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).
The newest entrant, also winning the boldest move, was chicken processor Baiada, jumping 12 spots to land at #5, ahead of Inghams by three places.
Its listing provides details on the level of investment the company is making into all aspects of the business, including processing facilities, water treatment and biogas systems, farm expansions, and feed mills.
Fonterra remains largely untouchable with $20 billion in revenue even though it was the only company in the Top 10 to record a revenue drop (seven per cent).
It was a big year for the co-op, completing a strategic review, announcing an operational ‘step-change’, committing to three significant investments and the divestment of its consumer business, including Fonterra Oceania that takes in its Australian operations.
Coca-Cola Europacific Partners (CCEP, #3) also had a rethink about its operations, selling Feral Brewing and ending its distribution agreement with AB Abro Bryggeri’s Recorderlig Cider, as it looks to align more as a bottler to its brand partner, The Coca-Cola Company.
I suspect it is gearing up for greater competition in the non-alcoholic beverage market with Suntory Oceania coming online in mid-2025.
Thomas Foods International (#7) recorded the most revenue growth – 18.25 per cent – in the Top 10 with Treasury Wine Estates (#10) next in line with a 13.5 per cent uptick.
Partner
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.
© Food & Drink Business
