After a notable surge in 2024, Anhydrous Milk Fat (AMF) prices in the EU have stabilized, though not without reshaping the global market. While the EU grapples with falling exports, weaker fat availability, and fierce competition from New Zealand, demand in Saudi Arabia is surging. Inside the EU, the internal market remains resilient, yet increasingly sensitive to price pressures. Our latest analysis, based on DCA Market Intelligence’s benchmarks, unpacks these shifts and their implications for processors and traders navigating the evolving dairy fat landscape.