Food and Beverage is a crucial industry that directly addresses the most basic human needs. That’s why food and beverage companies could grow to such astronomical size. However, with many crises and conflicts around the world, the 2023-2024 period will be a challenge for the food and beverage industry.
In 2023, the largest companies in the Food and Beverage industry are Nestle, PepsiCo, Cargill, and ADM. We’ll take a closer look at the world’s top 10 largest Food and Beverage Companies in this article.
Food and beverage industry overview
In 2023, the global Food and Beverage industry reached the a total market size of $7.2 trillion USD. 2023’s CAGR growth rate is 7.3%. But with recent events, 2024 outlook is slightly negative, lowering the growth rate to 6.3%.
The Food and Beverage Industry includes all companies involved in the production, distribution, marketing and retailing of all food stuff and drinks. They transform the raw agricultural output into the final consumable products.
The industry can be divided into the food industry (food production) and beverage industry (beverage production). This definition does not include the Food and Beverage Service Industry (like restaurants, cafes, fast food chains, etc.). Because by definition, they provide dining/eating out services for end users only.
This industry is constantly looking for new ways to produce the food consumers want at the lowest possible price, from new products to higher-volume, lower-cost production techniques.
And critical equipment is available at all times. The food and beverage industry relies on industrial-scale food production equipment ranging from simple ovens and conveyor belts to complex bottling and packaging machines.
World’s largest food and beverage companies
The top 10 world’s largest food and beverage companies are
- Nestle ($99.32 billion USD)
- Pepsico ($86.39 billion USD)
- Cargill ($165 billion USD)
- ADM Company ($96.8 billion USD)
- Coca-cola ($43 billion USD)
- AB InBev ($57 billion USD)
- JBS S.A. ($72.6 billion USD)
- Mondelez ($35.3 billion USD)
- Danone ($29.1 billion USD)
- Diageo plc ($21 billion USD)
Let’s take a look at these dominant players in the food and beverage industry.
1. Nestle
Nestle’s total revenue is $99.32 billion USD in 2022. It is the world’s largest food and beverage company.
Nestle – a Switzerland based FnB company – manufactures and sells all kinds of processed food and beverage products, from dairy products, baby food, snacks, bottle water, to frozen food and so on.
Nestle could maintain its lead in the industry as sales of its frozen staples such as Hot Pockets, Stouffer’s, and DiGiorno increase alongside coffee brands such as Nespresso. The Swiss-based conglomerate sees 30% of its sales from the United States and has added overtime shifts to many of its nearly 70 US factories to meet increased demand.
Nestle has a significant market share in categories such as coffee, tea, water, powdered drinks, pet food, milk products, and ice cream. It also owns slightly over 23% of the stock of the French cosmetics company L’Oreal.
A product of Nestle
The company’s net sales increased by 1.2% to $95.3 billion, with the food business, including milk and ice cream, nutrition and health science, prepared dishes and cooking aids, confectionery, and pet care segments reporting combined revenue of $63.8 billion.
In 2019, the company transitioned its ice cream and pizza businesses in the United States from a direct-store-delivery network to a warehouse distribution model.
2. Pepsico
Pepsico’s total revenue in 2022 is $86.39 billion USD.
PepsiCo, headquartered in Purchase, New York, was founded in 1898 by pharmacist Caleb D. Bradham. When the Pepsi-Cola Company and Frito-Lay, Inc. amalgamated in 1965, the company was renamed PepsiCo. PepsiCo is one of the world’s largest corporations, with products sold in over 200 countries. PepsiCo, besides its eponymous product, Pepsi, is the tycoon behind a slew of brands such as Gatorade, Tropicana, and Quaker Oats, to name a few.
PepsiCo was founded in 1898
PepsiCo’s revenue in 2019 was $67.16 billion, with food revenues accounting for $36.26 billion, primarily driven by Frito-Lay North America sales (FLNA). In Latin America, the snacks and food division generated roughly 90% of the region’s total revenue.
3. Cargill
Cargill’s total operating revenue for 2022 is $165 billion USD.
However, most of these revenue comes from agricultural services and other grain trade business.
Cargill, headquartered in the United States, employs 155,000 people and operates in 70 countries across North America, the Middle East, Europe, Africa, and Asia.
With strong demand for beef and eggs propelled Cargill’s protein business segment in North America to grow. To meet the growing demand for protein, particularly in Asia, the company is investing in developing and expanding multiple facilities in various Chinese provinces. With new acquisitions, it is also diversifying its protein business and expanding its food ingredients and applications business.
Cargill adapted its manufacturing operations and supply chains to the shift in consumer demand during the COVID-19 crisis, reporting a 3% increase in first-half revenue in 2020 compared to the same period in 2019.
4. Archer Daniels Midland Company
ADM Company’s revenue is $96.8 billion USD for fiscal year 2023.
ADM is a multi-national food processing company headquartered in Chicago, Illinois, with 70 countries across North America, South America, Europe, the Middle East, Africa, and Asia.
Archer Daniels Midland Company (ADMC), which has roots dating back to 1902, has been on an acquisition spree for the last few decades. According to its website, ADM most recently gained Neovia, a brand focused on animal feed, for €1.544 billion (approximately $1.9 billion). ADM has 450 crop procurement locations worldwide, over 300 food and feed ingredient manufacturing plants, and over 60 innovation centers.
The headquarter of Archer Daniels Midland Company
Agricultural services and oilseeds, nutrition, carbohydrate solutions, and other business segments are among ADM’s offerings. The extension of the biodiesel tax credit (BTC) for 2018 and 2019 resulted in significant revenue growth in the agricultural services and oilseeds segment, which earned approximately $270 million in net operating profit.
The carbohydrate solutions segment generated an adjusted operating profit of $644 million in 2019, thanks to lower manufacturing costs and higher income from co-products in North America. Margins in emulsifiers and edible beans were under pressure in the nutrition segment, but continued margin growth in proteins saved the day.
5. The Coca-cola Company
Coca-cola’s total revenue is $43 billion USD for 2022.
The Coca-Cola Company is a multinational beverage corporation founded in 1892 in America, with the flagship brand name product Coca-cola.
Besides this iconic drink, the company also owns many other famous beverage brands like: Sprite, Fanta, Dasani, Minute Maid, Simply Beverages, and Schwepper.
Despite having grown and succeeded around the world, Coca-cola’s flagship market is still North America, accounting for 34.7% of Coca-cola’s total global sales by regions in 2020.
And among these NA sales, 44% of the company’s revenue comes from Coca-cola products, 20% comes from other sodas, 23% comes from other non carbonated soft drinks and 13% from dairy & plant-based beverages.
6. AB InBev
AB InBev’s total revenue in 2022 is $57 billion USD.
AB InBev (Anheuser-Busch InBev SA/NV), is a multinational beverage company based in Belgium. They specialize in drink manufacturing and brewing. AB InBev is the largest beer brewer in the world.
AB InBev’s brand portfolio consists mainly of brewing companies, with many major names like: Budweiser, Bud Light, Busch, Corona, Beck’s and Hoegarrden.
Their main markets are North, Middle and South Americas, with South America($16.4bn) contributing the highest portion of revenue in 2022 (North America $10.2bn, Middle America $14.7bn).
7. JBS S.A.
JBS S.A.’s total revenue for 2022 is $72.6 billion USD
José Batista Sobrinho is the world’s largest meat processing company, headquartered in Brazil (in terms of sales). The company processes beef, pork, lamb, and chicken and produces value-added and convenience food products. Brazil, Seara, Beef USA, Pork USA, Chicken USA, and others are the business segments.
JBS is a leader in meat processing
It employs over 240,000 people and serves 80 countries across six continents, including North America, South America, Europe, and Australia.
JBS is one of the largest food and beverage companies with its headquarters in So Paulo, Brazil. JBS had 150 industrial plants worldwide as of 2017 and has a workforce of 242 000 people. The company’s revenue was $51.7 billion in 2020.
8. Mondelez
Mondelez ’s total revenue is $35.3 billion USD in fiscal year 2023
Mondelez International Inc., as one of the largest food and beverage companies on the list, is a multinational American confectionery, food, holding, beverage, and snack food company headquartered in Chicago, Illinois. Mondelez generates approximately $26 billion in annual revenue and operates in approximately 160 countries.
The company operates in approximately 80 countries and employs approximately 80,000 people. It operates 126 manufacturing and processing plants in 44 countries.
A product of Mondelez International, Inc.
In 2019, the company generated approximately 74.4% of its net revenues outside of the United States. Higher net pricing and favorable volume or mix drove organic net revenue growth. Mondelez bought out most Perfect Snacks in 2019 and Tate’s Bake Shop in 2018.
9. Danone
Danone’s revenue was $29.1 billion USD for fiscal year 2022.
Industrial yogurt was invented in the early 1900s by Isaac Carasso, a researcher at the French Pasteur Institute. The company Danone was named after his son, Daniel Carasso, who was heavily involved in its development. With brands like Silk and Evian in its portfolio, the company has grown into a global powerhouse.
Danone S.A. is a multinational food corporation based in France. It is organized into four divisions: Fresh Dairy Products, Waters, Early Life Nutrition, and Medical Nutrition.
Danone employs 102 449 people, and generated €28.3 billion in sales in 2020, with products sold in over 120 markets. They have a market capitalization of $45 billion. Danone’s brand portfolio comprises both international and local brands. Actimel, Alpro, Aptamil, Danette, Danio, Dannon, Danonino, Evian, Nutricia, Nutrilon, and Volvic were among Danone’s international brands in 2018.
10. Diageo plc
Diageo plc’s total revenue in 2023 is $21 billion USD.
Diageo plc is a global British alcoholic beverage company based in London. It is the top whiskey exporter in the world.
Diageo plc focuses on delivering alcoholic beverages and other spirits, such as Scotch whiskey, Whiskey, Vodka, Tequila, Gin, Rum, Beer, Wine and others.
Diageo’s distilleries produce nearly 40% of all Scotch whisky in the world, with brands like Johnnie Walker, J&B and Old Parr.
They also own other prominent spirits brands and breweries like Guiness, Smirnoff, Baileys liqueur, Captain Morgan rum and Tanqueray and Gordon’s gin.
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