Lots traded in NZX Dairy Futures have now exceeded 10,000, with half those trades occurring in the past six weeks.
NZX launched its dairy futures market with whole milk powder futures in October last year, followed by skim milk powder and anhydrous milk fat futures early this year.
Volume grew gradually over the 12 months, hitting 5000 lots traded almost bang on the one-year anniversary of the start of trading, NZX derivatives manager Kathryn Jaggard said in a statement.
The next 5000 lots had come much more quickly, helped along by a recent surge in the number of lots traded in anhydrous milk fat futures, showing the market was broadening and deepening.
Dairy futures trade had been strongly supported by global futures firms and NZX trading and clearing participants FCStone and BNP Paribas.
Earlier this year, NZX derivatives participant OMFinancial joined the market, with the most recent addition being NZX participant First NZ Capital. Average daily volume across all three contracts was now nearing 150 lots.
The growth in dairy futures trading on the NZX platform, in just over one year, had been "nothing short of impressive", FCStone foods division vice-president Robert Chesler said.
The need was clearly present and he was confident it would translate into continued growth of NZX Dairy Futures and options markets by global participants with risk exposure tied to globally traded dairy products.
The position NZX was carving out with the leading dairy futures products created for New Zealand the possibility of a broad based dairy complex across both fundamental and financial markets, NZX chief executive Mark Weldon said.
"Getting to that point - as Chicago has with grain - is the long-term goal for NZX and we are well on the way to getting there."
For NZX as a company, dairy futures was key to its strategy. It was a globally relevant product that was attracting participation from all around the globe to its markets.
The growth potential remains significant and was something the entire organisation was excited about, Mr Weldon said.
In addition to the existing suite of dairy futures contracts, NZX is to launch options on whole milk powder (WMP) futures on Wednesday. WMP options will be the first of a suite of dairy options contracts.
