Yili secures position in global top five in Rabobank’s 2024 dairy rankings

CHINA – Yili, Asia’s leading dairy brand, has secured its position among the top five on Rabobank’s annual Global Dairy Top 20 list, released on August 26, 2024.

The achievement follows Yili being named the world’s most valuable dairy brand in a report by Brand Finance on August 20.

Yili has maintained its status as Asia’s top dairy company for 11 consecutive years and is the only Asian brand to break into the global top five.

Rabobank’s Global Dairy Top 20 list is a highly respected ranking within the dairy industry, evaluating the world’s leading dairy companies based on sales and financial performance. Despite intense competition this year, Yili not only held its position but also strengthened its global presence.

Yili’s success is attributed to its continuous expansion of global value chains and its unwavering commitment to innovation, quality, and operational efficiency.

The company has enjoyed 31 consecutive years of revenue growth, establishing itself as a global dairy powerhouse. In 2023, Yili reported a record-breaking revenue of 126.179 billion yuan (US$17.7 billion) and a net profit of 10.429 billion yuan(US$1.4 billion).

Yili’s international expansion has also been noteworthy, with a 10.08% year-over-year increase in international revenue. The company’s sub-brands, Cremo and Joyday, have gained substantial traction in Southeast Asia, and Yili has successfully penetrated the African market.

According to the report, Yili’s products are available in over 60 countries and regions, underscoring the growing global demand for its offerings.

In the first quarter of 2024, Yili reported a total revenue of 32.577 billion yuan and a net profit of 5.923 billion yuan, demonstrating its robust growth trajectory.

Rabobank’s report emphasizeed that the global dairy market continues to grow, with companies like Yili leading the charge in high-quality development.

Meanwhile, Yili Group’s net profit attributable to the parent company reached a record-high growth of 19.44% year-on-year (YoY) to 7.531 billion Chinese yuan (US$1.06 billion) in the first half of 2024, setting a new record among Asian dairy companies.

The company reported a total revenue of 59.915 billion Chinese yuan (US$8.45 billion) during the same period. The liquid milk business alone recorded a revenue of 36.887 billion Chinese yuan (US$5.20 billion), continuing to lead the industry in terms of business scale and market share.

The revenue from Yili’s milk powder business and related segments increased by 7.31% YoY, reaching 14.509 billion Chinese yuan (US$2.05 billion), with sales topping the domestic market.

The ice cream business achieved a revenue of 7.322 billion Chinese yuan (US$1.03 billion), maintaining its market leadership for 29 consecutive years.

Yili’s focus on innovation is evident as it continues to pursue diversified growth strategies, with flagship new products accounting for 15.2% of total revenue.

The company’s water beverage business also saw its overall revenue double year-on-year, driving sustained business momentum.

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