Chinese dairy giant Yili held on to its place among the world's top 10 dairy manufacturers. It reported sales of $8.6bn (€6.5bn) in 2014 - up from $7.6bn in 2013.
Its Chinese rival, Mengniu, climbed three places to eleventh in the Rabobank Dairy Top 20.
Yili and Mengniu have "staged a remarkable ruse up the ranks of the world's largest dairy companies in the last decade," said Rabobank.
This ascension - achieved "largely through organic growth" - is, however, now slowing, it warned.
"...the ascent of Chinese companies up our table is thus likely to be far slower in coming years unless organic growth is supplemented by acquisitions of other dairy businesses inside and/or outside of China," it wrote.
Making up the rest of the Rabobank Global Dairy Top 20 are:
12. Unilever - Netherlands/UK - $7.7bn, €5.8bn
13. Sodiaal - France - $7.2bn, €5.4bn
14. Deutsches Milchkontor (DMK) - Germany - $7.1bn, €5.3bn
15. Savencia (formerly Bongrain) - France - $6.1bn, €4.6bn
16. Kraft Foods - USA - $6bn, €4.5bn
17. Meiji - Japan - $5.6bn, €4.2bn
18. Schreiber Foods - USA - $5.6bn, €4.2bn
19. Land O'Lakes - USA - $5.1bn, €3.8bn
20. Müller - Germany - $5.1bn, €3.8bn