#2 Danone
Despite a slight drop in dairy sales revenue, Danone held on to second place in Rabobank's Dairy Top 20.
The Paris-based dairy processor reported sales revenue of $19.4bn (€15.1bn) - down on the $19.5bn achieved in 2011.
In June 2012, Danone issued a profits warning for the year - reducing its operating margin target to account for the collapse of dairy product consumption in Spain and other recession-hit Southern European markets.
