The Australia's dairy industry is Australia's third largest rural industry, ranking behind wheat and beef . Australian dairy is a $13 billion farm, manufacturing and export industry. With a farm gate value alone of $4 billion, Australia is a small producer of milk but is the world's third largest dairy exporter as 50% of production is exported. Australia produces a range of dairy products including milk, milk powder (including infant formula), yoghurt, butter and cheese. The Australian Dairy export market is worth AUD$2.6 billion per year.