Fonterra appears to have safely retained its spot in the tight five at the top of the international dairy company stakes.
But the company has queried the turnover figure attributed to it in a report on a Leatherhead International study.
According to Leatherhead, Nestle still headed global dairy rankings withsales of US$18.7 billion ($31.5 billion) in 2005, compared with US$10.5 billion for its closest rival, America's Dean Foods.
Fonterra ranked fifth, at US$8.69 billion, behind Danone (US$8.94 billion), and Dairy Farmers of America (US$8.91 billion).
But Fonterra queried the $14.47 billion turnover figure, saying its most recent published annual turnover figure was $12.3 billion.
However, it still appeared to be ranked number five, even with the lower figure.
Meanwhile, Leatherhead's study said the top firms - including Fonterra - had become even larger due to continued acquisitions.
The study profiled 34 leading companies and said there had been 22 completed merger and acquisition deals in 2003, 19 in 2004, 16 in 2005 and seven so far in 2006.
Most of these deals involved cross-border purchases and brands were also becoming more international.
Some companies, such as Fonterra, had reorganised their product ranges in recent times in order to reduce the number of their brands and ensure their strongest lines were available on a multinational level.
Key trends in new product development included substitution of value-added dairy products in place of commodities, often through the introduction of healthy ingredients or more convenient formats.
