Rabobank says the global dairy pie is shrinking.
Strategist Kevin Bellamy reports the top 20 dairies in the world had combined sales of 194 billion dollars, U-S, in 2015.
That's down 13 per cent from 2014.
Bellamy blames low dairy commodity prices and currency movements.
He also says China's economic growth slowdown has seen the world's largest dairy companies look for new horizons to develop - and Africa is now definitely on the map for that.
This year's Rabobank Global Dairy Top 20 list has Nestle, Lactalis and Danone as the top three - unchanged from a year ago.
They had sales of 25 billion, 18 point 3 billion and 16 point 7 billion dollars, respectively, in 2015.
Two Canadian-based dairies made the list.
Saputo moves up from 9th to 8th spot with 8 point 6 billion in sales.
Agropur comes in at number 20 with sales of 4 point 6 billion dollars.
Agropur was not on the 2015 list.
