Global Dairy Update June 2022

• Fonterra provides milk price, performance, and
strategy update.
1
Global Dairy
UPDATE
• New Zealand production ends season
down on previous season. Monthly declines
observed across all regions.
• New Zealand, EU and US monthly exports
decline, Australia exports continue to grow.
• China monthly imports continue to decline.
Middle East & Africa and Asia imports up and
Latin America monthly imports down.
• Fonterra New Zealand milk collections for
the season ended 31 May were 1,478.0 million
kgMS, down 4.0% on prior season.
• Fonterra Australia collections for May were
8.0 million kgMS, a 2.6% increase on May last
season, and down 0.9% for the season to date
compared to prior season.
• Cream of the crop.
Key Dates
31 July 2022
End of FY22 Financial Year
September 2022
FY22 Annual Results
Announcement
November 2022
Fonterra Co‑operative Group
Annual Meeting
November 2022
Fonterra Shareholders' Fund
Annual Meeting
JUNE 2022

%
%
%%
%
%
%
%
Change for May 2022
compared to May 2021
Change for May 2022
compared to May 2021
Change for April 2022
compared to April 2021
Change for March 2022
compared to March 2021
Change for the 12 months to
May 2022
Change for the 12 months
to May 2022
Change for the 12 months
to April 2022
Change for the 12 months
to March 2022
0.76.66.5
2.80.10.0
0.5
4.2
2
OUR MARKETS
Global Production
New Zealand production
ends season down on
previous season. Monthly
declines observed across
all regions
New Zealand milk
production¹ decreased 6.5%
on a litres basis, (down 6.8%
on milk solids basis) in May
compared to the same period
the year prior.
Generally warm and dry
conditions continued into the
first part of May, followed by
colder and more unsettled
weather in the second part of
the month, impacting pastures
and milk production.
Full season New Zealand milk
production for the 12 months
to May was down 4.2% on the
year prior.
Fonterra New Zealand
collections are reported for
May, see page 5 for details.
Australia milk production
decreased 6.6% in April
compared to the same period
the year prior.
Below average autumn
rainfall, combined with labour
constraints, and increasing
input prices continue to impact
milk production.
Australia milk production for
the 12 months to April was
2.8% lower than the year prior.
Both Dairy Australia and
Rabobank have revised their
FY22 forecasts down to a
decline of around 3.5%.
Fonterra collections in Australia
are reported for May, see page 5
for details.
EU milk production² was
down 0.5% in March compared
to the same period the year
prior as rising input costs
impacted production across
many regions.
Production declines were
observed in Germany,
Netherlands, France and
Ireland and largely offset by
increases in Italy and Poland.
EU milk production for the
12 months to March was up
0.1% compared to the same
period the year prior, driven
by increases in Italy, Ireland,
Poland and Hungary and offset
by decreases in Germany,
Netherlands and France.
US milk production
decreased by 0.7% in May,
compared to the same period
the year prior.
The decrease in production
for the seventh consecutive
month continues to be driven
by smaller herd sizes as cow
numbers are rebuilding at a
slow pace.
Milk production for the
12 months to May was flat
compared to the same period
the year prior.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
To view a chart that
illustrates year‑on‑year
changes in production –
1 New Zealand production is measured in litres.
2 Excludes UK.

To view a chart that
illustrates year‑on‑year
changes in exports –
3
OUR MARKETS
Global Exports
New Zealand, EU and US
monthly exports decline.
Australia exports continue
to grow
Total New Zealand
dairy exports were down
18.6%, or 58,995 MT, in May
compared to the same
period the year prior.
Exports of WMP, SMP and
fluid milk products to China
declined sharply year on
year as COVID lockdown
disruptions continued.
Exports of WMP to Sri Lanka
were also weaker.
Exports for the 12 months to
May were down by 4.3%, or
150,161 MT, on the previous
comparable period. This was
primarily driven by decreases
in WMP, cheese and AMF.
EU dairy exports
decreased 13.3%, or
89,235 MT, in March
compared to the same
period the year prior.
Lower export volumes
were driven by decreases
in fluid milk products, SMP
and cheese, partially offset
by increases in cultured
products and infant formula.
Exports for the 12 months to
March were down 4.0%, or
292,817 MT, on the previous
comparable period, driven
by declines in SMP, infant
formula, WMP, cultured
products, and partially
offset by increases in MPC
and caseinate.
US dairy exports
decreased 0.7% in April
compared to the same period
the year prior but remain
high against a strong prior
year and despite ongoing
shipping challenges.
Lower shipments of SMP to
Egypt and whey to China
were largely offset by
increased volumes of lactose
and WPC to China, as well as
AMF and cheese to Mexico.
Exports for the 12 months
to April were up 5.1%, or
152,152 MT, on the previous
comparable period, driven
by cheese, lactose, fluid milk
products, butter and whey.
Australia dairy
exports
increased 4.9%, or 3,523 MT,
in April compared to the
same period the year prior.
April exports c
ontinued to
increase year‑on‑
year albeit
at a slower pace compared
to prior months. Volumes
continued to be driven by
high demand for fluid milk
products by China, up
5, 945 MT. Increases in SMP
and other powders were
also observed.
Exports for th
e 1 2 months
to April were up 19.5 %, or
153,885 MT, on the previous
comparable period.
This was predominantly
driven by increases in fluid
milk products, as well as SMP
and WMP.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%
%
%
Change for May 2022
compared to May 2021
Change for April 2022
compared to April 2021
Change for April 2022
compared to April 2021
Change for March 2022
compared to March 2021
Change for the 12 months
to May 2022
Change for the 12 months
to April 2022
Change for the 12 months
to April 2022
Change for the 12 months
to March 2022
0.74.918.6
19.5
13.3
5.14.04.3
%
%

To view a chart that
illustrates year‑on‑year
changes in imports –
4
OUR MARKETS
Global Imports
China monthly imports
continue to decline.
Middle East and Africa
and Asia imports up and
Latin America monthly
imports down
Latin America dairy
import volumes
¹ decreased
4.6%, or 9,160 MT, in March
compared to the same
period the year prior.
The decrease was driven by
lower demand for fluid milk
to Peru, WMP to Brazil but
partially offset by increases
of SMP and cheese.
Imports for the 12 months
to March were up 1.3%
compared to the same
period the year prior,
driven by higher volumes
of cheese, SMP, whey and
MPC, and partially offset by
declines in WMP and fluid
milk products.
Asia (excluding China)
dairy import volumes
¹
increased 2.4%, or 10,978 MT,
in March compared to the
same period the year prior.
The increase was driven by
higher demand for whey and
SMP by Indonesia and MPC
by Korea.
Imports for the 12 months
to March were up 2.9%, or
141,994 MT, compared to the
same period the year prior,
driven by higher volumes
of whey, cheese, WPC and
SMP, and partially offset by a
decrease in WMP.
Middle East and Africa
dairy import volumes
¹
increased 10.4%. or
44,015 MT, in March
compared to the same
period the year prior.
The increase was driven
by higher volumes of SMP
and cheese to Egypt and
Algeria and infant formula
to Kuwait but partially
offset by lower volumes of
fluid milk products to Iraq,
Saudi Arabia and Libya.
Imports for the 12 months
to March were up 8.4%, or
403,003 MT, compared to
March the year prior, driven
by increases in cheese, fluid
milk products and SMP.
China dairy import
volumes
decreased by
29.8%, or 121,813 MT, in May
compared to the same period
the year prior. This is the third
consecutive month of year‑
on‑year decline as lockdowns
continue to impact demand.
Lower volumes were
observed across most
product categories and
more specifically in fluid
milk products, whey, WMP
and SMP mainly from
New Zealand and Germany.
Imports for the 12 months
to May were down 5.6%,
or 224,227 MT, driven by
whey, fluid milk products,
infant formula and SMP and
partially offset by increases
in WMP.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%
%
%%
%
Change for March 2022
compared to March 2021
Change for May 2022
compared to May 2021
Change for March 2022
compared to March 2021
Change for March 2022
compared to March 2021
Change for the 12 months
to March 2022
Change for the 12 months
to March 2022
Change for the 12 months
to March 2022
29.8
2.44.6
2.98.4
%
Change for the 12 months
to May 2022
5.6
10.4
1.3
%
%

To view a table that shows
detailed milk collections in New
Zealand and Australia compared
to the previous season –
%
%%
Season-to-date
1 July to 31 May
For the 2021/22 Season
compared to the previous season
For the 2021/22 Season
compared to the previous season
For the 2021/22 Season
compared to the previous season
Change for May 2022
compared to May 2021
Change for May 2022
compared to May 2021
Change for May 2022
compared to May 2021
Change for May 2022
compared to May 2021
2.61.014.47.8
0.93.04.74.0
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY










5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections for May were
8.0 million kgMS, a 2.6%
increase on May last season.
Both third‑party volumes and
farm collections increased
year
‑
on‑year, 0.1m kgMS and
0.2m kgMS, respectively.
Fonterra collections across
Australia for the 11 months
for the season
‑to‑
date were
99.0  million kgMS, a 0.9%
decline on last season.
North Island milk
collections in May were
33.0 million kgMS, 14.4%
behind May last season.
The 2021/22 season
collections were
866.0 million kgMS, 4.7%
behind last season.
Warm, dry conditions
continued to affect key
milking regions until rain
gave way throughout the
middle of May. Pasture cover
recovered towards the end of
the month, setting up farms
for the new season.
South Island milk
collections in May were
36.4 million kgMS, 1.0%
lower than last May.
The 2021/22 season
collections were 611.9 million
kgMS, 3.0% behind
last season.
Central and Lower
South Island regions
bounced back from the
tough dry, warm April
conditions. Pasture
recovered and most farmers
dried off herds at more
regular patterns compared to
previous seasons.
Fonterra's New
Zealand
c
ollections for May were
69.5 million kgMS, 7.8%
lower than last May.
T
he 2021/22 season milk
collections were
finalised at
1, 478.0 million kgMS, 4.0%
behind last season.
May started with warm, dry
conditions that continued
until rain in the middle of
May. Milk volumes generally
declined slightly quicker
than expected as farmers
prepared for next season,
ensuring pasture cover and
cows are in good condition.
Fonterra full season
collections for the 2021/22
season reached
1,478 million kgMS, against
our latest forecast of
1,480 million kgMS.
%%%
%
%

%
%
%%
%
To view more information,
including a snapshot of the
rolling year‑to‑date results –
%
6
GDT PRICE INDEXNZDUSD SPOT RATE
JUN JAN JUN AUG NOV JAN APR JUN AUG NOV APR 


,
, 
,
,
,
.
.
.
.
.
.
.
PRICE INDEX
NZD  USD
OUR MARKETS
Fonterra Global Dairy Trade Results
Fonterra GDT sales
by destination:
Dairy commodity
prices and New
Zealand dollar trend
Tightening in US monetary
conditions accelerated,
fostering risk aversion and a
further decline in global equity
markets. Safe haven demand for
USDs continued and, together
with a deteriorating outlook for
the New Zealand economy, saw
the NZD decline to a two‑year
low of 62 US cents.
Fonterra GDT results at
last trading event
21 June 2022:
The next trading event will be held on 5 July 2022. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
1.2
Fonterra’s weighted
average product price

(USD/MT)
4,619
USD
Fonterra product quantity
sold on GDT
000’ MT
19.9
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 4,875/MT
9.1
CHEDDAR
USD 6,213/MT
2.4
BUTTER
USD 4,125/MT
0.8
WMP
USD 4,308/MT
1.7
SMP
USD 5,913/MT
4.6
AMF
19,935
MT
LATEST AUCTION
554,073
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
Fonterra provides milk
price, performance, and
strategy update
• Organisational structure
changed to accelerate
long‑term strategy
• Creation of two new
Fonterra Management
Team roles
• Kelvin Wickham to step
away from the Co‑op after
34 years
Fonterra today lifted its
2022/23 Forecast Farmgate
Milk Price range to
NZ$8.75‑$10.25 per kgMS,
up from NZ$8.25‑$9.75 per
kgMS. This increases the
midpoint of the range, which
farmers are paid off, by
50 cents to $9.50 per kgMS.
Fonterra Chief Executive
Miles Hurrell says the lift
in the forecast milk price
reflects the milk supply and
demand picture and the
current strong US Dollar.
The Co‑op also announced a
2022/23 earnings guidance
range of 30‑45 cents per
share and provided an
update on the Co‑op’s
progress towards its
long‑term aspirations.
Mr Hurrell said that the
strong earnings guidance for
next financial year reflects an
expected recovery in some
of the Co‑op’s key markets
which have experienced
margin pressures this
financial year, coupled
with ongoing favourable
ingredients margins.
“The wide earnings range for
2022/23 reflects the current
high level of uncertainty
that comes with operating
in a globally‑traded,
volatile market.
“While the Co‑op is in the
position to be forecasting
both solid earnings and
a healthy milk price for
the next year, significant
volatility remains. These
near‑term headwinds have
the potential to impact some
of the Co‑op’s targets.
“When we released our
2030 long‑term aspirations
in September 2021, we
committed to updating
farmers and the market on
our progress along the way.
“We’re still on track for our
2030 financial targets, but
the last few months have
shown that there will be
some bumps along the way.
“A series of global events
have changed some of the
assumptions the Co‑op’s
aspirations were based on.
In particular, interest rates
and inflation have lifted well
above our assumptions, as
have commodity prices in
response to the continued
strong demand for dairy. This
feeds into the Farmgate Milk
Price expectations, which
you can see in our updated
forecast of the 2022/23 milk
price range.
“These input cost increases
are impacting the cost of our
debt in the short term and
have also pushed on‑farm
costs up. This in combination
with ongoing regulatory
changes, will potentially
reduce milk supply volumes.
As the higher milk prices
lift working capital, our
overall debt position has the
potential to trend higher
but still within our current
debt parameters.
“What happens beyond next
year is considerably less
certain, with a wide range
of possible outcomes. As a
result, the indicative markers
for future financial years
which are set out in the
Co‑op’s long‑term aspirations
will be updated closer to the
time,” says Mr Hurrell.
The Co‑op will provide
earnings guidance for
2023/24 at the end of the
2022/23 financial year
and at the same point
going forward in future
financial years.
“As we look out to 2030, the
fundamentals of dairy – in
particular, New Zealand
dairy – look strong and
we continue to make
good progress against our
long‑term aspirations.
“We are growing our high
value, specialty ingredients
business, with Active Living
expected to deliver growth
year‑on‑year.
“Work also continues on
finding a solution to the
methane challenge, with the
recent expansion of a trial of
methane‑reducing seaweed
as a supplementary feed for
cows,” says Mr Hurrell.
The Co‑op maintained its
earnings guidance range of
25‑35 cents per share for the
current financial year.
(continues...)
Forecast Farmgate Milk Price for
the 2022/23 season
NZD
per
kgMS
8.75-
10.25
Earnings guidance range for FY23
NZ
cents
per
share
30-
45

8
Our Performance
(... continues)Accelerating progress
towards our long-term
aspirations
Mr Hurrell says since
announcing its refreshed
strategy in September 2021,
the Co‑op has been working
through how to adapt its
organisational structure to
accelerate progress towards
its long‑term aspirations.
“Our ambitions are to grow
the value we derive from
our New Zealand milk
through our sustainability
credentials, innovation, and
nutrition science.
“To enable this, we have
established two new
Fonterra Management Team
(FMT) roles to increase
the Co‑op’s focus on
innovation and strategic
implementation,” says
Mr Hurrell.
• Chief Innovation
and Brand Officer –
Komal Mistry-Mehta
Commercialising our
innovation and R&D
expertise is integral to
achieving our long‑term
aspirations, as is the need
for these attributes to be
embedded into our brand.
This role will bring a new
level of focus, capability,
and thinking to the FMT
to help grow the premium
value of our products.
Komal has been with the
Co‑op since April 2011
and currently leads our
high‑value ingredients
business, Active Living.
• Managing Director
Strategy and
Optimisation – to
be appointed
Delivering our long‑term
strategy requires choices
to be made over where we
put our New Zealand milk in
order to best optimise value
for the Co‑op. This role will
bring a new level of focus to
the FMT on demand choices,
and portfolio and asset
management, using analytics
to inform decision making.
“In addition, the shape
of our AMENA business
is changing with the
planned divestments of
our businesses in Chile
and Brazil, our exit from
Russia, and our Active Living
business moving to the
new Innovation and Brand
business unit.
“With this in mind, we are
grouping AMENA and
APAC into a consolidated
business unit to be led by
Judith Swales.
“Kelvin Wickham, CEO of
our AMENA business, has
decided that this juncture is
the right time for him to step
away from Fonterra as the
next generation of leadership
takes forward the Co‑op’s
long‑term aspirations.
“Kelvin and his wife are keen
to stay in Europe and I wish
them all the best for their
next great adventure. We've
worked closely together for
a number of years and I will
miss his friendship, guidance,
and support.
“I thank Kelvin for his
extensive contribution to
the Co‑op. He has been with
Fonterra for over 34 years,
holding multiple roles across
many markets, and has been
a tremendous advocate for
Fonterra and New Zealand
throughout this time,” says
Mr Hurrell.
The two new FMT roles will
be effective from 1 August,
with the new business
unit to be effective from
1 October.

Cream of
the crop
2022 has been another
impressive year for Fonterra
farmers in the New Zealand
Dairy Industry Awards.
All four of the main awards
went to farmers supplying
the Co‑op or working
on farms that do, with
all four winners hailing
from Canterbury.
The first award of the
night at the Christchurch
convention centre on
Saturday May 14 was the
Fonterra Responsible
Dairying Award, with
Craigmore Farming Services
receiving the John Wilson
Memorial Trophy.
One of Craigmore’s
philosophies is that there
is no single perfect system
and the judges were
impressed with Craigmore’s
approach of adapting the
farm system on each one
of their 22 farms to suit the
environment and the people.
Will Green, 34% share milker
on the 270ha Dairy Holdings
Ltd Hinds property, claimed
the NZ Share Farmer of the
Year title. Originally from the
UK, the 34‑year‑old holds a
Degree in Agriculture from
Harper Adams University
and enjoys farming as it
gives him the opportunity
to work outdoors and with
livestock.
The 2022 Dairy Manager
of the Year title went to
Jaspal Singh. Jaspal was an
Information Technology
(Computer Applications)
student in India and came
to New Zealand to further
his studies in 2014. Upon
completion of his degree
in 2015, he joined the
dairy industry as a farm
assistant in Mossburn and
is now Farm Manager on
Mark and Carmen Hurst’s
220ha, 800‑cow property
at Waimate.
Rounding out the clean
sweep for Canterbury
and the Co‑op was 2022
Dairy Trainee of the Year
and first time entrant
Peter O’Connor. He is
currently 2IC on Leighton
and Michelle Pye’s 242ha,
900‑cow Mayfield property
and will progress to a new
role managing a 400‑cow
farm near Lauriston
next season.
The full results were:
2022 New Zealand Share Farmer of the Year
• Winner – Will Green, Canterbury/North Otago
• Runner‑Up – Todd and Renee Halliday, Central Plateau
• Third – Murray and Rachel Perks, Taranaki
2022 New Zealand Dairy Manager of the Year
• Winner – Jaspal Singh, Canterbury/North Otago
• Runner‑up – Robyn Mare, West Coast/Top of the South
• Third – Hayden Purvis, Bay of Plenty
2022 New Zealand Dairy Trainee of the Year
• Winner – Peter O’Connor, Canterbury/North Otago
• Runner‑up – Thomas Lundman, Bay Of Plenty
• Third – Zoe Bryson, Central Plateau
2022 Fonterra Responsible Dairying Award
• Winner – Craigmore Farms
Miles Hurrell with Stuart Taylor and Caroline Amyes from RDA winners Craigmore Farms
Our Co-op
9

PRODUCTION
AUSTRALIAAVERAGE
UNITED STATES
NEW ZEALANDEU
DEC JUL 
JUN MAY MAR FEB JAN SEP NOV OCT AUG APR 
LIQUID MILK M LITRES











EXPORTS
AUSTRALIA
UNITED STATES
NEW ZEALANDEU
AUG JUL JUN APR MAR FEB JAN DEC NOV OCT SEP MAY 
MT s









AVERAGE
IMPORTS
MIDDLE EAST & AFRICALATIN AMERICA
ASIACHINA
SEP AUG JUN MAY FEB MAR APR NOV JAN DEC JUL OCT 
MT s








AVERAGE
10

Supplementary Information
Global Dairy Market
The charts on the right
illustrate the year‑on‑year
changes in imports, exports
and production for a range of
countries that are important
players in global dairy trade.
The absolute size of
the bars represents the
change in imports, exports
or production, relative
to the same period the
previous year.
Averages are shown where
data is complete for the
regions presented.
NOTE: Data for EU to March; Australia to April; New Zealand and US to May.
NOTE: Data for EU to March; US and Australia to April; New Zealand to May.
NOTE: Data for Asia, Middle East & Africa and Latin America to March; China to May.
SOURCES: Government milk production statistics (DCANZ, Dairy Australia, Eurostat, USDA)/GTA trade data/Fonterra analysis.

WEIGHTED AVERAGE PRICEQUANTITY SOLD
APR MAR JAN OCT FEB JUL AUG MAY SEP NOV DEC JUN 
,
,
,
,
,
,

,
,

,
,
WEIGHTED AVERAGE PRICE USDMT
QUANTITY SOLD  MT
11

Supplementary Information
Fonterra milk
production
The table on the right
shows Fonterra milk solids
collected in New Zealand
and Australia compared
to the previous season.
MILK COLLECTION
(MILLION KGMS)
M AY
2022
M AY

2021
MONTHLY
CHANGE
SEASON-
TO-DATE
2021/22
SEASON-
TO-DATE
2020/21
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
69.574.5(7.8%)1,478.01,539.4(4.0%)
North Island33.038.6(14.4%)866.0908.3(4.7%)
South Island36.436.8(1.0%)611.9631.1(3.0%)
Australia8.07.72.6%99.099.9(0.9%)
Fonterra GDT results
This table provides more
information on the latest
results, including a snapshot
of the year‑to‑date results.
LAST TRADING EVENT
(21 JUNE 2022)
YEAR-TO-DATE

(FROM 1 AUGUST 2021)
Quantity Sold on GDT
(Winning MT)
19,935554,073
Change in Quantity Sold on GDT
over same period last year
(3.6%)(11. 0%)
Weighted Average Product Price
(USD/MT)
4,6194,421
Change in Weighted Average
Product Price over same period
last year
11. 6%25.1%
Change in Weighted Average
Product Price from previous event
(1.2%)–
Fonterra GDT results
This chart shows Fonterra
GDT prices and volumes over
the past 12 months.

12
AMF
Anhydrous Milk Fat.
BMP
Butter Milk Powder.
Cultured Products
Fermented milks that are
prepared by using starter
cultures and controlled
fermentation including
yoghurt, yoghurt drinks, sour
cream, crème fraiche.
DIRA
Dairy Industry Restructuring
Act 2001 (New Zealand).
Farmgate Milk Price
The price for milk supplied in
New Zealand to Fonterra by
farmer shareholders.
Fluid Products
The Fonterra grouping
of fluid milk products
(skim milk, whole milk
and cream – pasteurised
or UHT processed),
concentrated milk products
(evaporated milk and
sweetened condensed milk)
and yoghurt.
GDT
Global Dairy Trade, the
online provider of the twice
monthly global auctions of
dairy ingredients.
kgMS
Kilogram of milk solids, the
measure of the amount of
fat and protein in the milk
supplied to Fonterra.
MPC
Milk Protein Concentrate.
Non‑Reference Products
All dairy products,
except for Reference
Products, produced
by the New Zealand
Ingredients business.
Reference Products
The dairy products used
in the calculation of the
Farmgate Milk Price, which
are currently WMP, SMP,
BMP, butter and AMF.

Glossary
Season
New Zealand: A period
of 12 months to 31 May
in each year.
Australia: A period of
12 months to 30 June
in each year.
SMP
Skim Milk Powder.
WMP
Whole Milk Powder.
WPC
Whey Protein Concentrate.
WPI
Whey Protein Isolate.