The global dairy market has exceeded the $1 trln mark

Global trade in this sector is expected to reach $1.5 trillion by 2034, with a compound annual growth rate (CAGR) of 4.38%.

“Growth is partly driven by rising demand for dairy products in developing countries. The popularity of protein-rich foods is boosting demand for dairy proteins. The Asia-Pacific region leads in dairy consumption, with India as the largest consumer, while China is increasing its consumption of cheese and yogurt,” experts say.

At the same time, ample milk supplies continue to put pressure on dairy prices.

“Mergers and acquisitions are thriving in the dairy sector, as larger players seek to secure long-term prospects and financial stability. Consolidation helps achieve economies of scale, reduce costs, and improve access to higher-margin premium products,” analysts add.

Lactalis remains the largest dairy company globally, with revenue exceeding that of its closest competitor, Nestlé, by more than $10 billion.

Top 10 global dairy companies:

• Lactalis — $35bn (FY2024), 3.5% market share
• Nestlé — $24bn (est. 2025), 2.39%
• Dairy Farmers of America — $23bn (FY2024), 2.3%
• Yili Group — $16bn (FY2024), 1.6%
• FrieslandCampina — $15.57bn (FY2025), 1.55%
• Fonterra — $15.3bn (FY2025), 1.52%
• Danone — $15.2bn (FY2025), 1.51%
• Arla Foods — $15.1bn (FY2025), 1.5%
• Saputo — $14bn (FY2025), 1.39%
• Mengniu Dairy — $12.8bn (FY2024), 1.27%

Tags: dairy products