Nestle continues to be the world's largest dairy company.
That's according to an annual rating put together by Rabobank.
The Swiss-based company posted sales of about 28 billion dollars, U-S, in 2014.
Canada's Saputo is ranked 8th - same as last year - with sales of just under 10 billion, U-S.
Rabobank estimates the world's top 20 dairies posted combined sales of 223 billion dollars, U-S, in 2014.
That's up about 5 per cent from 2013.
But the bank points out with retail dairy price inflation running at 4-5 per cent in key markets in 2014, the real inflation-adjusted growth in sales was very weak.
Rabobank says there are three main reasons for that.
One is that slow economic growth and high pricing ensured only fractional volume growth in the key EU, US and Chinese dairy markets in 2014.
The value of sales in many emerging markets was also devalued by the depreciation of their currencies.
And the bank says there was a scarcity of large acquisitions or mergers by the world's top 20 dairy companies during the last 18 months.
