Recently, Rabobank published its annual Global Dairy Top 20 report, indicating the top three companies unchanged (although the gap between numbers one and two continues to narrow). For the third year in a row, there are no new entrants in the list, due to a lack of elephant deals over the past 18 months.

"Yili leapfrogs Saputo and moves into eighth place, with sales up 13.4% YOY in US dollar terms, while its second large acquisition in New Zealand, Westland Milk, is still pending. Yili also acquired a Thai ice cream brand and teamed up with a biotech company to develop new, innovative IMF products"

"Increasingly fierce competition in the domestic market forces Chinese Yili and Mengniu to look overseas for growth. The premiumization strategy of the two Chinese players led to a combined sales growth of 15% YOY in 2018 in US dollar terms, compared to 9% in 2017."

"Mengniu recently announced a strategic partnership with Uruguayan dairy producer Conaprole for trading dairy products. In its home market, Mengniu will sell its majority stake in Junlebao, which operates more locally and focuses on mass market offerings."



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