Butter Price Trend and Forecast 2026-2027

Butter prices in New Zealand, the highest-cost reporting region given its position as the world's leading dairy export benchmark, rose 3.2% in Q2 2026 to USD 6,500.00/MT from USD 6,300.00/MT in Q1, recovering from a seasonal low reached at the end of 2025. Globally, the average rose from USD 5,764.00/MT in Q1 to USD 5,941.00/MT in Q2, a 3.1% gain, following a jump of 6.8% in Q1 alone. For H2 2026, a global average of USD 5,500.00-6,400.00/MT is expected, with milk production cycles and global dairy demand likely to keep this market on a seasonally firming path.

Butter is a dairy product produced by churning cream separated from milk, serving as an essential ingredient in baking, food service, and retail consumer markets worldwide. Global pricing follows a pronounced seasonal pattern tied to milk production cycles, with output typically peaking during spring flush periods in major dairy regions and tightening during autumn and winter months as herds transition to lower-yield periods. New Zealand and the European Union together account for the large majority of global dairy export volumes, with the Global Dairy Trade auction and European intervention pricing mechanisms serving as key benchmarks for international trade. Milk production and seasonal supply cycles, global dairy export demand, and feed and input costs for dairy farms are what drive prices in this market.

Butter Price Forecast for 2026

The outlook for Butter through H2 2026 points to continued seasonal firming as milk production moves past its spring flush peak and supply gradually tightens heading into autumn and winter months. Steady global demand from baking, food service, and retail consumer markets should continue supporting prices, with New Zealand's position as the world's leading dairy export benchmark keeping that market at the top of the price range tracked in this report.

The main upside risk is a weather-related disruption to milk production in New Zealand or the European Union, which could tighten global supply and accelerate the seasonal firming trend. The main downside risk is a stronger-than-expected spring flush combined with softer global demand, which would extend seasonal softness further than currently expected.

For the Quarter Ending June 2026

Butter Prices Q2 2026:

• New Zealand: USD 6,500.00/MT
• Germany: USD 6,100.00/MT
• United States: USD 5,750.00/MT
• India: USD 5,250.00/MT

Butter Prices in New Zealand

New Zealand Butter export prices averaged USD 6,500.00/MT in Q2 2026, the highest of any region tracked here, up 3.2% from USD 6,300.00/MT in Q1, recovering from the seasonal low reached at the end of the prior year.

Why did the price of Butter change in Q2 2026 in New Zealand?

As milk production moved past its seasonal peak, supply gradually tightened, supporting a recovery in export pricing at the Global Dairy Trade auction and reinforcing New Zealand's position as the highest-priced benchmark tracked in this report.

Butter Prices in Germany

German prices averaged USD 6,100.00/MT in Q2 2026, up 3.4% from USD 5,900.00/MT in Q1, as steady European demand continued supporting this market.

Why did the price of Butter change in Q2 2026 in Germany?

Steady demand from European baking, food service, and retail consumer markets kept this market firm, with seasonal supply tightening reinforcing the recovery from earlier in the year.

Butter Prices in the United States

US prices averaged USD 5,750.00/MT in Q2 2026, up 2.7% from USD 5,600.00/MT in Q1, as domestic retail and food service demand kept this market firm.

Why did the price of Butter change in Q2 2026 in the United States?

Consistent domestic demand from baking and food service applications kept US buyers active even as global dairy export benchmarks moved higher in step with the broader seasonal pattern.

Butter Prices in India

Indian prices averaged USD 5,250.00/MT in Q2 2026, the lowest of the four regions, up 2.9% from USD 5,100.00/MT in Q1, as growing domestic consumption continued supporting gradual gains.

Why did the price of Butter change in Q2 2026 in India?

Growing domestic consumption, driven by rising disposable incomes and expanding retail dairy distribution, kept demand for butter on a firm upward trajectory even as this remained the most affordable market tracked in this report.

For the Quarter Ending March 2026

Butter Prices Q1 2026:

• New Zealand: USD 6,300.00/MT
• Germany: USD 5,900.00/MT
• United States: USD 5,600.00/MT
• India: USD 5,100.00/MT

Butter Prices in New Zealand

New Zealand export prices rose 6.8% in Q1 2026 to USD 6,300.00/MT from USD 5,900.00/MT in Q4 2025, recovering from the seasonal low reached at year-end.

Why did the price of Butter change in Q1 2026 in New Zealand?

Milk production cycles moved past the autumn and winter low point, with tightening supply following the seasonal trough supporting a firm recovery in export pricing at major international dairy auctions.

Butter Prices in Germany

German prices rose 7.3% in Q1 2026 to USD 5,900.00/MT from USD 5,500.00/MT in Q4 2025, tracking the broader seasonal recovery.

Why did the price of Butter change in Q1 2026 in Germany?

Seasonal supply tightening across major European dairy regions, following the autumn and winter production low, supported a firm recovery in this market alongside steady baking and food service demand.

Butter Prices in the United States

US prices rose 6.7% in Q1 2026 to USD 5,600.00/MT from USD 5,250.00/MT in Q4 2025, tracking the global dairy price recovery.

Why did the price of Butter change in Q1 2026 in the United States?

The broader global dairy price recovery, tied to seasonal supply tightening in major exporting regions, supported firm US pricing even as domestic production remained comparatively stable.

Butter Prices in India

Indian prices rose 6.2% in Q1 2026 to USD 5,100.00/MT from USD 4,800.00/MT in Q4 2025, tracking growing domestic demand.

Why did the price of Butter change in Q1 2026 in India?

Growing domestic consumption, driven by rising disposable incomes and expanding retail dairy distribution networks, continued supporting steady price gains through the quarter.

Quarterly Butter Price Trends

Global Butter prices followed a pronounced seasonal pattern through the period covered in this report, rising through the spring flush of Q2 2025, easing through the autumn and winter low points of Q3 and Q4, and then recovering firmly through the first half of 2026 as milk production cycles moved past their seasonal trough.

What was Butter Price in 2025?

Butter followed a genuinely seasonal pattern across every market covered in this report through 2025, with prices peaking during the spring flush and easing through the autumn and winter production low, resulting in a net annual decline across every region before the firm recovery that followed once 2026 began.

Butter Prices in New Zealand in 2025

New Zealand export prices declined from about USD 6,200.00/MT in Q1 2025 to USD 5,900.00/MT by Q4, down roughly 4.8%, reflecting the seasonal pattern before the firm 2026 recovery that followed.

Butter Prices in Germany in 2025

German prices declined from about USD 5,800.00/MT in Q1 2025 to USD 5,500.00/MT by Q4, down roughly 5.2%, the steepest annual decline of the four regions, tracking the same seasonal trajectory.

Butter Prices in the United States in 2025

US prices declined from about USD 5,500.00/MT in Q1 2025 to USD 5,250.00/MT by Q4, down roughly 4.5%, tracking the broader seasonal dairy price pattern.

Butter Prices in India in 2025

Indian prices declined from about USD 5,000.00/MT in Q1 2025 to USD 4,800.00/MT by Q4, down roughly 4.0%, the smallest annual decline of the four regions, supported by steady growth in domestic consumption.

How We Can Help

Expert Market Research: Your Source for Real-Time Butter Price Intelligence

Expert Market Research tracks Butter prices continuously across every major producing and consuming region, combining milk production and seasonal supply cycle data, global dairy export demand signals, and feed and input cost trends into a single, regularly updated view of the market. Our team can help your procurement function benchmark current offers, plan purchases around the seasonal patterns covered in this report, and build a defensible view of where this essential dairy commodity is headed next. Reach out to our team for a tailored briefing or a deeper look at any of the regional markets covered here.