European dairies Nestlé, Danone and Lactalis made up the podium in the latest Rabobank Dairy Top 20. Can you guess how the likes of Fonterra, Saputo, Yili and Mengniu lined up?
Despite a fall in dairy sales revenue, Nestlé held on to the top spot in Rabobank's Dairy Top 20.
The Switzerland-based food and beverage giant reported dairy sales of US$28.3bn (€21.3bn) in 2013, down from US$30.1bn (€23.4bn) the previous year.
Rabobank labelled 2013 "a challenging year for most of the world's major dairy companies," adding that acquisitions have become a "more attractive route to grow sales."
While it completed no major acquisitions in 2013, Nestlé did plough money into its ice cream operations in Egypt, expand its manufacturing presence in China, and invest in improving its dairy distribution in Brazil.
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