The Rabobank Global Dairy Top 20 2020, is the latest survey of the world’s largest dairy companies in 2019. Merger and acquisition activity during 2019 totalled 115 deals, three more than in 2018. Dairy Farmers of America acquired the previous ranked 11 Dean Foods in early 2020, boosting year-on-year sales by 47.5 percent. Increasing fierce competition in China’s domestic market forces companies to look for overseas growth but this is becoming more challenging. For example China’s largest dairy company Yili realized year-on-year growth of nearly 20 percent due in part to its acquisition of the New Zealand based Westland cooperative. However: Nestlé divested some of its non-core dairy assets and sold its USD 1.8 billion (10*9) US-based ice cream business along with other assets. Organic growth was not enough to retain Danone’s ranking and moved to the fourth position. To compare: in 2017 Danone ranked position 2 after several acquisitions in that year. Consolidation of key dairy assets by Fonterra and and FrieslandCampina resulted in lower year-on-year sales in both US dollars and euros and each lost two positions in this rank. Arla Foods also dropped two positions in this rank but did manage to post a year-on-year gain in euros. Dairy farmers in New Zealand and Europe are facing greater environmental constraints which are limiting growth of their dairies also. Because of that their dairies are likely to focus on value strategies and rationalization of plant capacity. Entering the Global Dairy Top 20 this year, from the world’s largest milk producing country India is Gujarat Co-operative Milk Marketing Federation with USD 5.5 billion in 2019, up 17 percent from the prior year.