Global Dairy Update November 2022

• Fonterra announces divestment of Chile business.
1
Global Dairy
UPDATE
• Monthly production declines in New Zealand
and Australia. 12‑month production declines in
US, EU, New Zealand and Australia.
• New Zealand monthly exports flat. Australia
and EU monthly exports decline. US exports
continue to increase.
• Latin America imports continue to grow.
China, Middle East & Africa and Asia monthly
imports decline.
• Fonterra New Zealand milk collections in
October were 200.6 million kgMS, down 3.1%
on the prior season.
• Fonterra Australia milk collections for October
were 12.2 million kgMS, up 2.7% on the
prior season.
• Another sustainability success for Fonterra Te Awamutu.
• Fonterra confirms timeline for capital structure
implementation.
Key Dates
December to February 2023
Application Period to
Supply Fonterra
8 December 2022
FY23 Q1 Business Update
March 2023
FY23 Interim Results
Announcement
NOVEMBER 2022
• The next issue of the Global Dairy Update will be published
on 31 January 2023.

%
%
%%
%
%
%%
Change for October 2022
compared to October 2021
Change for October 2022
compared to October 2021
Change for September 2022
compared to September 2021
Change for September 2022
compared to September 2021
Change for the 12 months
to October 2022
Change for the 12 months
to October 2022
Change for the 12 months
to September 2022
Change for the 12 months
to September 2022
1.26.23.4
4.50.60.1
0.9
4.3
2
OUR MARKETS
Global Production
Monthly production
declines in New Zealand
and Australia. 12-month
production declines in
US, EU, New Zealand
and Australia
New Zealand¹ milk
production was down 3.4%
on a litres basis, (down 2.9% on
milk solids basis) in October
compared to the same period
the year prior.
Cold, wintry conditions in
the first part of October
contributed to a lower
production peak this season.
More favourable warmer and
drier conditions were observed
towards the end of October.
New Zealand milk production
for the 12 months to October
was down 4.3% on the
year prior.
Fonterra New Zealand
collections are reported for
October, see page 5 for details.
Australia milk production
decreased 6.2% in September
compared to the same period
the year prior.
Record rainfall and flooding
events across eastern and
southern Australia in the spring
flush continued to impact
production in FY23.
Australia milk production for
the 12 months to September
was 4.5% lower than the
year prior.
Fonterra collections in Australia
are reported for October, see
page 5 for details.
EU milk production²
increased 0.9% in September
compared to the same period
the year prior.
Following summer droughts,
improved weather conditions
had a favourable impact on
pastures and production.
In particular, production
increases were observed in the
Netherlands, Germany, Poland
and Belgium, and largely offset
by declines in Spain.
EU milk production for the
12 months to September
declined 0.6% compared to
the same period the year prior,
driven by declines in Germany,
France and the Netherlands
and partially offset by increases
in Poland and Austria.
US milk production
increased by 1.2% in October,
compared to the same period
the year prior.
This is the fourth consecutive
month of increases following
eight months of year‑on‑year
production declines.
Herd sizes continued to grow
and are supporting the increase
in production.
Milk production for the
12 months to October declined
0.1% 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 monthly
exports flat. Australia
and EU monthly exports
decline. US exports continue
to increase
Total New Zealand
dairy exports were flat in
October compared to the
same period the year prior.
A year‑on‑year increase in
exports of butter, SMP and
AMF was offset by lower
exports of cheese and WMP.
Exports for the 12 months
to October were down by
5.0%, or 177,837 MT, on the
previous comparable period.
This was primarily driven
by decreases in WMP and
cheese and partially offset by
increases in AMF, fluid milk
product and butter.
EU dairy exports
decreased 19.0%, or
112,657 MT, in September
compared to the same
period the year prior and are
strongly impacted by lower
demand from China.
Lower exports volumes were
driven by decreases in fluid
milk products shipments
from Germany, France
and Belgium and cheese
from France, Denmark
and Germany.
Exports for the 12 months
to September were down
8.8%, or 640,116 MT, on
the previous comparable
period, driven by declines
in fluid milk products, SMP,
cheese and WMP and
partially offset by increases
in infant formula, MPC and
cultured products.
US dairy exports
increased 4.3%, or 9,646  MT,
in September compared
to the same period the
year prior.
Stronger demand for lactose
by China and New Zealand,
WPC and whey by China
and Canada are driving this
increase. This is partially
offset by lower shipments of
fluid milk products.
Exports for the 12 months to
September were up 3.9% or
106,281 MT on the previous
comparable period, driven
by lactose, cheese and
butter, and partially offset by
declines in SMP.
Australia dairy exports
decreased 15.3%, or
11, 350 MT, in September
compared to the same
period the year prior.
The decline was primarily
driven by lower exports
to China of fluid milk
products, as demand remains
constrained by lockdown
restrictions. Cheese and
WMP exports also declined
year‑on‑year and were
partially offset by an increase
in other powders.
Exports for the 12 months to
September were up 10.5%, or
86,820 MT, on the previous
comparable period.
This was predominantly
driven by increases in fluid
milk products, other powders
and SMP.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%
%
%
Change for October 2022
compared October 2021
Change for September 2022
compared to September 2021
Change for September 2022
compared to September 2021
Change for September 2022
compared to September 2021
Change for the 12 months
to October 2022
Change for the 12 months
to September 2022
Change for the 12 months
to September 2022
Change for the 12 months
to September 2022
4.315.3
0.0
10.5
19.0
3.98.85.0
%
%

To view a chart that
illustrates year‑on‑year
changes in imports –
4
OUR MARKETS
Global Imports
Latin America imports
continue to grow.
China, Middle East &
Africa and Asia monthly
imports
decline
Latin America dairy
import volumes¹ increased
12.5%, or
21, 105 MT, in
September compared to the
same period the year prior.
The increase was driven by
stronger demand for WMP by
Brazil, and for SMP by Mexico
and Brazil.
Imports for the 12 months
to September were up 6.7%
compared to the same period
the year prior, driven by higher
volumes of cheese, SMP and
whey and partially offset by
d
eclines in WMP.
Asia (excluding China)
dairy import volumes¹
decreased 9.2%, or 35,892 MT,
in September compared to the
same period the year prior.
The decrease was driven by
lower demand for whey and
infant formula by Malaysia,
fluid milk products by the
Philippines and lactose
by Pakistan.
Imports for the 12 months to
September were down 0.2%, or
7, 717 MT, compared to the same
period the year prior, driven
by lower volumes of fluid milk
products, WMP and cheese and
partially offset by increases in
WPC and cultured products.
Middle East and Africa
dairy import volumes¹
decreased
26.8%, or
116,936
 MT, in September
compared to the same period
the year prior.
The decrease was driven by
lower volumes of SMP and
WMP to Algeria
, likely due to
the timing of delivery of
tenders and to Nigeria, likely
due to economic challenges.
Fluid milk products to the
United
Arab Emirates
and Kenya also declined.
Imports for the 12 months to
September were up 8.0%,
or 384,113 MT, compared to
September the year prior,
driven by increases
in SMP,
cheese and whey and butter.
China dairy imp
ort
volumes decreased by
10.1%, or 27,145 MT, in October
compared to the same period
the year prior.
Import volumes continue
to decline year‑on
‑year as a
result of growing domestic
production and ongoin
g
lockdown restrictions
impacting consumption.
Lower volumes of SMP and
WMP from Australia and fluid
milk products from Germany
were partially offset by an
increase in whey powder from
the US and infant formula
from the Netherland
s and
New Zealand.
Imports for the 12 months to
October were down 15.9%,
or
661,4
06 MT, driven by fluid milk
products, whey, WMP and SMP.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%
%
%%
%
Change for September 2022
compared to September 2021
Change for October 2022
compared to October 2021
Change for September 2022
compared to September 2021
Change for September 2022
compared to September 2021
Change for the 12 months
to September 2022
Change for the 12 months
to September 2022
Change for the 12 months
to September 2022
10.19.212.5
0.28.0
%
Change for the 12 months
to October 2022
15.9
26.8
6.7
%
%

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 October
Season-to-date
1 June to 31 October
Season-to-date
1 June to 31 October
Season-to-date
1 June to 31 October
Change for October 2022
compared to October 2021
Change for October 2022
compared to October 2021
Change for October 2022
compared to October
Change for October 2022
compared to October 2021
2.70.85.73.1
0.70.75.83.6
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY










5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections for the fourth
month of the new season
were 12.2 million kgMS, a
2.7% increase on October
last season.
Farm and third‑party
collections increased
year
‑
on‑year 0.1 million
kgMS and 0.2 million kgMS
respectively. This was driven
by increased milk supply
recruitment this season.
Season
‑to‑date collections
reached 34.3 million kgMS,
0.7% behind last season.
North Island milk
collections in October were
116.4 million kgMS, 5.7%
behind October last season.
Season
‑to‑date collections
were 315.1 million kgMS, 5.8%
behind last season.
Lower sunshine hours and
the continued wet weather
in the beginning of the
month led to a lower than
optimal pasture cover.
There were some signs
of improvement in
pasture growth and
weather conditions in the
North Island occurring
towards the end of
the month.
South Island m
ilk
collections in October were
84.1 million kgMS, 0.8%
higher than last October.
Season‑to‑date collections
were 177.6 million kgMS,
0.7% ahead of last season.
Periods of cold weather in
the central South Island
were offset by strong
pasture growing conditions
in the lower South Island.
Some improved
warm, dry
conditions followed across
South Island regions towards
the end of the month.
Fonterra's New Zealand
collections for October
were 200.6 million kgMS,
3.1 % lower than last October.
Season
‑to‑date collections
were 492.7 million kgMS,
3.6% behind last season.
October weather was mixed
with cold, wet weather at the
start of the month replaced
with more favourable
pasture growing conditions
during the second half of the
month, resulting in flattening
milk production after peak.
%%%
%
%
The inclusion of off‑GDT sales
contributed approximately
3 cents per kgMS to the
Milk Price for the 2022/23
season from 1 June 2022
to 31 October2022.

%
%%%
%
To view more information,
including a snapshot of the
rolling year‑to‑date results –
%
6
GDT PRICE INDEXNZDUSD SPOT RATE
NOV JUN
NOV
JAN APR JUN SEP NOV JAN
APR
SEP

,


, 

,

,

,
.
.
.
.
.

.

PRICE INDEX
NZD  USD
OUR MARKETS
Fonterra Global Dairy Trade Results
Fonterra GDT sales
by destination:
Dairy commodity
prices and New
Zealand dollar trend
Financial markets concerns
over inflation and interest rate
increases, and their outlook for a
global economic downturn eased
somewhat over the past month.
This improving backdrop allowed
equity markets to rise and the
USD to retreat from its October
highs – the NZD/USD exchange
rate lifted to above 61 US cents.
Fonterra GDT results at
last trading event
15 November 2022:
The next trading event will be held on 6 December 2022. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
3.7
Fonterra’s weighted
average product price

(USD/MT)
3,688
USD
Fonterra product quantity
sold on GDT
000’ MT
26.8
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 4,746/MT
1.2
CHEDDAR
USD 3,397/MT
3.6
WMP
USD 5,711/MT
2.7
AMF
USD 3,072/MT
3.4
SMP
USD 4,829/MT
0.8
BUTTER
26,765
MT
LATEST AUCTION
219,358
MT
FINANCIAL
YEAR‑TO‑DATE

7
Fonterra announces
divestment of Chile
business
Fonterra has announced
the divestment of
its Chilean Soprole
business. The divestment
comprises a number of
transactions that result in
aggregate consideration
of 591.07 billion Chilean
Pesos (approximately
$1.055 billion¹).
Fonterra CEO, Miles Hurrell,
said that the divestment
process for the Soprole
business formally
commenced in April 2022,
following the launch of
Fonterra’s strategy to 2030.
“A key pillar of our strategy
is to focus on New Zealand
milk. Soprole is a very good
business but does not rely
on New Zealand milk or
expertise. We are now at
the end of the divestment
process and have agreed to
sell Soprole to Gloria Foods ‑
JORB S.A. (Gloria Foods).”
Gloria Foods is a consumer
dairy market leader in Peru,
with operations in Bolivia,
Puerto Rico, Argentina,
Colombia and Uruguay.
Fonterra and Gloria Foods
have a long‑standing
commercial relationship in
South America.
The divestment comprises
the sale of shares in a
Fonterra owned holding
company. Proceeds received
by Fonterra at completion
from the sale of shares
will be subject to relevant
adjustments including capital
gains tax, working capital
and net debt adjustments
at closing, foreign exchange
hedging costs, and other
transaction related costs.
The aggregate consideration
also includes the receipt by
Fonterra, prior to completion,
of dividends from Soprole
and inter‑company debt
owing to Fonterra, which will
be repaid at completion.
The divestment is subject
to a number of conditions.
The material conditions
are receipt of regulatory
approvals (including from
the competition authority in
Chile) and commencement
of an irrevocable public
tender offer process in Chile
for the outstanding shares in
Soprole not already owned
by Fonterra. Satisfaction
of conditions is expected
to take approximately
six months.
Mr Hurrell said that Fonterra
has a long history in Chile
and is pleased to have
reached agreement with
Gloria Foods, which also
has a proud dairy history
in South America. Fonterra
is delighted to pass on
the Soprole business to
a committed new owner
with a strong regional
focus on growth. Soprole’s
success over many years
and its market‑leading
position across a number
of dairy categories in Chile,
has been built on the
dedicated focus of Soprole’s
management team and
staff, and the support of its
supplying farmers.
Fonterra remains
committed to targeting a
significant capital return
to our shareholders and
unitholders. The Fonterra
Board intends to make a final
decision on the amount and
timing of any capital return
once the sale agreement is
unconditional, cash proceeds
are received in New Zealand
and having regard to other
relevant factors including
Fonterra’s debt and earnings
outlook at such time.
Fonterra’s previously
announced FY23 earnings
guidance will continue to
reflect only the underlying
performance of the
Soprole business during
the pre‑completion period.
Fonterra will provide an
update on the overall
impact of its divestment
programme as part of its
FY23 financial reporting.
Our Performance
1 Assumes CLP to NZD foreign exchange rate of 560.

Our Co-op
8
Another sustainability
success for Fonterra
Te Awamutu
As Fonterra works to
prioritise the reduction
or re‑use of water at its
manufacturing sites,
the Co‑op is investing
$51 million to improve
wastewater processing at
their Te Awamutu site in
the Waikato.
Fonterra Te Awamutu
Operations Manager
Russell Muir says the
extensive wastewater
upgrade is a positive step
for the site and is key to
the Co‑op’s long‑term
sustainability goals.
“Reducing water use and
improving wastewater at
our manufacturing sites is
a key part of our long term
strategy, and over the next
eight years the Co‑op will
invest around $600 million
on improvements
across our sites. Our
target is to improve
wastewater management
at our manufacturing
sites by taking an
industry‑leading approach.”
Construction on the project
began last year, and while
COVID‑19 has presented
some challenges over
the course of the project,
stage one construction
has just been finished
and environmental
performance has already
significantly improved.
This is the second major
sustainability project the site
has undertaken in recent
years. Earlier this year it
completed its first season on
wood pellets rather than coal
– helping the Co‑op reduce
its carbon emissions by more
than 11% last year.
The upgrade at Te Awamutu
is one of the first wastewater
projects being run by a newly
established Wastewater
Community. This new
community is a partnership
made up of key industry
partners including PDP,
Babbage, Beca, Vertex
Engineers, Aurecon, Tetra Pak,
Fulton Hogan and TEG.
Over the next 10 years,
these partners will
work together to share
knowledge and expertise
to make improvements
on subsequent projects.
This will ultimately help
the Co‑op to deliver on its
environmental promises,
by improving its existing
wastewater management
and performance.
Fonterra General Manager
Water & Environment
Ian Goldschmidt says the
Co‑op believes that an
industry‑leading approach to
wastewater quality requires a
truly collaborative attitude.
“We know that we will need
to do things differently to
achieve our goals and are
excited to have developed
this cross‑industry
partnership, bringing
together a well‑respected
group of subject matter
experts. Water is precious
taonga and it is up to all of
us to do our bit to protect
this valuable resource for
Aotearoa New Zealand” said
Mr. Goldschmidt.
“Throughout the project
at Te Awamutu, we will
be continuously looking
for ways to improve– not
only to implement within
this project, but to share
our knowledge with
the wider Wastewater
Community team”
The Wastewater Community
are committed to helping
the Co‑op deliver 14 quality
wastewater projects and
have set themselves an
ambitious set of goals
to achieve over the next
few years.
Tetra Pak Key Account
Director Julie Evans says the
company is truly grateful
to be part of the Fonterra
Wastewater community.
“It gives our teams the
opportunity to demonstrate
our capabilities and
competencies to foster
continual innovation and
development to improve
wastewater processing
throughout Aotearoa
New Zealand. We look
forward to building upon
the efforts and successes
from the project at Te
Awamutu and applying them
to other projects within
the programme.”

To access the Step‑by‑Step
tool –
Our Co-op
9
Fonterra confirms
timeline for
capital structure
implementation
Fonterra confirmed that its
new Flexible Shareholding
capital structure is set to be
implemented in late March
2023, subject to the Board
being satisfied that the
relevant preparations are
completed before then.
The structure, which is
laid out in a step‑by‑step
tool for shareholders
as well as a Guide to
Flexible Shareholding,
is intended to make it
easier for new farmers to
join the Co‑operative and
for existing farmers to
remain, by allowing greater
flexibility in the level of
investment required.
Chairman Peter McBride says
Flexible Shareholding will
support Fonterra’s strategy
by helping to maintain a
sustainable milk supply,
protecting farmer ownership
and control, and supporting
a stable balance sheet.
“Our Co‑operative is already
making good progress
towards our 2030 strategic
goals, and we believe moving
to our Flexible Shareholding
structure will help ensure
that we stay on track,” says
Mr McBride.
The proposal to move
to Flexible Shareholding
received a strong farmer
mandate in December 2021,
with more than 85% of the
total number of farmer
votes cast in support of
the recommendation.
Since then, the Co‑operative
has been working with the
Government to get related
changes made to the Dairy
Industry Restructuring Act –
the legislation that enabled
the formation of Fonterra
back in 2001.
Mr McBride says the passing
of the relevant legislation in
Parliament provides farmer
owners the clarity they have
been wanting.
“This milestone gives us the
confidence to put in place
the transition to our Flexible
Shareholding structure.
“We would like to take
this opportunity to thank
Minister O’Connor and the
Government for passing the
legislation through under
urgency and giving the
Co‑op’s shareholders this
much needed certainty.”
The decision to implement
Flexible Shareholding in late
March was made based on a
number of considerations.
“We believe late March is the
best date for implementation
because it avoids our
share trading black‑out
period associated with the
Co‑op’s Interim Results.
The black‑out period would
impact our ability to support
liquidity in the market via
the Transitional Buyback,
which is part of the package
of liquidity measures of up
to $300 million that we have
previously announced,” says
Mr McBride.
“It also gives shareholders
time to fully digest the
detailed information we will
be sending through ahead
of the implementation date,
and to seek advice from their
financial advisors. We are
mindful that it’s a busy time
on farm, and that advisors
may not be available over the
summer holidays.”
In addition, Fonterra is
aiming for new market
making arrangements to
become effective before
Flexible Shareholding
is implemented to help
support liquidity.
The Co‑operative intends
to confirm the final
implementation date at the
same time as its Interim
Results are announced –
currently scheduled for
16 March 2023.

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 and Australia to September; New Zealand and US to October.
NOTE: Data for EU, US and Australia to September; New Zealand to October.
NOTE: Data for Asia, Middle East & Africa and Latin America to September; China to October.
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)
OCTOBER
2022
OCTOBER

2021
MONTHLY
CHANGE
SEASON-
TO-DATE
2022/23
SEASON-
TO-DATE
2021/22
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
200.6207.0(3.1%)492.7510.9(3.6%)
North Island116.4123.5(5.7%)315.1334.6(5.8%)
South Island84.183.50.8%177.6176.30.7%
Australia12.211. 82.7%34.334.5(0.7%)
Fonterra GDT results
This table provides more
information on the latest
results, including a snapshot
of the year‑to‑date results.
LAST TRADING EVENT
(15 NOVEMBER 2022)
YEAR-TO-DATE

(FROM 1 AUGUST 2022)
Quantity Sold on GDT
(Winning MT)
26,765219,358
Change in Quantity Sold on GDT
over same period last year
(9.3%)6.2%
Weighted Average Product Price
(USD/MT)
3,6883,839
Change in Weighted Average
Product Price over same period
last year
(14.7%)(5.6%)
Change in Weighted Average
Product Price from previous event
3.7%–
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.