Fonterra has kept its fourth place in Rabobank's list of the top 20 global dairy companies, despite a tough year dealing with the false botulism alarm and resulting product recalls.
Rabobank's placing of the New Zealand dairy cooperative is based on a 2013 turnover of $US15.3 billion, down on $US16 billion the previous year.
Swiss dairy giant Nestle remains in the top spot, with a turnover of more than $US28 billion.
French companies Danone and Lactalis held on to second and third places with sales of more than $US20 billion and $US19 billion.
The Top 20 list also shows the rapid growth of Chinese dairy companies Yili and Mengnui.
Yili, which is building a new infant formula processing plant at Morven in South Canterbury, has broken into the top 10 for the first time, rising from 12th with turnover of $US7.6 billion. Mengniu has risen from 15th to 14th place.
