Global Dairy Top 20: Subtle shifts for 2025, but a shake-up expected for 2026

RaboResearch's annual Global Dairy Top 20 report highlights the financial performance of leading companies in one of the world's most valuable food sectors. In 2024, the combined turnover of the Global Dairy Top 20 companies increased by 0.6% in US dollar terms. In 2025, RaboResearch expects another 0.5% growth in turnover based on the current Top 20 list, but this number could shift significantly due to pending merger & acquisition activity, currency changes, and regional milk price trends. Eight companies switched places with each other in this year's list.

Looking further ahead, we expect about half of the companies listed to maintain their positions in 2026. Significant M&A activity is on the horizon that will lead to major shifts next year, including the FrieslandCampina-Milcobel merger, the Arla Foods-Deutsche Milchkontor (DMK) merger, Yoplait's integration into Lactalis and Sodiaal, and Unilever's divestment of its ice cream business. RaboResearch expects Unilever and DMK will drop out of the ranking next year, leaving two spots available. Based on current performance and market activity, Magnum (the Unilever divestment) and Emmi are strong candidates to fill these vacancies.