Fonterra, a New Zealand multinational dairy firm, is upgrading its facility in Spreyton and Wynyard in Tasmania, Australia, with an investment of $6m, as part of its strategy to woo dairy farmers to supply milk to the company.

According to Fonterra Australia managing director Simon Bromell, the growing demand from Asian countries will lead to increased market for milk and milk products, and over the next ten years, this demand is likely to double, reported abc.net.au.

The company plans to ask its present milk suppliers to increase their supply and will sign more contracts in the next few years in order to meet this demand.

Bromell added that Tasmania is ready to be benefitted from the enormous growth in the dairy sector and farmers can hope to get good prices for their products.