The combined turnover of the world’s largest dairy companies rose by 5.4% in 2025 to US$267 billion (€229bn), according to the latest RaboResearch Global Dairy Top 20. The top three remained French dairy giant Lactalis (€35.5bn 2025 turnover), then Switzerland’s Nestlé and US-based Dairy Farmers of America, while Arla Foods moved up to number four, followed by Danone and Yili Group. Rounding out the top 10 were FrieslandCampina, Saputo, Mengniu and Fonterra.

Consolidation remains a key industry theme, notes Lucas Fuess, senior analyst – dairy North America, with major transactions such as the Arla Foods-DMK Group merger, FrieslandCampina’s merger with Milcobel, and Lactalis’ acquisitions reinforcing the importance of scale and investment capacity, he says.

Dairy companies are also moving towards segments where they can build market leadership, the report notes. Fonterra is aiming at ingredients and foodservice, while companies such as Froneri and Magnum reflect the growing importance of category-focused business models, according to the industry analysts. Growth is being driven by higher value segments, such as nutrition, protein ingredients, speciality cheeses and functional dairy products, RaboResearch says.

The Top 20 moved about, as DMK merged and Unilever spun off its ice cream business, making way for Emmi and Magnum, the latter of which joined at number 11. Fuess expects further changes as industry players such as Royal A-ware in the Netherlands pursues growth. A combination of size and value-added innovation and differentiation will mark out the future leaders, the report notes.