Rabobank’s annual ranking of Global Dairy Top 20 companies shows that the combined turnover of the top 20 companies jumped by 9.3 percent in US dollar terms, following the prior year’s decline of 0.1 percent. In euro terms, the combined turnover increased by 5.0 percent. Strategic repositioning and merge and acquisitions activities, for example, resulted in the entry of Froneri and the departure of Kraft Heinz in the ranking. The second half of the leader board remains crowded with less financial separation between the companies. In 2020, eight companies in the second half of the table were separated by less than USD 1.0 billion. This year, four companies are within USD 0.15 billion in sales. With numerous product launches, dairy alternatives, ranging from beverages, yogurts, frozen desserts, cheese, and hybrid products, have become more common in the product portfolio of the Top 20 companies, making it more difficult to extract pure dairy revenues. As a result, the designation of dairy is also becoming much more blurred. Dairy cooperatives were passed by private companies. The four global cooperative giants are bunched in the sub-top of this year’s ranking. Each is facing some degree of limitation for organic growth in their domestic market. Gradually, more dairy companies are aligning their climate ambitions with the Science Based Targets initiative (SBTi). To date, eight of the Top 20 companies have made a public commitment to (some of) the SBTi targets or have targets that are considered aligned with SBTi. Dairy companies are working on their climate and sustainability targets for 2030, but also adding net-zero ambitions for 2050.