(NAFB.com) – RaboResearch’s annual Global Dairy Top 20 report reveals a year of modest gains and strategic shifts within the dairy sector. The report, which analyzes the financial performance of the world’s leading dairy companies, indicates a slight 0.3 percent increase in combined turnover in U.S. dollar terms, a stark contrast to the previous year’s 8.1 percent growth. The report attributes the deceleration in revenue growth to lower milk prices in 2023 compared to 2022. This trend particularly affected European cooperatives, and seven companies worldwide reported lower revenues in their local currencies. In the U.S., dairy companies are focusing on internal growth rather than acquisitions, with over $7 billion planned for new plant construction and expansions from 2023 through 2026, mainly in cheese production. Milk production is expected to grow again in 2025 after three straight years of stagnation. This trend contrasts with other regions where plant closures are more likely.