Rabobank has issued its 2019 Global Dairy Top 20 report. In 2018, it says, lower commodity prices, adverse weather conditions in key export markets, a strong US dollar and currency shifts have affected the combined turnover of the Global Dairy Top 20 companies.

In US dollar terms, however, the market still saw an an increase of 2.5% on the prior year, compared to 7.2% in the previous year.

Combined 2018 turnover in Euro terms dropped by 2% vs and upward trend in 217 of 5.1%.

Dairy M&A remained active in 2018, Rabobank notes, as growth via mergers and acquisitions is a tried-and-trusted strategy for most of the companies present in the Top 20. Nevertheless, all this M&A activity left the top three unchanged, although the gap between numbers one and two continues to narrow.

FrieslandCampina entered the top five, with Dairy Farmers of America dropping out.

Nestlé remains the world’s largest dairy company with turnover of $24.3 billion. It is followed by Lactalis ($20.8bn); Danone ($18.0Bn); Fonterra ($14.3bn); and FrieslandCampina ($13.8bn).