The dairy industry is one of the world’s most valuable food sectors. Rabobank recently released its annual Global Dairy Top 20 report, which highlights the financial performance of global industry leaders.
According to the report, this year, the combined turnover of the Top 20 global dairy companies saw a slight 0.3% gain in US dollar terms, following the prior year’s 8.1% increase. Rabobank believes lower milk prices in 2023 versus the strong 2022 values were a key driver of the significant slowdown.
'In euro terms, combined turnover declined 2.3% versus the prior year, driven by a recovery in the euro’s strength versus the US dollar, plus some key European cooperatives noting weaker revenues in the year,' the authors state.
ESM explores the top 20 most valuable dairy brands in the world, as outlined by Rabobank.
Top 20 Dairy Companies In The World
1. Lactalis (France)
Turnover: €27.9 billion (2023 – estimated)
Lactalis has maintained its position as the top dairy brand in the world with an estimated turnover of €27.9 billion in 2023.
In recent years, Lactalis has made major acquisitions in North America, such as Kraft Heinz's natural cheese business lines in the US and the yogurt activity of the Canadian cooperative Agropur.
2. Nestlé (Switzerland)
Turnover: €22.3 billion (2023 – estimated)
Nestlé has moved up one place to claim second position, with an estimated dairy turnover of €22.3 billion in 2023.
Laurent Freixe was named as the new CEO of Nestlé in September, succeeding Mark Schneider, who decided to step down from the role and Nestlé's board after eight years at the helm.
3. Dairy Farmers of America (US)
Turnover: €20.1 billion (2023)
Dairy Farmers of America (DFA) has dropped one place but remains in the top three with a turnover of €20.1 billion in 2023.
DFA is an organisation of local, family farmers from across the United States, which was established in 1998. This grassroots structure is overseen by a 48-member board of directors.
4. Danone (France)
Turnover: €18.2 billion (2023 – estimated)
Danone remains in the same position as last year – fourth – with an estimated dairy turnover of €18.2 billion in 2023.
In July, Danone said that it expects like-for-like sales growth for its current full year to come in between 3% and 5% higher.
5. Yili (China)
Turnover: €16.2 billion (2023 – estimated)
Yili also retains the same fifth place position as last year, with an estimated turnover of €16.2 billion in 2023.
Headquartered in China, Yili was recently named the world's most valuable dairy brand in a separate study, conducted by Brand Finance.
6. Fonterra (New Zealand)
Turnover: €14.0 billion (2023)
Moving up three places, Fonterra rises to sixth with a turnover of €14.0 billion in 2023.
The New Zealand-based dairy co-operative exports to more than 130 countries around the world. Earlier this year, Fonterra reported a first-half profit of NZ$674 million (€370.70 million), compared with NZ$546 million (€300.30 million) a year earlier.
7. Arla (Denmark/Sweden)
Turnover: €13.7 billion (2023)
Arla has dropped one place, to seventh, with a turnover of €13.7 in 2023.
In August, Arla raised its full-year revenue expectations, despite seeking a decline in first half sales.
8. FrieslandCampina (Netherlands)
Turnover: €13.0 billion (2023 – estimated)
FrieslandCampina has also dropped one place, to eighth, with an estimated turnover of €13.0 billion in 2023.
In July, the Dutch dairy cooperative reported a 'significant' increase in operating profit in the first half of its financial year.
9. Mengniu (China)
Turnover: €12.9 billion (2023)
Mengniu has also dropped one place but remains in the top ten, with a turnover of €12.9 billion in 2023.
The company has established 41 production bases in China and three overseas production bases in New Zealand, Australia and Indonesia, with a total annual production capacity of over 12 million tonnes in 68 factories globally.
10. Saputo (Canada)
Turnover: €11.9 billion (2023)
Saputo retains the same tenth position as last year, with a turnover of €11.9 billion in 2023.
The Canadian firm recently reported a 9.5% increase in revenue, year-on-year, in the first half of its financial year.
11. Unilever (Netherlands/UK)
Turnover: €8.1 billion (2023 – estimated)
Unilever also retains its eleventh position from last year with an estimated €8.1 billion turnover from its dairy brands in 2023.
In July, Unilever reported a 3.9% increase in second-quarter sales, while also maintaining its full-year sales outlook.
12. Schreiber Foods (US)
Turnover: €6.8 billion (2023 – estimated)
Schreiber Foods has jumped an impressive four places to 12th with an estimated turnover of €6.8 billion in 2023.
Based in North America, the company has more than 10,000 employees and a presence in five continents.
13. Savencia (France)
Turnover: €6.9 billion (2023 – estimated)
Savencia also maintains its thirteenth position from last year with an estimated turnover of €6.9 billion in 2023.
Earlier this year, Savencia warned of a volatile and uncertain environment due to changing consumption patterns driven, adding that the company plans to invest in adapting and evolving its business in line with consumer needs.
14. Gujarat Cooperative Milk Marketing Federation Ltd (India)
Turnover: €6.6 billion (2023 – estimated)
Gujarat Cooperative Milk Marketing Federation Ltd has dropped two places to 14th, with an estimated turnover of €6.6 billion in 2023.
The company is India's largest exporter of dairy products, with many of its goods available in the US, Japan, China and Australia.
15. Müller (Germany)
Turnover: €6.2 billion (2023 – estimated)
Müller has dropped one place, to 15th, with a turnover of €6.2 billion in 2023.
Last year, Müller acquired the German business of FrieslandCampina, a move that sees the Landliebe, Mondelice, Südmilch and Puddis brands join the dairy giant.
16. Sodiaal (France)
Turnover: €5.8 billion (2023)
Sodiaal moves up one place, to 16th, with a turnover of €5.8 billion in 2023.
The company exports to more than 20 countries and its network of franchises covers over 40 countries.
17. Agropur (Canada)
Turnover: €5.6 billion (2023)
Agropur has dropped two places, to 17th, with a turnover of €5.6 billion in 2023.
The Canadian cooperative is owned by 3,000 dairy farmers.
18. DMK (Germany)
Turnover: €5.5 billion (2023)
DMK remains in 18th position with a turnover of €5.5 billion in 2023.
The DMK Group is the product of a merger in 2011 of two of Germany’s largest dairy companies – Humana and Nordmilch. This move formed the largest dairy cooperative in Germany.
19. Froneri (UK)
Turnover: €5.3 billion (2023)
Froneri has held on to its 19th position from last year with a turnover of €5.3 billion.
In 2019, Nestlé agreed to sell its US ice cream business to Froneri in a deal valued at $4 billion (€3.6 billion), moving control of brands including Häagen-Dazs to a joint venture the Swiss group set up in 2016. Froneri was created after Nestlé merged its European ice cream business in 20 countries with R&R, a unit of French private equity firm PAI Partners.
20. Grupo Lala (Mexico)
Turnover: €5.2 billion (2023)
Grupo Lala takes 20th position with a turnover of €5.2 billion in 2023.
The Mexico City-based firm was founded in 1949.
