RaboResearch’s annual Global Dairy Top 20 report reveals a year of subtle shifts with eight companies switching places with each other in the Top 20 list. The report, which analyses the financial performance of the world’s leading dairy companies, found the combined turnover of the Global Dairy Top 20 in 2024 increased by 0.6% in US dollar terms. France’s Lactalis retained and widened its lead as the largest global dairy company, with the top five rounded out by Switzerland’s Nestlé, the US’ Dairy Farmers of America, France’s Danone, and China’s Yili. Denmark’s Arla moved up to sixth pushing New Zealand’s Fonterra down to seventh.
Looking further ahead, RaboResearch says they expect only about half the companies listed to maintain their positions in 2026 with significant merger and acquisition activity on the horizon.
Global Dairy Top 20, 2025
Lactalis could increase its lead to USD 10 billion
Lactalis strengthened its hold on the top spot with estimated revenue of USD 31.9 billion in 2024. In one of its key moves in 2024, Lactilis acquired Nestle’s coffee creamer brand Cremora in South Africa, strengthening its footprint in the country where it has had a strong presence since its 2011 acquisition of Parmalat. It also took over Sequeira and Sequeira in Portugal, a local distributor with 40 employees.
The report says Lactilis’ appetite for acquisition appears insatiable and, with larger acquisitions in the pipeline for 2025-26 and Nestle’s growth limited, it could extend its lead to over USD 10 billion in the future.
Fonterra down to seventh
The report says Fonterra’s estimated turnover for 2024 was USD 14.7 billion, resulting in the cooperative dropping one place to seventh. Following its recent announcement of the divestment of its consumer and associated businesses to Lactalis, the report says, maintaining its current position on the list in future years is unlikely. RaboResearch says it expects the divestment will see Fonterra drop to tenth spot next year.
Saputo leads in year-on-year growth
The report says Canada’s Saputo recorded the strongest year-on-year revenue growth of all the Top 20 companies increasing this by 8.4% in US dollar terms. After declining in 2023, Saputo’s revenues increased to USD 13.9 billion in 2024, enough to push it above China’s Mengniu and into ninth place on the list.