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Rabobank has published its annual Global Dairy Top 20, highlighting the 2022 industry leaders in the dairy sector. Compared to last year's top 20, five companies have dropped down, six moved up, and the rest maintained the same position, with Lactalis holding on to the top spot. The top five companies are:

1. Lactalis

2. Nestlé

3. Danone

4. Dairy Farmers of America

5. Yili. Danone and Dairy Farmers of America have switched places, compared to the 2021 results. Among the companies that have slipped down the ranking in 2022 were FrieslandCampina and Arla Foods. FrieslandCampina has dropped from #7 to #8, while Arla Foods slipped from #8 to #9 place. At the same time, Müller was among those that jumped up the ranking, from #20 position in 2021 to #17 in 2022. Meanwhile, Froneri is the new company to join the top 20 this year. Rabobank said: "The combined turnover of the Global Dairy Top 20 companies jumped by 9.3% in US dollar terms, following the prior year's decline of 0.1%...Merger and acquisition activity by Top 20 companies remained relatively stable in 2021 compared to the prior year, but dropped in the first half of 2022, with about 10 deals announced versus the prior year's approximately 30 deals."