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.
In the Top 10, Bega Group (#6) and Thomas Foods International (#7) dropped one spot and Teys Australia (#9) two, but this was mainly due to Baiada elbowing its way into the #5 spot, up from #17.
This year saw 37 companies move up the list while 33 companies went in the other direction. Ten other companies maintained their 2023 position. One of those was meat processor Craig Mostyn, probably just taking a moment after being the biggest mover in 2023, jumping from #66 to #44. The others were Lactalis (#15), Sunrice (#20), Synlait (#26), Goodman Fielder (#28), Unilever Australia (#29), Allied Pinnacle (#34), Peters Ice Cream (#43), HSK Ward (#61), and SPC Global (#75).
Two companies fell 10 places, the largest drop this year, Mort & Co (#31 to #41) and Olam Orchards (#59 to #69). Mort & Co had an unseasonably dry first half of FY24 that saw a drop in feedlot revenue, subsequently impacting its results.
Olam’s harvest volume in CY23 was almost 20,000t down on CY22 with reduced bee activity during pollination and cold wet conditions during growing and pre-harvest periods.
Norco Co-op dropped seven places from #38 to #45, while Diageo Australia (#42), Bindaree Beef Group (#51) and WAMMCO (#57) fell five a piece.
A better showing happened at the other end of the scale, with seven companies jumping double figures. Baiada moved 12 spots to secure a Top 10 listing at #5, but the largest gains were San Remo, up 19 places to #46, Midfield up 17 to #24, and Patties Food Group, 16 spots to #36. Bundaberg Sugar (#68) and Golden Cockerel (#56) shifted 11 places while Mackay Sugar climbed 10 spots to #38.
The financial data for San Remo, Midfield, Baiada, and Bundaberg Sugar had previously been estimated or not fully consolidated. IBISWorld said the figures in this report are from financial reports and questionnaires completed by the companies, which provide a better representation of their overall performance.
Patties’ 16 place climb and 105 per cent revenue growth relates to Piranha Holdco Pty Ltd acquiring the business and Vesco Foods during FY23 and merging them to become Patties Food Group.
There are five sugar manufacturers in the Top 100 this year, and all of them except Wilmar Sugar (down one spot to #14) moved up the list. Bundaberg Sugar and Mackay Sugar moved 11 and 10 places respectively to #68 and #38. The sector experienced revenue growth primarily from raw sugar and molasses sales impact volume trade and price.
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The Food & Drink Business Australia’s Top 100 Food & Drink Companies 2024 report is compiled in collaboration with IBISWorld. For more than 50 years, IBISWorld has been the leading provider of independent and reliable analysis on thousands of industries around the world. IBISWorld’s team of analysts leverage economic, demographic and market data, adding analytical and forward-looking insight to help organisations of all types make better business decisions. IBISWorld offers a full suite of industry research, company analysis and expert tools to clients all over the globe.
Disclaimer
This year’s report reflects financial reporting from CY23 and FY24. The list only includes manufacturers and looks at the total revenue of the highest reporting ANZ entity of the company to minimise reporting inconsistencies.
This report has been prepared using figures and data provided by IBISWorld. While every effort has been made to ensure the accuracy of the information presented, Food & Drink Business (FDB) does not independently verify the data and assumes no responsibility for errors, omissions, or inaccuracies in the information. The content is for informational purposes only, it is not professional advice. FDB disclaims any liability for decisions made based on the report. Readers are advised to perform their own due diligence and consult relevant professionals before acting upon information in the report. FDB will not be held liable for any direct, indirect, or consequential damages resulting from the use or misuse of this report or the information within it. By accessing this report, you acknowledge and agree to the terms of this disclaimer.
Australia’s Top 100 Food & Drink Companies 2024 report, sponsored by Foodmach, can be accessed online at foodanddrinkbusiness.com.au.
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