Food & Drink Business and IBISWorld present this year’s Top 100 companies, a ranking of Australia’s largest food and drink companies by revenue. Kim Berry writes about some of the standouts.
This year’s report reveals an industry in transition: consolidating, divesting, automating and investing to build resilience.
IBISWorld Industry & Editorial team leader, Elena Kissel, and Industry team leader, Disha Jeswanth, compiled the list and the Food & Drink Business editorial team wrote the company profiles.
The list charts a sector positioning itself for immediate term viability and long-term competitiveness – from dairy giants reshaping global footprints to poultry and meat processors upgrading facilities, and major beverage companies overhauling portfolios.
Almost two-thirds (62 companies) of the list moved down the ladder, 13 of those were double-digit tumbles, compared to last year’s listing that had only 33 companies go in a downward motion, while 37 went in the other direction. This year just 14 companies made their way up the ladder – and the majority of those was only by one place.
Select Harvests had a cracker of a year and was the only one to have a double figures (12 places to #73) climb. It reported a 62.7% increase in revenue largely due to higher global almond prices, operational efficiencies, and tighter cost controls.
There were 12 new or returning companies on the board and a very stable top 10, with five businesses holding on to their 2024 spot.
The top 10
While the Top 10 features the familiar names, behind the rankings is an industry responding to global cost pressures, climate-driven volatility, shifting consumer preferences and accelerating sustainability expectations.
This is the eighth year that Fonterra and JBS have held top spot. With Fonterra selling its global Consumer business to Lactalis, which includes its Australia’s operations, perhaps 2026 will bring some change to the top positions.
JBS consolidated its position as Australia’s largest meat and food processor. The group expanded its foodservice footprint through Andrew’s Meat Industries’ acquisition of Prime Cut Meats, while Huon Aquaculture navigated a complex year marked by leadership change and industry scrutiny over antibiotics and environmental impacts. Nonetheless, JBS is investing heavily – more than $130m in the aquatic pain point.
The biggest change to the Top 10 is the arrival of Cargill (#10), despite a 19.1% drop in revenue, as the Teys-Cargill joint venture came to an end this year. After 14 years, the Teys family has sold its half to Cargill, giving the global agribusiness full ownership. Let’s see where it lands next year.
Dairy and Protein
Dairy and protein remain dominant, with two poultry companies up top (Baida #6, Inghams #9) despite some challenges this year with feed costs, changing consumer buying patterns, Avian Influenza, and for Inghams, a drop in supply to Woolworths. Still, the price of eggs rose around 19% in the last year but the sector is still strong. Australians do love their eggs.
For the meat processors in the group this year, 2025 is looking like it will break export records. October shipments were the highest on record, with the US, Japan, and Korea the strongest markets. The US is dealing with multi-decade lows in its own herds, while Japan’s domestic supply couldn’t match demand. Opportunities from the UK free trade agreement are also coming to fruition, and in the China market, Australian Meat Group (#40) became the first Australian red meat processor granted access to China since 2017.
Cheers for big beverage
Although there were significant internal structural shifts among the major beverage operators, there were also some hefty investments from them as well.
Coca-Cola Europacific Partners (CCEP) (#3) faced the end of its 19-year Suntory partnership, prompting a rebuild of its alcohol portfolio from scratch. New deals with Bacardi-Martini and Billson’s mark the first wave of this transition. It also invested $75m in a new line at its Richlands plant for Monster Energy.
Asahi (#4) undertook a major restructure, consolidating alcohol and non-alcohol under a single commercial leadership team and opening a $60m canning line at its Yatala brewery.
Frucor Suntory and Beam Suntory completed their union to become Suntory Oceania. It also opened its $400m factory in Queensland.
Premium-branded categories including wine, olive oil, and coffee, showed resilience despite subdued discretionary spending. Cobram Estate Olives (#92) accelerated its US expansion with a $175m capital raise to plant an additional 1600 hectares in California, extending its position as one of the world’s leading olive oil producers.
Australian Vintage (#88) is rebuilding following a difficult 2024, launching new labels and strengthening global distribution partnerships. And Vittoria (#82) maintained strong performance across coffee and imported specialty foods as consumers continue to shift towards more café-quality products at home.
Snacktime
Snackbrands Australia (#60) remains one of Australia’s major savoury snacking manufacturers through brands like CC’s, Thins and Kettle, despite a big revenue contraction due to shifting ownership structures.
While Mission Foods (#86) benefitted from surging global demand for wraps, flatbreads and taco products, with all Australian retail lines manufactured at Epping, Victoria.
This year’s Top 100 reflects on an industry in active reinvention. Companies are divesting non-core assets, consolidating operations, investing in automation and capacity, and targeting global growth opportunities, particularly in Asia and North America.
Despite cost pressures and regulatory challenges, the sector remains robust, diverse and globally competitive. From the dairy and meat heavyweights at the top to high-growth premium brands in the lower half of the list, this year’s Top 100 shows an industry adapting decisively to a rapidly changing food landscape.
