Rabobank has published its annual ranking of the world’s 20 largest dairy companies, showing only minor shifts this year. However, analysts anticipate major changes in 2026.
The Global Dairy Top 20 Report, compiled by RaboResearch, assesses the leading dairy companies worldwide based on their 2024 financial results and/or Rabobank’s estimates.
In 2024, the combined revenue of the Global Dairy Top 20 rose by 0.6% in US dollar terms. For 2025, RaboResearch projects an additional 0.5% revenue growth for the companies on the list, though this outlook may shift due to ongoing mergers and acquisitions, currency movements, and regional milk price fluctuations.
This year, eight companies exchanged places in the ranking. Arla Foods advanced one position, moving from 7th to 6th place. Looking ahead, analysts expect significant reshuffling because of major industry moves, including the merger between Arla Foods and Deutsche Milchkontor (DMK), the consolidation of FrieslandCampina and Milcobel, the integration of Yoplait into Lactalis and Sodiaal, and Unilever’s divestment of its ice cream business.
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Rabobank’s 2025 Global Dairy Top 20
| Rank | Company | Country | Dairy Sales (US$ bn) |
| 1 | Lactalis | France | 31,9 |
| 2 | Nestlé | Switzerland | 23.9 |
| 3 | Dairy Farmers of America | U.S. | 23.0 |
| 4 | Danone | France | 20.7 |
| 5 | Yili | China | 15.8 |
| 6 | Arla Foods | Denmark | 15.0 |
| 7 | Fonterra | New Zealand | 14.7 |
| 8 | FrieslandCampina | Netherlands | 14.0 |
| 9 | Saputo | Canada | 13.9 |
| 10 | Mengniu | China | 12.3 |
| 11 | Unilever | Netherlands/U.K. | 9.0 |
| 12 | Savencia | France | 7.7 |
| 13 | Schreiber Foods | U.S. | 7.5 |
| 14 | Gujarat Co-op Milk | India | 7.3 |
| 15 | Müller | Germany | 6.9 |
| 16 | Sodiaal | France | 6.6 |
| 17 | Agropur | Canada | 6.4 |
| 18 | Froneri | U.K. | 6.0 |
| 19 | DMK | Germany | 5.5 |
| 20 | Grupo Lala | Mexico | 5.5 |
Source for table: Dairyreporter.com HER
Photo: Rabobank
By LWM
