Global Dairy Top 20: Record Revenues Provoke a Reshuffle

Rabobank’s annual Global Dairy Top 20 highlights the results of industry leaders in one of the world’s most valuable food sectors. The combined turnover of the Global Dairy Top 20 companies jumped by 7.4% in US dollar terms, following the prior year’s gain of 9.3%. In euro terms, the combined turnover increased by a significant 21% due to the combination of a stronger US dollar, inflation, and tight market conditions during most of 2022, with many companies reporting record-high revenues in their local currencies. Overall, only five companies held the same position as last year, indicating a reshuffle along the entire list.

In 2022, merger and acquisition activity was nearly on par with the prior year, with almost 25 deals. A slowdown in activity was noted in the second half of the year, which continued into 1H 2023, with about eight deals announced in the first half of 2023 versus approximately 12 deals in the first six months of 2022. FX developments in 2022 contributed to the reshuffle and were particularly unfavorable for dairy companies reporting in euros, New Zealand dollars, renminbi, and yen.

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