The Rabobank Global Dairy Top 20 2016, the latest annual survey conducted by the bank, reveals that China's largest dairy producer Yili ranks eighth among the global dairy firms.

Although low dairy commodity prices and currency movements have greatly affected the global dairy industry, Yili still shows strong growth, moving up to No. 8 from No. 10 last year. This is the highest ranking ever in the history of the Chinese dairy industry and the Asian dairy industry.

China's other dairy giant, Mengniu, maintained its position from last year at No. 11.

The top three positions were held by Nestle from Switzerland – at No. 1 – and two French companies.

The survey is based on turnover of dairy companies through 2015 financial data and M&A transactions completed between January 1 and June 30 2016.

Let's take a look at the top 10 dairy companies in the world.

 Dean Foods

Dean Foods [File photo]

Country of headquarters: United States

Diary turnover: US$8 billion

Rank in 2015: 9