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Global Dairy Top 20: Lower commodity prices impede revenue gains

  • Dairy
26 August 2024

Rabobank’s annual Global Dairy Top 20 highlights the financial results of key global industry leaders in one of the world’s most valuable food sectors. This year, the combined turnover of the Global Dairy Top 20 companies saw just a slight 0.3% gain in US dollar terms, following the prior year’s 8.1% increase. 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. Fewer than half of the companies listed (eight) maintained the same position as last year. FX developments continue to impact the list’s overall rankings, and limited M&A activity was again a key theme noted in the year.

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Dairy dominoes: How China’s increased dairy self-sufficiency is reshaping global trade

  • Dairy
17 June 2024

Let's use a metaphor to understand the interconnectedness of the global dairy sector. Imagine a row of dominos, each representing a key player in the industry. The first domino symbolizess China, the dairy demand domino; the second represents New Zealand, the dairy supply domino; and the third stands for whole milk powder (WMP), the dairy commodity domino. When the first domino falls, it triggers a chain reaction, causing each subsequent domino to topple. The speed and direction of this reaction are influenced by the marketplace, which acts as the friction in this analogy.

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