Food & Drink Business, in collaboration with IBISWorld, presents this year’s Top 100 Food & Drink Companies report, a ranking by revenue of Australia’s largest players in the food and beverage sector. This year’s report was sponsored by Foodmach.
This year’s Top 100 reflects financial reporting from calendar year 2021 and financial year 21/22, with Covid, ongoing supply chain disruption, geo-political tensions and war, and extreme climate events all protagonists on companies’ balance sheets.
It is worth noting that the list is only inclusive of manufacturers and looks at total revenue of the highest reporting ANZ entity of the company.
Fonterra and JBS Australia held strong at the top of the list for the sixth year in a row. Fonterra is now focused on its goal of returning NZ$1 billion to shareholders by 2030 by offloading non-core assets and focusing on differentiating New Zealand dairy on global markets.
Asahi, which entered the Top10 last year, advanced another two places to #3, pushing Coca-Cola Europacific Partners down a spot. Bega Cheese had one of the biggest jumps of the whole list, climbing eight places to #6. It had a bruising year with Covid impacts but still performed well with Lion’s Dairy and Drinks business now fully integrated.
Saputo and Ingham’s both moved forward two spots to #6 and #7 respectively, moving Treasury Wine Estates to #8.
Another new entrant in the Top 10 this year was Thomas Foods International, jumping five places into #9 while Teys Australia held on with a four-place fall to #10.
But with new entrants there must be departures, Nestlé dropped two places to #12 and Lion fell nine, from #4 to #13. Dairy and Drinks accounted for just over a third of Lion’s revenue in 2020, so its sale was always going to be reflected in its figures.
Almost a quarter of the Top 100 (24companies) 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.
The salmon processors fared well, Tassal rose 36.68 per cent, moving 12 places to #30, and Huon jumped 27.26 per cent, shifting 10 places to #50.
And the sugar companies also had a better year, with Tully Sugar seeing a 23.78 per cent jump, MSF Sugar 33.64, Mackay Sugar 20.12, and Wilmar Sugar 16.34. They have had a rough time for the last five years, but world sugar prices have risen significantly in the last two, which has benefitted profit margins.
Asahi jumped 30.07 per cent and SunRice 29.66 per cent.
Vesco Foods – acquired by private equity outfit PAG in September – climbed 11 places to #75. Ferrero Australia didn’t let an Easter product recall dampen its pace with an 11 place move to #69. WAMMCO also moved up 11 spots to #46.
Other notable moves were Bega, jumping eight spots into the Top 10 at #5, and Thomas Foods International moving fivespots and joining the Top 10 at #9.
There were 16 companies that had revenue fall by more than 10per cent. Lion’s revenue fell 37.81 per cent, reflecting the sale of Dairy and Drinks as mentioned earlier. Allied Pinnacle dropped 26.96 per cent.
Despite industry revenue growing 11.5 per cent for meat processors, profitability was curbed by rising purchase costs as saleyard prices rose. Six meat processors recorded double digit revenue falls.
Goodman Fielder, just out of the Top 10 last year at #11, fell 16 places this year to #27 despite only a small revenue drop of 3.21 per cent. Accounts filed with the Australian Securities & Investments Commission show the company is in the middle of a restructure with its Singaporean parent entity and revenue from purchases/sales to the parent entity have not been at similar levels to previous years.
Fourteen companies joined the Top 100 this year including dairy companies Synlait (#25) and Bellamy’s (#89). Amphora Australia (#42) is the parent company of Accolade Wines (and others) and provides a more comprehensive representation of the business. Tru Blu Beverages (#80), Bundaberg Brewed Drinks (#84), and Remedy Drinks (#100) formed the beverage contingent, while there were six new meat processors in the mix.
Welcome to the 2022 Top 100.
The Top 100: Full report
Top 100: The 2022 Top 10
Top 100: The fastest movers in 2022
Top 100: The falls of 2022
Top 100: 2022’s new arrivals
