Global Dairy Top 20: Lower commodity prices impede revenue gains

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.