Having analyzed the financial results of the 20 largest dairy companies by turnover, the bank concluded that 2023’s lower milk prices and limited deal activity were key factors for manufacturers’ flat-to-declining numbers.
The top 20 firms’ combined turnover saw a 0.3% gain in US dollar terms but -2.3% decline in euro terms due to euro’s strength versus USD.
Just 8 companies kept the same position in the standings as last year: Lactalis, topping the chart with a turnover of $30.2/€27.9bn; Danone in fourth ($19.7/€18.2bn); Yili in fifth ($17.5/16.2bn); Saputo in 10th ($12.8/€11.9bn); Unilever in 11th ($8.7/€8.1bn), Savencia in 13th ($7.4/€6.9bn), DMK in 18th ($5.9/€5.5bn), and Froneri in 19th ($5.7/€5.3bn).
Meanwhile, Nestlé, Fonterra, Schreiber Foods, Sodiaal, and Grupo Lala increased their positions, while Glanbia and Muller exited the top 20.
Lactalis became the first company to exceed US$30bn in annual dairy-related revenue following several years of growth and acquisitions. For Dairy Farmers of America, lower milk prices meant the US dairy co-op lost the second spot to Nestlé, whose revenue growth – albeit tempered – continued.
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