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Determine milk prices and exchange rate Global Dairy Top 20
The global top 20 of dairy companies that Rabobank compiles annually has changed considerably, but only limited by mergers, acquisitions and energetic entrepreneurship. Most of the changes in the rankings are due to decreased dairy prices and exchange rate fluctuations.
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RaboResearch, part of Rabobank, indicated this when publishing the Global Dairy Top 20 for 2024.
What is striking is that, despite lower dairy prices in 2023, the turnover of the global number 1, Lactalis, has broken the $30 billion mark for the first time. At this company, which is owned by the Besnier family, it is a strong and persistent growth ambition that has brought it to where it is today.
Exchanged a penny
There is also enough ambition at the other companies, but at least not to such an extent that this was reflected in the results last year. The numbers 2 and 3 of 2023, the cooperative Dairy Farmers of America and the Swiss food giant Nestlé, are changing pennies this year, partly due to exchange rate fluctuations and changing dairy prices. According to Rabobank, the Swiss company had a dairy turnover of $2023 billion in 24,1, but if its stake in the British ice cream giant Froneri (number 19 on the list) were included, it might have been a few billion higher.
Danone has remained stable in fourth place, although it divested business units last year, especially in Russia.
New Zealand's Fonterra rises three places in the rankings, past Arla, FrieslandCampina and China's Mengniu. This is partly due to the last six months of 2022 (with high dairy prices), which still counts in Fonterra's books for 2022/23.
Northwestern European rivals
Places 8 and 9 belong to Northwestern European rivals Arla and FrieslandCampina. Both drop slightly on the list, with the difference in turnover also increasing. Arla ends with FrieslandCampina, and Rabobank thinks this will remain the case for the time being, even though FrieslandCampina did a major clean-up last year and in a sense started again with something of a clean slate.
The strongest climber on the list this year is the American Schreiber Foods, which rose from 16th place to 12th. Ireland's Glanbia dropped out of the top 20 after it exited a cheese joint venture with Leprino. Instead, the Mexican Grupo Lala makes its entrance, partly thanks to a strong Mexican peso.