Milk prices in Europe up 15% year on year through July 2025 - Rabobank
Milk prices in Europe were up 15% year on year through July 2025 according to a new Rabobank report which ranks the financial performance of the world’s biggest dairy companies and co-operatives.
Rabobank’s annual Global Dairy Top 20 report, published today (Friday, August 29) shows that Lactalis, part of the French family owned group, retained and widened its lead as the largest global dairy company.
Its number one position is based on an estimated $31.9 billion in revenue.
According to Rabobank Lactalis expanded its lead through "strategic acquisitions, including General Mills’ US yogurt business and Fonterra’s consumer and associated businesses".
It also said that larger acquisitions are in the 2025 to 2026 pipeline.
Meanwhile Nestle, which is in second position in the 2025 Top 20, continues "to face challenges" according to the latest report while Dairy Farmers of America held on to its third place ranking despite fluctuating US milk prices.
According to Rabobank Glanbia is "unlikely" to rejoin the ranks of the Global Dairy Top 20 companies list because of changes in its accounting practices according to a new report.
Glanbia had made its debut on the list in 2023 but was ejected from the Global Dairy Top 20 last year.
According to the latest Rabobank Glanbia is still on a watchlist of companies that are close to entering the Top 20.
However, since January 2024 Glanbia revised its reporting for its US joint venture under IFRS 15.
According to Rabobank "only commissions from joint venture product sales are counted as revenue, that than the gross value of sales and associated costs".
"This change reduced Glanbia's reported revenue by €1.8 billion, making a return to the Global Dairy Top 20 unlikely in the near future," the bank outlined.
According to Rabobank milk prices will continue to influence the Global Dairy Top 20.
In July farmgate prices in China were 12% lower compared to the same period in 2024.
In contrast companies with a strong presence in Europe were benefiting from higher milk prices, up 15% year on year through July.
However Rabobank has also cautioned in its latest report that the dairy industry "is poised for a shake up in 2026" with mergers and acquisitions set to significantly alter the Global Dairy Top 20 rankings.
