Saputo
Canadian firm Saputo has leapfrogged its US rival Dean Foods to become the eighth largest dairy business in the world.
Its turnover of £5.28bn is derived from its brands of cheese, liquid milk and powdered milk, yogurts, butter and bakery products.
Rabobank attributed its rise up the list to several recent acquisitions.
The Montreal-based business has production sites in Canada, the US, Argentina and Australia and exports to 20 countries.
Last year, the firm closed its Carmarthenshire cheese manufacturing plant, with the loss of 70 jobs.