2025 Global Top 100 Food & Beverage Companies

On February 11, 2026 (Beijing Time), FBIF officially released the FBIF 2025 Global Top 100 Food & Beverage Companies (the “FBIF 2025 Global Top 100”).

This is FBIF’s first global ranking of leading food and beverage companies.

At present, major global food and beverage rankings are still incomplete. Many Chinese companies, along with food and beverage businesses from several other countries, are not fully represented.

To fill this gap, FBIF ranked companies based on their global food and beverage revenue in 2024 or fiscal year 2024. FBIF reviewed 292 large-scale food and beverage companies worldwide and selected the top 100 by food and beverage revenue, aiming to provide a more complete global industry reference.

The ranking only includes revenue from food manufacturing businesses.Product categories are mainly based on the Food Production License Classification Catalogue released by China’s State Administration for Market Regulation in March 2020, with food additives excluded.Detailed methodology and statistical principles are provided at the end of the Top 100 list.

To obtain the Excel version of the FBIF 2025 Global Top 100 — including revenue data, profit, growth rates and data sources — please reply “2025 Global” to the FBIF WeChat Official Account (not in the comment section).

Further in-depth analyses based on the FBIF 2025 Global Top 100 will be released at a later stage.

Key Highlights of the Ranking

Top 10 Landscape: Clear Differentiation Among Leading Players

In the FBIF2025 Global Top 100, the top 10 companies are PepsiCo, Nestlé,ABInBev, TheCoca-Cola Company, Heineken,MondelēzInternational, Lactalis Group, Danone, The Kraft Heinz Company, and Kweichow Moutai.

There is a clear gap in revenue among the top 10 companies.

Among the top four, PepsiCo ranked first with RMB 660.356 billion in revenue for fiscal year 2024, followed by Nestlé (RMB 579.609 billion),ABInBev(RMB 429.636 billion), and The Coca-Cola Company (RMB 338.293 billion).The revenue gap among the top four is significant.

By comparison, the differences in revenue between companies ranked 5th to 10th are smaller. Heineken, Mondelēz International, Lactalis Group, and Danone — ranked 5th through 8th — each reported revenue between RMB 200 billion and RMB 300 billion.

Revenue Scale and Growth: Diverging Performance Trends

In terms of performance among the top 10 companies in 2024 (or fiscal year 2024), Nestlé, Heineken, and The Kraft Heinz Company reported year-on-year revenue declines, while the remaining seven achieved positive growth.

Specifically, Nestlé, ranked second, recorded a 0.22% year-on-year decline in revenue. Kweichow Moutai, ranked tenth, achieved a 15.89% year-on-year increase, representing the highest growth rate among the top 10 companies.

Geographic Distribution: The U.S. Ranks First, China Second

The United States leads the ranking with 31 companies, followed by China (13 companies), Japan (9 companies), and France (6 companies).

The FBIF 2025 Global Top 100 includes companies from 25 countries across Asia, Europe, North America, South America, Oceania, and Africa. The list covers both developed and emerging markets.

Companies from emerging markets such as Nigeria, Indonesia, and Brazil are also included.

13 Chinese Companies on the List:Focused on Alcohol, Beverages and Dairy

Thirteen Chinese companies are included in the FBIF 2025 Global Top 100. Most of them are concentrated in alcoholic beverages, soft drinks, and dairy.

Alcohol companies account for the largest share, with six companies on the list. In 2024, Kweichow Moutai reported revenue of RMB 170.612 billion, ranking first among Chinese companies. Other alcohol companies on the list include Wuliangye and China Resources Beer.

Beverage and dairy companies follow in number. In beverages, Wahaha Group, Nongfu Spring, and Swire Coca-Cola are included. In dairy, Yili Group and Mengniu Dairy also made the ranking.

By comparison, only Master Kong represents diversified food businesses among Chinese companies on the list.

Entry Threshold: Annual Revenue of RMB 30.033 Billion

The entry threshold for the FBIF 2025 Global Top 100 is an annual revenue of RMB 30.033 billion.

When grouped by RMB 10 billion revenue intervals, the largest number of companies—19 in total—fall within the RMB 40–50 billion range. This is followed by 18 companies in the RMB 30–40 billion range and 14 companies in the RMB 80–90 billion range.

Top 100 List and Ranking Methodology

FBIF 2025 Global Top 100

Notes:

“Est.” indicates estimated performance; “FY” indicates that the company’s fiscal year performance is used; “(2023)” indicates that 2023 performance data is applied.

For detailed data sources and estimation methodologies, please refer to the Excel version of the list, which includes a dedicated explanation of data sources and calculation assumptions.

* Performance: 2024 food-related revenue

E=Estimate | FY=Fiscal Year

Figures in millions. All currency in USD unless indicated otherwise.

“FBIF 2025 Global Top 100” is ranked by revenue in RMB equivalent at relevant exchange rates.

Rank | Company | Revenue (U.S. dollars) | Revenue（Currency Unit in Annual Report）

1 | PepsiCo | 91854 FY | 91854 FY

2 | Nestlé | 80631 | 72472 (CHF)

3 | AB InBev | 59768 | 59768

4 | Coca-Cola | 47061 | 47061

5 | HEINEKEN | 37642 | 35955 (EUR)

6 | Mondelēz International | 36441 | 36441

7 | Lactalis | 31722 | 30300 (EUR)

8 | Danone | 28661 | 27376 (EUR)

9 | Kraft Heinz |25846 FY | 25846 FY

10 | Kweichow Moutai | 23734 | 170612 (RMB)

11 | Unilever | 22649 | 21634 (EUR)

12 | Suntory Holdings Limited | 21983 | 3417949 (JPY)

13 | Mars | 21840 E | 21840 E

14 | Coca-Cola Europacific Partners | 21397 | 20438 (EUR)

15 | Ferrero Group | 20388 FY | 18400 (EUR) FY

16 | Diageo | 20146 FY | 20146 FY

17 | Grupo Bimbo, S.A.B. de C.V. | 19869 | 408335 (MXN)

18 | Asahi Group Holdings, Ltd. | 18905 | 2939422 (JPY)

19 | General Mills, Inc. | 17479 FY | 17479 FY

20 | Yili | 15876 | 114121 (RMB)

21 |Arla Foods | 14416 | 13770 (EUR)

22 | Keurig Dr Pepper Inc. | 14180 | 14180

23 | WH Group | 13655 | 13655

24 |Femsa Coca-Cola | 13577 | 279030 (MXN)

25 | Royal FrieslandCampina | 13529 | 12923 (EUR)

26 | Fonterra | 13560 FY | 22822 (NZD) FY

27 | Kellanova | 12749 FY | 12749 FY

28 | Pernod Ricard | 12468 FY | 11598 (EUR) FY

29 | Meng Niu | 12336 | 88675 (RMB)

30 | Saputo | 12183 | 17342 (CAD)

31 | Barry Callebaut AG | 12258 FY | 10386 (CHF) FY

32 | Conagra Brands, Inc. | 12051 FY | 12051 FY

33 | Hormel | 11921 FY | 11921 FY

34 | Red Bull | 11754 | 11227 (EUR)

35 | Molson Coors | 11627 | 11627

36 | CJ Corporation | 11623 | 16920149 (KRW)

37 | Wuliangye | 11564 | 83127 (RMB)

38 | Arca Continental | 11532 | 237004 (MXN)

39 | Coca-Cola HBC | 11259 | 10754 (EUR)

40 | McCain Foods | 11240 | 16000 (CAD)

41 | The Hershey Company | 11202 | 11202

42 | Master Kong | 11134 | 80035

43 | Kirin Group | 11035 | 1715700 (JPY)

44 | Carlsberg A/S | 10523 | 75011(DKK)

45 | Wahaha | 10127 | 72800 (RMB)

46 | ThaiBev | 10355 FY | 335150 (THB) FY

47 | Constellation Brands, Inc. | 9962 FY | 9962 FY

48 | Muller Group | 9946 | 9500 (EUR)

49 | Perdue Farms | 9800 E | 9800 E

50 | Campbell Soup Company | 9636 FY | 9636 FY

51 | Südzucker AG | 9138 FY | 9138 FY

52 | Associated British Foods plc | 8890 FY | 6771 (GBP) FY

53 | Agropur Cooperative | 8767 | 8767

54 | OSI | 8200 E | 8200 E

55 | Ajinomoto | 7913 FY | 1185300 (JPY) FY

56 | JDE Peet's | 7936 | 7580 (EUR)

57 | Kerry Group | 7836 | 7485 (EUR)

58 | Gujarat Co-operative Milk Marketing Federation | 7555 FY | 595450 (INR) FY

59 | Savencia Fromage & Dairy | 7474 | 7139 (EUR)

60 | Savencia Fromage & Dairy | 7469 | 7469

61 | Yamazaki Baking Co., Ltd. | 7419 | 1153504 (JPY)

62 | Indofood | 7297 | 115786500 (IDR)

63 | Schreiber Foods | 7200 E | 7200 E

64 | San Miguel Food and Beverage | 7043 | 400872 (PHP)

65 | Coca-Cola Consolidated | 6839 | 6839

66 | Dr. August Oetker KG | 6621 | 6324 (EUR)

67 | Gruma, S.A.B. de C.V. | 6487 | 6487

68 | Lamb Weston Holdings, Inc. | 6468 FY |6468 FY

69 | Meiji Holdings Co., Ltd. | 6227 FY | 924444 (JPY) FY

70 | LVMH Mo?t Hennessy Louis Vuitton SE | 6137 | 5862 (EUR)

71 | Lindt & Sprungli | 6084 | 5469 (CHF)

72 | Sodiaal | 6072 | 5800 (EUR)

73 | The J.M. Smucker Company | 6119 FY | 6119 FY

74 | Nongfu Spring | 5967 | 42896(RMB)

75 | Post Holdings, Inc. | 6113 FY | 6113 FY

76 | Rich Products Corporation | 5800 E | 5800 E

76 | Florida Crystals | 5800 E | 5800 E

78 | Froneri | 5791 | 5531 (EUR)

79 | Coca-Cola Bottlers Japan Holdings Inc. | 5741 | 892681 (JPY)

80 | Nisshin Seifun Group Inc. | 5681 FY | 812900 (JPY) FY

81 | ADANI WILMAR LIMITED | 5662 FY | 437820(INR) FY

82 | E. & J. Gallo Winery | 5550 E | 5550 E

83 | China Resources Beer (Holdings) Company Limited | 5375 | 38635

84 | DMK Deutsches Milchkontor | 5346 | 5106 (EUR)

85 | Anadolu Efes Birac?l?k ve Malt Sanayii A.?. | 5249 | 231354 (TRY)

86 | Barilla Group (Barilla G. e R. Fratelli S.p.A) | 5112 | 4883 (EUR)

87 | Flowers Foods | 5103 FY | 5103 FY

88 | Shanxi Fenjiu | 4991 | 35875(RMB)

89 |Grupo Lala | 4899 | 100677 (MXN)

90 | Nissin Foods Holdings Co., Ltd. | 4772 | 732900 (JPY) FY

91 |Danish Crown Group | 4904 FY | 32735 (DKK) FY

92 |Swire Coca-Cola Limited | 4716 | 36609 (HKD)

93 | pilgrim's pride | 4696 | 4696

94 | Prairie Farms Dairy | 4690 (2023) | 4690 (2023)

95 | Almarai | 4472 | 16670 (SAR)

96 | Tsingtao Brewery | 4393 | 31579 (RMB)

97 | Luzhou Laojiao | 4320 | 31053 (RMB)

98 | BRF S.A. | 4287 | 26071 (BRL)

99 | Coca-Cola Bottling Co United | 4200 E | 4200 E

100 | Brown-Forman | 4178 FY | 4178 FY

Explanation of Ranking Methodology and Data Sources

To facilitate readers’ understanding of the ranking methodology and data sources of this list, the following explanations are provided:

1. Performance Scope

(1) Scope of Revenue Included

In general, the ranking only includes revenue derived from “packaged food manufacturing”–related businesses. Product categories are primarily referenced from the Food Production License Classification Catalogue released by the State Administration for Market Regulation in March 2020 (hereinafter referred to as the “Catalogue”).

Categories related to primary agricultural products not intended for consumer end use and food additives are excluded.

It should be noted that certain products commonly regarded as “food” in daily life, but which are not included in the Catalogue and do not fall under “packaged food”, are also excluded from the statistical scope. Products generally excluded include, but are not limited to:

fresh meat, chilled meat, frozen meat and other fresh food products;

livestock products such as live pigs, live poultry, and raw milk;

offline foodservice products such as freshly prepared milk tea and freshly brewed coffee;

and non-packaged bulk foods such as loose marinated products.

In cases involving special performance circumstances, explanations are provided separately in the list.

(2) Listed Companies

For listed companies, revenue is calculated based on food manufacturing–related business segments disclosed in publicly available annual reports.

If a revenue item is categorized as “other” and its relevance to food manufacturing cannot be determined based on information from the company’s annual reports or official website, such revenue is not included in the ranking.

(3) Non-listed Companies

For non-listed companies, performance data is primarily sourced from official company disclosures (e.g., prospectuses, sustainability or social responsibility reports, official websites) and authoritative channels (e.g., mainstream media, provincial or regional top enterprise rankings).

For non-listed companies that do not publicly disclose revenue breakdowns, FBIF assesses—based on company websites, corporate information platforms, and mainstream mediareports—whether food-related businesses account for more than three-quarters (75%) of total revenue.

If so, the company’s overall revenue is adopted as food business revenue;

if not, the company is excluded from the ranking.

(4) Profit

As companies generally do not separately disclose net profit attributable to food and beverage businesses, overall corporate profit (net profit attributable to shareholders) is used uniformly for reference.

This may differ from actual food and beverage profit figures. Negative profit values indicate losses and are provided for reference only.

(5) Fiscal Year / Operating Year

For this ranking, the performance periods of most companies do not fully coincide with the calendar year, and are provided for reference.

Many companies report on a fiscal year basis, with some companies’ fiscal year 2024 spanning early 2023 to early 2024.

2. Company Coverage

(1) Scope of Companies Surveyed

To ensure the comprehensiveness of the ranking, FBIF conducted systematic research on 292 companies worldwide with annual revenues exceeding RMB 10 billion, drawing on global top 100 lists and category rankings.

Readers are welcome to provide supplementary data where applicable.

3. Data Sources

(1) Primary Data Sources

Company performance data is mainly sourced from official disclosures (e.g., annual reports, prospectuses, sustainability reports, official websites), as well as authoritative channels such as mainstream media and provincial or regional top enterprise rankings, including sources with reliable estimation methodologies.

For companies where only a revenue range can be determined, the lower bound of the range is used for ranking purposes.

To ensure fairness, transparency, and openness, data sources are disclosed in the “2024 Reference Sources” column of the Excel version of the ranking. Feedback and corrections are welcome.

(2) Data Unavailability

Companies for which no public data is available, that do not provide data, or for which FBIF cannot establish contact to verify performance, are excluded from this ranking.

(3) Consecutive Data Gaps

Companies missing performance data for two consecutive years are not included in the ranking.

4. Currency Unit and Exchange Rates

(1) Currency

All figures in the ranking are presented in RMB 100 million.

For data originally reported in foreign currencies, revenue figures are converted into RMB using the exchange rate on the last day of the company’s reporting period.

As most companies report on a fiscal year basis, daily exchange rates are not listed separately.

5. Other Notes

This ranking focuses on single corporate entities whose core business is food and beverage manufacturing, with brand-based food and beverage sales as their primary source of revenue.

Companies primarily engaged in agricultural commodity trading, raw material processing, or operating as multi-layer holding groups are not included in this ranking, even if their consolidated revenue meets the entry threshold.

As a result, companies such as COFCO Group, Cargill, ADM, JBS, Tyson Foods, Marfrig Group, Olam International, and Y?ld?z Holding (including Godiva) are not included in the list.

6. FBIF2025 GlobalTop 100: Frequently Asked Questions (Q&A)

About FBIFWeChat Official Account

FBIF New Media (ID:FoodInnovation) is a WeChat Official Account which focuses on food and beverage innovation, aiming to be "deep & innovative" and engaging in pushing forward the Chinese food industry by analyzing and sharing global innovation cases.

As ofJanuary 2026, the subscribers of the FBIF WeChat Official Account have reached600,000+. The influence of this account is graduallyexpanding, and it has become one of the most followed new media in the food industryin China. Since its operation, FBIF WeChat Official Account has published over3,000 original articles, with a highestclick number of250,000 per article, and the aggregated article views of all FBIF media platforms now exceed60 million.

本文為FBIF食品飲料創(chuàng)新原創(chuàng)，作者：Pride，編輯：Bobo，校對(duì)：Kiki，原文標(biāo)題：Copy of 2025 Global Top 100 Food & Beverage Companies Released: PepsiCo, Nestlé and AB InBev Rank Top Three。轉(zhuǎn)載請(qǐng)聯(lián)系授權(quán)。