In what was one of the most stable Top 10s in recent years, six companies all held their ground from 2023 – Fonterra Co-op (#1), JBS Australia (#2), Coca-Cola Europacific Partners (#3), Asahi Holdings (#4), Inghams (#8), and Treasury Wine Estates (#10).

This year saw 37 companies move up the list while 33 companies went in the other direction. Two companies managed the largest drop of 10 places while the biggest jumps were attributed to updated financial reporting, acquisitions, and commodity markets.  

There were some big acquisitions in 2023 as well as mergers and some folds. Kim Berry reflects on a year not without its challenges.

The big stories in 2023 had elements of surprise, shock, and sometimes sheer incredulity. Kim Berry reflects on the news that caught your attention.

Every year, the Food & Drink Business team works with the researchers and analysts at IBISWorld to compile our annual Top 100 Food & Drink Companies report. IBISWorld industry analyst, Levi Duane-Davis, provided this analysis of the 2023 cohort.

Welcome to The Food & Drink Business Top 100 Food & Drink Companies 2023 report. Compiled in collaboration with IBISWorld, this flagship report ranks by revenue Australia’s biggest players in the food and drink sector. Who made it into the Top 10, which companies rose in the ranks with impressive revenue growth, and which ones fell – it’s a fascinating informative glimpse into Australia’s largest manufacturing sector.

This year, 31 companies grew their revenue by double or triple digits compared to 23 in 2022. Craig Mostyn and Almondco Australia recorded the largest growth with 102.7 and 101.8 per cent growth, respectively.

There were seven companies that recorded double digit drops in revenue, with infant formula manufacturers, Bellamy’s Organic and Synlait, registering 18.62 per cent and 18.04 per cent falls respectively.

There are some commodity processors that dominate the Top 100, with meat processing top of the list. There were 17 meat processors, 27 if you include poultry (7) and acquaculture (3), 12 dairy and five sugar companies on this year's list. 

This year the Top 100 welcomed eight new entrants. Some came rollicking in – Snack Brands, Geraldton Fishermen’s Co-op, and Scalzo Foods Group made their presence known.

The Top 10 was stable this year, in that all the companies in the 2022 Top 10 came back for an encore performance. But while the list was the same, there was some shuffling in the positions, particularly in the back half. 

Food & Drink Business, in collaboration with IBISWorld, presents a bird’s eye view of the state of play in Australia’s food and beverage manufacturing sector with the annual Top 100 companies report.

In 2022, there were companies holding on to their ranking and new entrants making their presence known. Fonterra and JBS held on to the top spots, but Bega and Thomas Foods joined the fold.

Almost a quarter of the Top 100 recorded double digit revenue growth. Meat processor Frew Foods topped the list recording a 129.51 per cent jump. Arnott’s rose 57.35 per cent, and Bega 38.89 per cent.

With new entrants and other companies on the rise, there must also be falls and even departures. There were 16 companies that had revenue fall by more than 10 per cent.

Fourteen companies joined the Top 100 this year either through performance or refinements to the list’s eligibility requirements and definitions.