Dairy Top 20: Major Mergers and Changes Expected in the Global Dairy Industry by 2026

The combined turnover of the companies on the list grew by 0.6% in dollar terms in 2024. According to RaboResearch's forecast, this figure will increase by another 0.5% in 2025, but this growth could be higher or lower depending on currency exchange rates, regional milk prices, and M&A market activity. Already in 2024, there was a noticeable reshuffling in the list: eight companies swapped places.

According to RaboResearch, about half of the companies will maintain their positions next year, but active deals could significantly alter the structure of the ranking. On the horizon:

• merger of FrieslandCampina and Milcobel;

• merger of Arla Foods and Deutsche Milchkontor (DMK);

• integration of the Yoplait brand into Lactalis and Sodiaal;

• Unilever's exit from the ice cream business.

Experts predict that Unilever and DMK will leave the list, freeing up two spots. Candidates for entering the top 20 include Magnum (a division of Unilever) and Swiss company Emmi.

Top 20 Largest Dairy Industry Players in 2025

1. Lactalis (France) — €28.9 billion

2. Nestlé (Switzerland) — €21.6 billion

3. Dairy Farmers of America (USA) — €20.8 billion

4. Danone (France) — €18.8 billion

5. Yili (China) — €14.3 billion

6. Arla Foods (Denmark) — €13.6 billion

7. Fonterra (New Zealand) — €13.3 billion

8. FrieslandCampina (Netherlands) — €12.7 billion

9. Saputo (Canada) — €12.6 billion

10. Mengniu (China) — €11.2 billion

11. Unilever (United Kingdom) — €8.1 billion

12. Savencia (France) — €7.0 billion

13. Schreiber Foods (USA) — €6.8 billion

14. Gujarat Cooperative Milk Marketing Federation (India) — €6.6 billion

15. Müller (Luxembourg) — €6.2 billion

16. Sodiaal (France) — €6.0 billion

17. Agropur (Canada) — €5.8 billion

18. Froneri (United Kingdom) — €5.4 billion

19. Grupo Lala (Mexico) — €5.1 billion

20. DMK (Germany) — €5.0 billion