The consumption of milk and derivatives is part of the diet of a large part of the population. The substantial demand for dairy products has prompted the industry to expand its product range by incorporating whey, a previously disregarded by-product, as a significant ingredient. Consequently, the application of whey within the dairy sector has escalated, fostering novel food trends driven by market, nutritional, technical, environmental, and economic considerations. In this context, the primary objective of this research was to identify, categorise, and analyse the competitive factors influencing the production and use of whey within the dairy products industry and to correlate these factors with Brazil’s economic, food, and nutritional landscape. A comprehensive literature review encompassing 41 articles and scientific documents sourced from PubMed, Scopus, and SciELO databases and supplementary research was undertaken to pinpoint these factors. A total of seventeen competitive factors that exert influence over the production and use of whey within the dairy industry were identified. These seventeen factors were systematically classified and modelled into a hierarchical decision tree structure. A meticulous analysis of these factors revealed a spectrum of strengths, weaknesses, opportunities, and threats associated with this sector, considering the Brazilian nutritional, food, and economic context. This research will help elaborate healthy strategies for developing new products with whey in the composition and maintaining the nutritional quality for the consumer. In addition, the research can help companies manage their operations, which can be directed towards improving their performance in the factors discussed in this research, with reflections and impacts on competitiveness in nutritional, environmental, economic, technological, and organisational dimensions.