Global Dairy Update June 2025

• Fonterra's growing UK momentum two years into
market return.
1
Global Dairy
UPDATE
• New Zealand, US and EU monthly
production increased. Australia
monthly production decreased.
• Australia, New Zealand, US and EU
monthly exports decreased.
• Asia, Latin America and China monthly
imports increased. Middle East & Africa
monthly imports decreased.
• Fonterra’s New Zealand milk collections for
the season ended 31 May were 1,509.0 million
kgMS, 2.6% above last season.
• Fonterra’s Australia collections for May were
8.6 million kgMS, 0.6% above May last season.
Season-to-date collections are 101.6 million
kgMS, 1.4% above last season.
• Darfield team’s helping hand and a whole lot of heart.
Key Dates
31 July 2025
End of FY25 Financial Year
September 2025
FY25 Annual Results Announcement
JUNE 2025

%%%
%%%%
%
Change for May 2025
compared to May 2024
Change for May 2025
compared May 2024
Change for May 2025
compared to May 2024
Change for April 2025
compared to April 2024
Change for the 12 months
to May 2025
Change for the 12 months
to May 2025
Change for the 12 months
to May 2025
Change for the 12 months
to April 2025
1.63.88.3
0.10.21.4
0.7
2.5
2
OUR MARKETS
Global Production
New Zealand, US and
EU monthly production
increased. Australia
monthly production
decreased
New Zealand milk
production increased 8.3%
in May compared to the same
period the year prior.
The increase was mainly due to
favourable weather conditions
supporting higher pasture
growth across the South Island
as well as North Island central
regions and the Bay of Plenty.
New Zealand milk production
for the 12 months to May
was up 2.5% on the previous
comparable period.
Fonterra New Zealand
collections are reported for
May, see page 5 for details.
Australia milk production
decreased 3.8% in May
compared to the same period
the year prior.
The decrease was mainly due
to reduced volumes in Western
Victoria and Tasmania due to
dry weather and unfavourable
pasture conditions, partially
offset by higher volumes in
Northern and Eastern Victoria.
Australia milk production for
the 12 months to May was
down 0.1% on the previous
comparable period.
Fonterra collections in Australia
are reported for May, see page 5
for details.
EU milk production¹
increased 0.7% in April
compared to the same period
the year prior.
The increase was mainly
due to higher production in
Ireland, which recorded a 12.6%
year-on-year (or 120.3 million
litre) increase for April, driven
by above average pasture
growth and strong milk prices,
encouraging farmers to
maximise production.
The increase was partially
offset by lower production
in Germany, Belgium
and Romania.
EU milk production for
the 12 months to April was
down 0.2% on the previous
comparable period.
US milk production
increased 1.6% in May compared
to the same period the year prior.
The increase was mainly
due to higher production in
Idaho, Texas and Kansas as a
result of larger herd sizes and
improved yields.
The increase was partially
offset by lower production in
California. Despite increased
herd sizes, the state’s production
decreased 1.6% on May last
year, due to lingering impacts of
avian flu.
US milk production for the
12 months to May increased
1.4 % on the previous
comparable period.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
To view a chart that
illustrates year-on-year
changes in production –
1 Excludes UK.

To view a chart that
illustrates year-on-year
changes in exports –
3
OUR MARKETS
Global Exports
Australia, New Zealand,
US and EU monthly
exports decreased
New Zealand dairy exports
decreased 3.9%, or 12,767 MT,
in May compared to the same
period the year prior.
The decrease was mainly due to
lower volumes of WMP exports
to China and Bangladesh,
partially offset by higher export
volumes of AMF, with the
Netherlands increasing their
market share of New Zealand
AMF to become the second
largest importer behind China.
Exports for the 12 months
to May were up 0.3%, or
11, 435 MT, on the previous
comparable period.
The increase was mainly due
to higher export volumes of
cheese, partially offset by lower
export volumes of WMP.
EU dairy exports¹ decreased
1.6%, or 9,649 MT, in April
compared to the same period
the year prior.
The decrease was mainly due
to lower export volumes of
fluid milk products from the
Netherlands, Germany and
Hungary, partially offset by
higher export volumes of WPC
and WPI.
Exports for the 12 months
to April were up 3.1%, or
205,936 MT, on the previous
comparable period.
The increase was mainly due to
higher export volumes of fluid
milk products from Ireland.
US dairy exports decreased
2.5%, or 6,040 MT, in April
compared to the same period
the year prior.
The decrease was mainly due
to lower export volumes of
SMP, with shipments to Latin
America and Asia down 14%
and 32%, respectively.
April shipments to China were
27% below April 2024, possibly
reflecting the tariff impacts.
Exports for the 12 months
to April were up 1.2%, or
34,133 MT, on the previous
comparable period.
The increase was mainly due
to year-on-year cheese export
growth for 15 of the 16 months
until April, partially offset
by reduced export volumes
of SMP.
Australia dairy exports
decreased 4.5 %, or 2,481 MT,
in April compared to the same
period the year prior.
The decrease was mainly due
to lower export volumes of
fluid milk products, partially
offset by higher export volumes
of cheese.
The reduction reflects lower
milk production for six of the
past seven months, which has
reduced volumes available
for exports.
Exports for the 12 months
to April were up 5.1%, or
33,790 MT, on the previous
comparable period.
The increase was mainly due
to higher exports of SMP and
cheese, partially offset by lower
export volumes of fluid milk
products and whey powder.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%%
%
%
Change for May 2025
compared to May 2024
Change for April 2025
compared to April 2024
Change for April 2025
compared to April 2024
Change for April 2025
compared to April 2024
Change for the 12 months
to April 2025
Change for the 12 months
to April 2025
Change for the 12 months
to May 2025
Change for the 12 months
to April 2025
2.5
5.1
3.9
3.1
1.2
4.5
1.6
0.3
%
1 Excludes UK.

To view a chart that
illustrates year-on-year
changes in imports –
4
%
OUR MARKETS
Global Imports
Asia, Latin America and
China monthly imports
increased. Middle East
& Africa monthly
imports decreased
Latin America dairy
import volumes¹ increased
10.2%, or 23,954 MT, in
April compared to the same
period the year prior.
The increase was mainly due
to higher import volumes of
fluid milk products and SMP
by the Dominican Republic,
partially offset by lower
import volumes of AMF
by Mexico.
Imports for the 12 months
to April were up 5.6%, or
143,162 MT, on the previous
comparable period.
The increase was mainly due
to higher import volumes of
cheese by Mexico and Brazil.
Asia (excluding China)
dairy import volumes¹
increased 10.9%, or
52,718 MT, in April compared
to the same period the
year prior.
The increase was mainly due
to higher import volumes
of SMP and whey by the
Philippines and Vietnam.
Imports for the 12 months
to April were up 6.0%, or
307,872 MT, on the previous
comparable period.
The increase was mainly due
to higher import volumes
of fluid milk products by
the Philippines.
Middle East and Africa
dairy import volumes¹
decreased 4.2%, or
21,745 MT, in April compared
to the same period the
year prior.
The decrease was mainly due
to lower import volumes of
fluid milk products and WMP
by the United Arab Emirates
and Algeria, respectively.
Imports for the 12 months
to April were down 2.8%, or
167,476 MT, on the previous
comparable period.
The decrease was mainly due
to lower import volumes of
WMP by Algeria, and fluid
milk products by Oman
and Mauritania.
China dairy import
volumes increased by
2.2%, or 5,277 MT, in May
compared to the same
period the year prior.
The increase was mainly due
to higher import volumes
of SMP and cheese from
New Zealand, partially offset
by lower import volumes
of WMP.
Imports for the 12 months
to May were up 0.3 %, or
9,199 MT, on the previous
comparable period.
The increase was mainly due
to higher import volumes of
whey powder, partially offset
by lower import volumes of
fluid milk products.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%%%%
%
Change for April 2025
compared to April 2024
Change for May 2025
compared to May 2024
Change for April 2025
compared to April 2024
Change for April 2025
compared to April 2024
Change for the 12 months
to April 2025
Change for the 12 months
to April 2025
Change for the 12 months
to April 2025
2.210.910.2
6.02.8
%
Change for the 12 months
to May 2025
0.3
4.2
5.6
%

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
compared to prior season
For the 2024/25 Season
compared to prior season
For the 2024/25 Season
compared to prior season
For the 2024/25 Season
compared to prior season
Change for May 2025
compared to May 2024
Change for May 2025
compared to May 2024
Change for May 2025
compared to May 2024
Change for May 2025
compared to May 2024
0.612.3
2.3
2.67.5
1.42.82.6
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY












5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections in May were
8.6 million kgMS, 0.6%
higher than May last season.
Northern and Eastern
Victoria collections increased
year-on-year, due to good
pasture growth and stable
herd numbers. Western
Victoria and Tasmania
collections decreased due to
drier weather conditions for
most of the month.
Season-to-date collections
are 101.6 million kgMS, 1.4%
above last season.
North Island milk
collections in May were
36.4 million kgMS, 2.6%
higher than May last season.
The increase was mainly
due to pasture conditions
improving throughout the
month, supported by higher
rainfall in central regions and
the Bay of Plenty, and above
average temperatures across
the North Island. Waikato
and Northland remained dry,
limiting pasture growth.
The 2024/25 season milk
collections were finalised
at 855.7 million kgMS, 2.8%
above last season.
South Island milk
collections in May were
40.6 million kgMS, 12.3%
higher than May last season.
The increase was mainly
due favourable pasture
conditions, with growth
tracking well ahead of
previous seasons for this
time of the year. The
favourable conditions
were caused by warm
temperatures and above
average rainfall across most
of the South Island.
The 2024/25 season milk
collections were finalised
at 653.4 million kgMS, 2.3%
above last season.
Fonterra's New Zealand
collections for May were
77.0 million kgMS, 7.5%
above May last season.
The increase was mainly
due to favourable weather
conditions across the
country, leading to improved
pasture conditions and above
average growth compared to
recent years.
The 2024/25 season milk
collections were finalised at
1,509.0 million kgMS, 2.6%
above last season.
%%
%%

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


,
,
, 
.
.

.
.
.
PRICE INDEX
NZD  USD
OUR MARKETS
Fonterra Global Dairy Trade Results
Fonterra GDT sales
by destination:
Dairy commodity prices and New Zealand
dollar trend
Investor sentiment improved further over the past month
despite rising geopolitical tensions stemming from the
widening conflict in the Middle East. Financial market
participants took the rather sanguine view that such
developments, in conjunction with softening US inflation data,
may allow the US Federal Reserve an opportunity to provide
monetary policy accommodation sooner rather than later.
Aside from a degree of short-term volatility across FX markets,
exchange rates, including the NZD/USD, displayed a relative
degree of stability – the NZD did not deviate far from 60 US
cents for most of the past month.
Fonterra GDT results at
trading event 382
17 June 2025:
The next trading event will be held on 1 July 2025. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
0.7
Fonterra’s weighted
average product price

(USD/MT)
4,564
USD
Fonterra product quantity
sold on GDT
000’ MT
12.5
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 4,071/MT
2.1
WMP
USD 4,992/MT
4.9
CHEDDAR
USD 2,821/MT
1.2
SMP
USD 7,764/MT
1.2
BUTTER
USD 7,276/MT
1.3
AMF
12,515
MT
LATEST AUCTION
541,496
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
Fonterra's growing UK
momentum two years
into market return
Two years after the NZ-UK
Free Trade Agreement (FTA)
reopened the door, Fonterra
is steadily growing in a
high-value market that once
defined our global footprint.
After 50 years of limited
access, New Zealand dairy
products are back in the
United Kingdom following
the FTA that came into effect
on 1 June 2023.
A return to a historic
market
For New Zealand dairy
farmers, this agreement
carries historical significance.
Up until the 1970s, the UK
was New Zealand's largest
export market and a key
revenue driver for the dairy
industry. For many in the
Co-op, the UK feels like
a return home. The new
‘gold standard’ agreement
removes all UK tariffs on
New Zealand dairy over a
five-year period, creating
opportunities for growth
across the Co-op's entire
product range, particularly
our grass-fed butter
and cheese.
This FTA is one of
New Zealand's most
comprehensive trade
agreements, enabling open
market access to what was
once our largest export
destination before the UK
joined the European Union.
Early success
Despite only recently re-
establishing its presence,
the agreement is already
showing benefits with
growth across several
products including butter,
cheese, AMF, protein and
skim milk powder.
The UK market
opportunity
The UK represents a
substantial opportunity as
the world's second-largest
importer of dairy with strong
local demand. The "Kiwi
brand" carries nostalgic
value among certain UK
consumers who remember
New Zealand dairy products
from decades ago.
The market values qualities
that align perfectly with
Fonterra’s strengths, with
consumers appreciating
quality and innovation, as
demonstrated by multiple
wins at the International
Cheese and Dairy Awards in
Cheshire, England in recent
years.
Both customers and
consumers also place high
importance on sustainability
credentials, appealing
to their environmentally
conscious mindset and high
regard is also given to animal
welfare standards with
Fonterra’s farming practices
matching these expectations.
Sustainability as a
competitive advantage
Fonterra's grass-fed farming
credentials and sustainability
practices are proving to
be valuable selling points
in the UK market. Despite
the distance between the
UK and NZ, emissions from
transportation makes up
only 1% of the Co-op's total
emissions, with the real
carbon footprint benefits
coming from behind-the-
farm-gate practices and our
production sites.
The hard work the Co-op's
farmers are doing in the
sustainability space has a
direct impact on Fonterra’s
ability to succeed in the
UK market and partner
with customers who
value the goodness of
New Zealand dairy.
Our strategic approach
Re-entering the UK market
after 50 years hasn't been
without challenges. Building
customer relationships takes
time and cannot be scaled
up overnight, with every
decision made with the goal
of generating value that
flows back to the Co-op and
its farmer owners.
Fonterra is taking a
measured, strategic
approach to the UK market
focusing on efficiency and
simplicity while selecting
the right partners and sales
channels. We're positioning
New Zealand dairy not as
a commodity export, but
as a premium, high value
offering that complements
the UK market ensuring
we're developing sustainable
relationships with partners
who value our world-class
products for their quality,
sustainability credentials,
and innovation.
Looking forward
As the Co-op continues to
re-establish its presence in
the UK, the path forward
is marked by promising
opportunities.
Access to high value markets
through comprehensive FTAs
provide important market
optionality and resilience for
Fonterra, while continuing
to maximise returns for
Fonterra's shareholders and
unit holders.

In times of hardship,
communities come
together – and that’s
exactly what recently
happened as the
Darfield and Canterbury
& Upper South Island
Hapori Team stepped
up to support the Hoon
Hay Food Bank in
Christchurch.
The food bank suffered a
devastating theft, with all
its chilled and frozen food
stolen, leaving hundreds
of families in need without
essential supplies.
The stolen stock represented
around four to five
months’ worth of food, a
heartbreaking loss for an
organisation dedicated to
helping families put food on
the table.
With 145 families depending
on the food bank’s support
that week alone, our team
at Darfield stepped into
action donating:
• 300kg of frozen vegetables
• 42kg of Mainland™ edam
cheese blocks
• 60kg of Anchor™ salted
butter blocks
To further support the food
bank, the team topped up
the donation with additional
Anchor products, including
Blue Top UHT Milk and
the ever-popular Primo
flavoured milk.
A legacy of giving back
Giving back is part of what
the Darfield team does, and
time and again, they step up
to help those in need.
In May, they joined forces
with the Canterbury & Upper
South Island Hapori team
and Motueka High School to
restock the Motueka Food
Network.
Motueka High School
students rallied together
to collect as many cans of
tinned food as possible, and
the team matched their total,
resulting in an incredible
donation of over 1,700 cans
to the food bank.
The team also partnered with
Darfield High School setting
a friendly challenge to collect
canned food for the Darfield
Food Bank. The students
rallied together, knowing
that for every can they
collected, the Darfield team
would match their efforts
with an equal donation.
At the end of the challenge
a total of 2,039 tins of
canned food were donated
to the food bank ensuring
families in need continue
to receive the vital support
they deserve.
Recognising Darfield’s
impact
The Darfield team’s
unwavering commitment
to giving back was
recently recognised at the
Te Matapuna Awards –
celebrating excellence within
the Co-op, recognising
individuals and teams who
embody Fonterra’s values
and contribute to its success
– where they proudly took
home the Reputation Award,
an honour well-earned,
with the Darfield Hapori
group having delivered over
630 food parcels to elderly
members of their community
(alongside all the amazing
other good deeds they do
throughout the year).
After speaking with the local
council about the challenges
faced by elderly people
living alone, the team took
the initiative to provide
additional support alongside
food parcels, including
fence repairs and garden
maintenance, showing their
commitment to helping
those in need goes beyond
food – it’s about creating a
sense of security, care, and
connection for the most
vulnerable members of
their community.
Our Co-op
8

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
9

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 April; New Zealand, US and Australia to May.
NOTE: Data for EU, US and Australia to April; New Zealand to May.
NOTE: Data for Asia, Middle East & Africa, Latin America to April; China to May.
SOURCES: Government milk production statistics (DCANZ, Dairy Australia, Eurostat, USDA)/GTA trade data/Fonterra analysis.

10

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
2025
M AY

2024
MONTHLY
CHANGE
SEASON-
TO-DATE
2024/25
SEASON-
TO-DATE
2023/24
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
77.071. 67.5%1,509.01,470.92.6%
North Island36.435.52.6%855.7832.02.8%
South Island40.636.112.3%653.4638.92.3%
Australia8.68.60.6%101.6100.21.4%
2024/25 season
forecast Farmgate
Milk Price (FGMP)
update
2025/26 season
forecast Farmgate
Milk Price (FGMP)
update
ANNOUNCEMENT
DATE
FORECAST
FGMP /
RANGE (NZD)
NZD/USD RATE AT
ANNOUNCEMENT
DATE
FORECAST
AVERAGE
CONVERSION
RATE FOR
2024/25
SEASON
PERCENTAGE
OF FORECAST
FOREIGN
EXCHANGE
EXPOSURE
FOR 2024/25
SEASON
HEDGED
PERCENTAGE
OF FOREIGN
EXCHANGE
OPTION
COVER
REMAINING
IN HEDGED
AMOUNT
29 May 2025$10.00 /
$9.70-$10.30
0.59680.598897%15%
20 Mar 2025$10.00 /
$9.70-$10.30
0.58090.598193%11%
As at the most recent update to the 2024/25 season forecast Farmgate Milk Price on 29 May 2025:
• Fonterra had hedged approximately 97% of the full year forecast USD cash flows related to the
2024/25 season Farmgate Milk Price.
• Of that 97%, approximately 15% was hedged with foreign exchange options which had not yet
expired or been exercised.
• If the remaining 3% of the forecast USD cash flows were to be hedged at the 29 May 2025 spot rate
of 0.5968, the average NZD/USD conversion rate for the 2025 season would be 0.5988.
• Also shown for information are the equivalent measures at the date of the previous forecast of the
2024/25 season Farmgate Milk Price on 20 March 2025
ANNOUNCEMENT
DATE
FORECAST
FGMP /
RANGE (NZD)
NZD/USD RATE AT
ANNOUNCEMENT
DATE
FORECAST
AVERAGE
CONVERSION
RATE FOR
2025/26
SEASON
PERCENTAGE
OF FORECAST
FOREIGN
EXCHANGE
EXPOSURE
FOR 2025/26
SEASON
HEDGED
PERCENTAGE
OF FOREIGN
EXCHANGE
OPTION
COVER
REMAINING
IN HEDGED
AMOUNT
29 May 2025$10.00 /
$8.00-$11.00
0.59680.595148%10%
For the opening forecast Farmgate Milk Price for the 2025/26 season announced on 29 May 2025:
• Fonterra had hedged approximately 48% of the full year forecast USD cash flows related to the
2025/26 season Farmgate Milk Price.
• Of that 48%, approximately 10% was hedged with foreign exchange options which had not yet
expired or been exercised.
• If the remaining 52% of the forecast USD cash flows were to be hedged at the 29 May 2025 spot rate
of 0.5968, the average NZD/USD conversion rate for the 2025/26 season would be 0.5951.

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 GDT results
This table provides more
information on the latest
results, including a snapshot
of the year-to-date results.
LAST TRADING EVENT
(17 JUNE 2025)
YEAR-TO-DATE

(FROM 1 AUGUST 2024)
Quantity Sold on GDT
(Winning MT)
12,515541,496
Change in Quantity Sold on GDT
over same period last year
(15. 7%)(2.0%)
Weighted Average Product Price
(USD/MT)
4,5644,176
Change in Weighted Average
Product Price over same period
last year
14.0%23.4%
Change in Weighted Average
Product Price from previous event
0.7%–
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.