Modest milk price recovery and steady consumer demand helped stabilize revenue growth for the world’s largest dairy companies in 2024, according to the latest annual international report from Rabobank.
Rabobank’s yearly listing of the “Global Dairy Top 20” companies was released in late August, highlighting revenue performance of the world’s dairy industry leaders in 2024. Based on financial data in U.S. dollars, the combined sales of the world's 20 largest dairy companies were slightly up 0.6% from the year before. That followed 2023’s increase of 0.3% (U.S. dollar basis). Read: Rabobank: Lower commodity prices impede revenue gains in dairy’s ‘Top 20’
Top 20 rankings
Among the top 20 spots, European companies maintained their hold at 11, with companies in the U.S., China and Canada holding two spots each (Table 1). Companies in New Zealand, Japan, India and Mexico rounded out the list.
With 12 companies holding their spots from last year, over half of the list showed little movement. Lactalis kept its top spot in the ranking for the fourth year and is forecast to maintain its position with little challenge.
“We expect Lactalis to easily retain its pole position based on an estimated USD 31.9 billion in revenue,” said Tom Booijink, senior analyst – dairy for RaboResearch.
Meanwhile, Nestlé continues to face challenges, with stagnant growth in its dairy segment following the spin-off of Froneri. Dairy Farmers of America (DFA) holds on to its third-place ranking, amid fluctuating U.S. milk prices.
Rankings impacted by exchange rates
Regional milk prices and currency fluctuations continue to influence company performance. European companies benefit from stronger currencies, providing a competitive edge in the rankings. In contrast, companies with exposure to Latin America and Asia face challenges due to weaker local currencies.
Danone (4) made several strategic divestments by exiting Russian operations, selling Horizon Organic, transferring ownership of Michel et Augustin assets and writing off its Belarusian branch, while also acquiring Kate Farms to achieve a 4% dairy turnover growth in 2024. Savenica (12) rose in rankings after acquisitions in Argentina and France, boosting revenue.
In 2024, Chinese dairy companies faced weak consumer demand, oversupply, falling milk prices and yuan depreciation. Yili (5) saw sharp drops in liquid milk and ice cream but gained 8% growth in powder and dairy products. Mengniu (10) posted broad revenue declines across most divisions, while cheese sales dipped slightly.
Northwest European dairy cooperatives remained steady in 2024, with Arla Foods (6), FrieslandCampina (8) and Sodiaal (16) showing minimal revenue shifts. Sodiaal finalized its Yoplait Canada acquisition in early 2025. DMK (19) was the exception, with a 6.7% turnover drop due to member losses and reduced milk processing.
Fonterra (7) dropped one position and is set to drop in future rankings due to its divestment strategy, focusing on its core food service and ingredients businesses.
Saputo (9) led global dairy growth in 2024 with an 8.4% revenue increase, surpassing 2022 levels. Cost savings from U.S. plant consolidation and a new Wisconsin facility drove gains; Agropur (17) grew modestly but stayed below 2022 levels.
Froneri (18) grew in 2024 with 1.5% price and 3% volume gains, while Müller (15) maintained its position, focusing on organic growth and acquiring a gut health company in early 2025.
Looking further ahead, the dairy industry is poised for a shake-up in 2026, with mergers and acquisitions expected to significantly alter the rankings.
“These moves reflect ongoing consolidation trends in the European dairy sector,” Booijink said.
Arla Foods is set to challenge Danone for the No. 4 spot, while FrieslandCampina’s merger with Milcobel could propel it to sixth place. Swiss-based Emmi Group is a strong candidate to enter the Global Dairy Top 20 following DMK’s exit.
