The global butter trade may not grab headlines every day, but it’s a big business that grossed US$10.3 billion in 2024, up from US$6.4 billion in 2020.

The global dairy industry is entering a defining moment. According to the latest Rabobank Global Dairy Top 20 report, growth across the world’s largest dairy producers has slowed to a near standstill, reflecting the combined pressure of lower milk prices, shifting consumer habits, and rising environmental demands.