Food & Drink Business and IBISWorld present this year’s Top 100 companies, ranking Australia’s largest food and drink companies by revenue.
Australia's Top 100 Food & Drink Companies Report 2024
This year saw 37 companies move up the list while 33 companies went in the other direction. The most stable of the list were in the Top 10, with Fonterra Co-op (#1), JBS Australia (#2), Coca-Cola Europacific Partners (#3), Asahi Holdings (#4), Inghams (#8), and Treasury Wine Estates (#10) all held their ground from 2023.
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.
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 #45 to #38, 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.
This year there were 11 companies either returning to the list or appearing for the first time. Let’s welcome wine company Delegat (#65), better-for-you drinks business Remedy Drinks – back in the list at #100 after being bumped last year. Confectioner Darrell Lea arrived at #84 while Riverina Oils (#72), Select Harvests (#87), and Woods Group (#91) brought canola oil, nuts, grains, and pulses to the list with their inclusion.
Two new poultry companies came into the Top 100, Woodlands (#96) and ProTen (#99). Dairy business Kyvalley Dairy arrived at #97, meat processor Pacific Meat Holdings (#98) and sausage specialist, Australian British Food Holdings at #95.
Meat processors are the largest cohort in the Top 100. There are 13 red meat processors, with three of them in the Top 10 – JBS Australia (#2), Thomas Foods International (#7), Teys Australia (#9). The Australian red meat export market is on track to break records this year, with export demand for red meat expected to push the overall value of agriculture, fisheries and forestry to $94.3 billion, the second highest on record.
Sidenote – lower supply from the US on international markets has worked in Australia’s favour, improving prices and competitiveness. Nuts and dried fruit manufacturer, Select Harvests (#87), said a similar scenario was playing out in the almond industry, with aging almond orchards and lower output from the US creating greater opportunities on global markets for Australian products.
With strong international demand, livestock prices and exports have lifted. Good production conditions in recent years have also meant there is livestock to meet the market’s needs.
And the chook farmers aren’t doing too badly either. Two poultry companies are the Top 10 – Baiada (#5) and Inghams at #8 – with six others also on the list. All of them held their ground or moved up the list, with Woodlands and ProTen joining for the first time.
Inghams had a cracking year, recording seven per cent revenue growth to $3.2 billion, and the highest earnings on record since the company listed in 2016.
Baiada also grabbed the spotlight this year with its climb. 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.
Australians eat a lot of chicken, our consumption of it has doubled in the last 30 years. In 2023/24, we each ate, on average, 50 kilograms of chicken. In comparison, we consumed 27 kilograms of pork, 20.8 kilograms of beef/veal, and 5.5 kilograms of sheep.
We also eat a lot of chicken eggs – around 280 or roughly 15 kilograms of them in 2023/24. Australia’s commercial egg farmers produce around 17.8 million eggs a day, or 6.2 billion eggs a year.
But even though consumption is high, intense competition by retailers puts limitations on price growth, in turn impacting the revenue and profitability of the industry. That is then compounded by fluctuations in underlying costs – for example, in 1H24, Inghams reported a 6.9 per cent increase on the prior corresponding period, with feed costs increasing $10.8 million.
There is so much to read in the report, triumphs and challenges abound just as they have in preceding years and will in the ones to follow. It is a wonderfully diverse and dynamic sector, with the Top 100 providing a glimpse into Australia’s most important and largest manufacturing sector.
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.
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