The 4m dairy cows that roam the lush New Zealand countryside have helped to turn Fonterra into the world’s top dairy exporter. Now, with a near monopoly at home, the 125-year-old co-operative is pushing deeper into foreign markets.

The New Zealand herd produces about 15bn litres of milk each year of which about 90 per cent is processed into milk powder, cheese, butter and other products for export. With an estimated 34 per cent of the world dairy trade, Fonterra has become New Zealand’s lone global champion, accounting for one-fifth of the nation’s exports.

In an interview, Andrew Ferrier, Fonterra chief executive, tells the Financial Times that China, Brazil and India – countries where the company has either established farms or hopes to soon – are particularly promising.