The giant New Zealand co-operative lifted its ranking from number 19 in the IBISWorld listings, easily leading other major dairy processors that also ranked in the top 1000.

The IBISWorld rankings are based on company revenue from the most recent fiscal year. Fonterra posted revenue of $20.5 billion and a 19.7 per cent increase in profit after tax.

The ranking was based on the 2013-14 financial year, before Fonterra ran into a period of low commodity prices and poor seasonal conditions that forced it to substantially reduce its farm gate milk price for this season.

Fonterra is the world’s largest dairy exporter and recently invested more than $700 million to buy an 18 per cent stake in Chinese food giant Beingmate. It also has farming interests in China.

Murray Goulburn came in at number 130, up from 158th spot last year, with revenue of $2.9 billion and profit up by 23.4 per cent.

Bega Cheese made it to position 358, up from 391 last year. Bega’s revenue was $1.15 billion and its profit grew by 13 per cent.

The Midfield Meat Group split the dairy processor rankings, coming in between Bega Cheese and Warrnambool Cheese and Butter. The Warrnambool-based meat processor was a big improver, lifting from 649 to 523 on revenue of $745 million and profit growth of 4.8 per cent.

The Midfield Group is made up of several subsidiaries, underpinned by the Warrnambool abattoir.

Warrnambool Cheese and Butter came in at number 600, up from 688. The listing was based on the year when the company was hotly pursued in a takeover contest and eventually bought by Canadian-owned Saputo.

Fonterra was the highest ranked company in the food sector, easily outstripping Coca-Cola Amatil at number 71, Lion Nathan National Foods at number 72, GrainCorp at 91 and Australia’s biggest meat processor JBS at number 105.

McDonald’s Australia, for all it ubiquitous presence, came in at only 248, having slipped from number 230 the previous year.