026 07:30 ET (11:30 GMT)
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