whey protein costs have fallen sharply, according to a Q3 trading statement published on 15 October 2026 by THG plc, the Manchester-based owner of Myprotein. The company reported that WPC80 prices, a benchmark grade of whey protein concentrate, had declined by about 20% since its interim results on 10 September 2026, and described the move as a significant correction in whey commodity pricing. THG upgraded its full-year adjusted EBITDA expectation to £103m, ahead of market consensus and its own previous guidance, and attributed the upgrade mainly to its nutrition division. THG Nutrition reported third-quarter revenue of £152.4m, up 5.3% year on year on the continuing constant currency basis used in the statement highlights, or 3.7% on a reported basis, with Myprotein branded unit volumes up 36.2% year on year. Chief executive Matthew Moulding said momentum had continued through the quarter, "with profitability exceeding our expectations". THG shares rose sharply on the day the statement was published.
A reversal of this year's protein price rises
The figures point the opposite way to the picture earlier in 2026, when rising demand and constrained supply pushed whey costs up and retailers passed the increases on to shoppers. THG told investors it had locked in long-term contracts for key raw materials, including milk proteins, at what it called historically low prices, and that it expects this to limit input cost inflation through the end of this year and into 2027. The company said the correction provides an increasingly encouraging backdrop for its nutrition margins in FY27. These are one listed company's figures and its own commentary on its own costs, not an independent survey of UK retail prices.
What this means for your supplement routine
A fall in wholesale commodity pricing does not automatically show up on a shelf. Retail prices tend to lag the raw material, and THG has told investors it expects the benefit to support margins rather than describing it as a price cut. A buyer comparing the cost of protein and sports nutrition across retailers this autumn is therefore looking at prices set when inputs were dearer. Whether any of the commodity fall reaches shoppers, and how quickly, will show up in what tubs cost over the coming months rather than in a quarterly statement.
How Perqen members save
Perqen membership costs £4.99 a month or £29.99 a year, and member pricing then applies across the whole catalogue from established brands, rather than a markup sitting inside each product price.
This article reports published news and research and is for information only. Food supplements are not a substitute for a varied diet or medical care, and no product mentioned is intended to diagnose, treat, cure or prevent any disease. Speak to your GP or pharmacist before changing what you take, especially if you are pregnant, breastfeeding, or taking prescribed medicines.