This paper provides an analysis of the impact of changes in the factors of the external environment, caused by significant events in the period 2011-2021, on the strategic decisions of leading companies in the Croatian dairy industry. The observed period is marked by a number of significant changes and crises: the global financial crisis, Croatia's accession to the European Union, the crisis of the biggest domestic food conglomerate Agrokor and the COVID-19 pandemic. These events significantly influenced the factors of the external environment, created opportunities and threats through a high rate of emigration, integration into the EU single market, reduction of domestic milk production, adoption of Lex Agrokor and disruptions in supply chains. Therefore, a strategic management approach through continuous scanning of the external environment is necessary in order for companies to take advantage of opportunities and eliminate threats from the volatile environment. Making the right strategic decisions by using one's own strengths and minimizing weaknesses ensures the achievement of company goals, long-term business success and makes the difference between winners and losers. In the observed period, the total processing of milk decreased by 13%, with a large increase in the trade deficit of dairy products after accession to the EU. From the above, it is possible to conclude that the domestic dairy industry failed to take advantage of entering the single European market through strategic decisions, nor to compensate for the negative impacts of demographic changes. The market shares of the leading companies did not change significantly in the observed period, with the exception of Meggle, which at the end of the period applied a retrenchment strategy and disinvested its production, thus becoming a loser in the competition. By using the internal environment of the Lactalis Group and successfully implementing the growth strategy, Dukat consolidated its leading position and became the winner of the competition in the observed period.