Milk is a fundamental food matrix that is widely consumed. Milk fat is important for producing dairy products such as butter, cream, cheese and whole milk powder. Aside from flavour, it has been linked to human health and its chemistry can be modulated by various means towards a more healthy fatty acid profile. Industry and stakeholders have different interests in milk fat, based on specific policies which reflect the type of research and funding initiatives currently performed in different countries. This position paper summarizes the current state-of-the-art with regards to milk fat research and industry as well as stakeholder initiatives, and then highlights new developments based on information gathered from North America (United States and Mexico), Europe (United Kingdom, Spain, Italy, and Finland), Africa (Egypt), Asia (China and Bangladesh) and Oceania (New Zealand). South America is an important contributor to the dairy industry but will not be considered here and thus this paper must be considered cross-continental rather than global. This manuscript intends to show a wide ‘picture’ of milk fat from different angles in different parts of the globe.