Whey Too Costly

A Supply Crunch Is Keeping Whey Protein Prices Elevated

By Pritha Pahari

What?

Whey protein prices in India have risen nearly a third in two years. An analysis of 11 whey protein SKUs on Amazon by research firm The Daily Datum found an average price increase of 32% and a median rise of 27% across different tracking periods.

This cuts across product types of products and brands. For context, India's headline food inflation stood at 5.32% year-on-year in June 2026. Whey protein prices are rising at roughly five times that pace.

Brands have felt it too. HealthKart, which owns MuscleBlaze, has said whey concentrate costs have more than tripled in two years. Wellbeing Nutrition's founder told Financial Express that whey isolate prices have roughly tripled over the same period. The Whole Truth has pushed through a 15–20% hike on protein bars rather than change its recipe.

"Businesses are not there to absorb cost. Businesses are there to make profit," said Rajiv Mitra, Strategic Advisor, Sonai Dairy, a Maharashtra-based dairy. Margin compression, in his words, "is never sustainable."

Why?

India produces more milk than any other country in the world, but it imports 80–90% of its supplement-grade whey. The reason is straightforward: whey protein comes from cheese-making, not milk alone. When western-style hard cheeses like cheddar or mozzarella are made, the liquid left behind — sweet whey — is filtered and dried into the protein powder sold in gyms and pharmacies.

India's dairy sector is built around paneer, curd, ghee and khoya. Paneer is made through acid coagulation, which produces acid whey, lower in protein and not suitable for processing into supplements. The liquid is typically drained away in most Indian kitchens.

"Traditionally, for years, while we have been the highest producer of milk, our consumption pattern is such that we do not harness the whey that is produced," said Rajiv Mitra.

Unless western-style cheese consumption grows significantly in India, domestic whey production will stay limited.

On top of this, the rupee has weakened from around 74 to nearly 97 against the dollar by July 2026, adding 10–15% to the landed cost of imports. Import duties on whey run 30–60%, and India has kept dairy outside trade negotiations, including the interim India-US trade agreement reached in 2026.

US suppliers also frequently lack the vegetarian-rennet certification Indian food rules require, narrowing where India can import from.

Globally, demand is rising faster than processing capacity can keep up. GLP-1 weight-loss drugs like semaglutide are pushing doctors to recommend higher protein intake to offset muscle loss. As patents expire and generics spread to India and China, this demand is expected to grow further.

Why It Matters?

This is not just a fitness industry story. Whey protein is increasingly used in healthcare, clinical nutrition and everyday diet, particularly for India's large vegetarian population that relies on dairy for protein.

Relief is not coming soon. Major global producers including Glanbia, Fonterra and Arla have announced new processing capacity, but most projects come online in 2027 at the earliest. '

Domestically, Amul, Parag Milk Foods and Milky Mist are investing in whey processing, but new plants take two to four years to commission.

Even when raw material costs eventually ease, retail prices will lag. Brands will rebuild margins first before passing savings to consumers. For now, the price on that tub of whey protein is not coming down.

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Apple’s Starlink Update Sparks Huge Earning Opportunity

Apple just secretly added Starlink satellite support to iPhones through iOS 18.3.

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$10 billion

That’s the value of Apple’s annual sales in India, which crossed the milestone for the first time in the fiscal year ended March, cementing the country’s role as both a fast-growing consumer market and a key manufacturing hub.

Context: Apple grew its India revenue at a double-digit pace from about $9 billion a year earlier, driven largely by strong iPhone demand, while Mac and iPad sales also increased.

Pivot: The company widened its retail presence by opening a sixth company-owned store in Mumbai and expanding its network of premium resellers, helping it reach more consumers across the country.

Overall, however, India still contributes only about 2% of Apple's roughly $470 billion in annual global revenue. And while the country has become a key manufacturing base, most of Apple's operations here focus on assembling devices rather than producing high-value components.

Air India Hit by Turbulence

Around 10 passengers and four crew members were injured after Air India flight AI2379 from Phuket to Delhi hit clear air turbulence on August 4, causing the aircraft to suddenly drop roughly 300 feet. The aircraft landed safely at Delhi's Indira Gandhi International Airport.

Context: According to The Times of India, Air India confirmed the flight experienced a brief turbulence-related event during cruise, resulting in a momentary change in altitude.

One cabin crew member is reported to have sustained a more serious injury, while most passengers suffered only minor injuries.

Medical teams were on standby ahead of landing, and those affected were moved to the airport's medical facility for assessment and care.

Critical Moment: Airport officials confirmed the injuries did not appear particularly serious, though some individuals may require hospital referral for further evaluation.

Air India said there were no serious injuries as of their initial statement. The aircraft, operated by VT-EXO, was scheduled to arrive at 11:15 am. Clear air turbulence, which occurs without warning and cannot be detected by radar, has been a growing concern for airlines globally in recent years.

E20 Fuel Row Intensifies

The Punjab Assembly on Tuesday passed a resolution opposing the Centre's E20 ethanol-blended fuel policy, citing concerns over damage to non-compliant vehicles. Finance Minister Harpal Singh Cheema moved the resolution, questioning why implementation was advanced from the originally planned 2030 timeline.

Chief Minister Bhagwant Mann alleged E20 fuel had been "imposed" without expert study, and demanded vehicle owners be given the option to choose between E20 and pure petrol.

Critical Moment: The Petroleum Ministry denied reports of widespread adulteration, stating only two chloride contamination cases were detected nationwide out of over 2,000 samples tested, with sales from the affected outlets suspended immediately.

The Core earlier reported about the growing consumer backlash over the government’s move due to compatibility issues, fuel system corrosion and reduced efficiency linked to E20.

Pivot: Adding to the pressure, a consumer court last month ordered Maruti Suzuki to replace a customer's car allegedly damaged by mandatory E20 use, a ruling the automaker has said it will challenge.

Union Minister Nitin Gadkari told the Rajya Sabha last week that vehicles made before 2016 may need certain rubber parts and gaskets replaced, though drivability remained unaffected, while newer vehicles required no engine modifications and continued to meet emission norms.

Meta In The Hot Seat

The Indian government will question Meta's global executives this week over its handling of child sexual abuse material (CSAM), WhatsApp's proposed username feature, and the moderation of verified accounts, MeitY Secretary S Krishnan told Business Standard on the sidelines of a technology event at IIT Madras Research Park.

Fast Facts: The meeting, scheduled for August 5 and 6, comes amid growing regulatory scrutiny of the company. Officials will seek details on Meta's efforts to curb CSAM, tackle AI-generated content, and address concerns over the temporary restriction of prominent verified accounts.

The Centre will also raise concerns about WhatsApp's proposed username feature, warning it could increase impersonation, fraud and cybercrime unless adequate safeguards are are in place. The feature's rollout has been paused pending consultations with the government.

Turning Point: The meeting follows Meta's brief removal of a Facebook post by Prime Minister Narendra Modi last month, an incident the company later attributed to an automated moderation error before apologising.

Used Car Market Accelerates Growth

India's organised used car market is set to grow 7-9% this fiscal, with volumes crossing 7 million units, according to Crisil Ratings. First-time buyers, who account for nearly two-thirds of transactions, are driving demand, aided by affordability and rising new car prices. Despite GST rationalisation narrowing the price gap by 4-6%, used hatchbacks and sedans remain about 25% cheaper than new ones over a five-year ownership period.

Overview: Organised players now account for 26% of used car sales, up from 20-21% in FY22, with asset-light marketplace platforms comprising 85% of volumes. These platforms turned profitable last fiscal, while inventory-led players are narrowing losses through cost discipline.

Setup: Poonam Upadhyay, Director, Crisil Ratings, said future capital raising will focus on expansion rather than covering losses.

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Indian Markets Capture Asian Debt Flows Share

On Episode 939 of The Core Report, financial journalist Govindraj Ethiraj talks to Sudhir Kapadia, Senior Board Advisor as well as Vaibhav Sanghavi, CEO at ASK Hedge Solutions.

• Indian Markets Capture Asian Debt Flows Share

• The Problem With Exchange Traded Funds And The South Korean Example

• Why Fund Managers Have Changed Some Of Their Investment Strategies In The Last Month

• The Government Eases Tax Burden For Electronics Manufacturers Like Apple, Among Other Moves

• Apple To Bring Back A Senior Executive From Retirement For The Hardware Division