The Top 10 remained a stable list this year, with five companies holding their position – Fonterra (#1), JBS (#2), Coca-Cola Eurpacific Partners (#3), Asahi (#4), and Thomas Foods International (#7). The biggest change was Treasury Wine Estates falling out of the list, moving from #10 to #13 this year. And the split of the Cargill and Teys joint venture saw them both making the Top 10 this year.
Fonterra Co-operative Group is the perennial first place getter in the Top 100 and 2025 is no different. The co-op had a very big year, not least five per cent revenue growth leading to a net profit after tax of just over $1 billion.
More than a year after it raised the prospect of divesting its global Consumer business to focus on becoming a global B2B dairy nutrition provider, Fonterra sold them to French dairy giant, Lactalis, for $3.48b (NZ$3.845b) in August. It’s investing more than $700 million in projects to upgrade existing operations as it sets its new course.
The country’s largest meat and food processing company, JBS Australia, remained at #2. I would say the proverbial bridesmaid, but with an annual revenue more than $9 billion, I’m fairly certain it’s okay with that.
It had an impressive year – its Andrews Meat Industries business acquired Prime Cut Meats, a deal is expected to increase Andrews’ turnover to more than $650m in the next financial year. And with JBS Pork Australia, formerly Rivalea, which accounts for 15 per cent of the country’s pork production, it announced a $400m expansion plan to modernise and de-risk operations including two new piggeries.
And then there was Huon, the second largest salmon producer in Tasmania – but to be honest, that is currently not a position worth drawing attention to. The whole industry is under an intense spotlight for farming practices, use of antibiotics, and environmental impact. JBS is investing in better aquaculture systems and technology, but the challenge to improve both its own and the industry’s reputation remains.
For Coca-Cola Europacific Partners (#3), the start of FY26 heralded the end of its 19-year partnership with Suntory Global Spirits, pushing the company into the new territory of building an alcohol portfolio from the ground up.
It didn’t waste any time doing so – it took over the sales and distribution for Billson’s Beverages range of alcoholic RTDs and became the official distributor for Bacardi-Martini Australia for its spirits and ready-to-drink (RTD) portfolios. Investments in local facilities – like the new $75 million line at its Richlands plant – continue to reinforce its message that it might be a global company, but it invests, makes, and sells locally.
Asahi (#4) restructured the business this year, consolidating alcohol and non-alcohol commercial and sales functions. It also prompted the departure of Carlton & United Breweries head, Danny Celoni, now CEO of Vinarchy. In May, it unveiled a $60m canning line at its Yatala brewery, which can produce more than two million cans every 24 hours.
Bega (#5) had a year of “transformational business improvement initiatives” – the sale and exit of juice processing in Leeton, the phased closure of its cheese packaging and processing plant at Strathmerton, Victoria (to be consolidated in Bega), and phased shutdown of the Peanut Company of Australia, after it had completed a 12-month review and failed to find a buyer. But local agribusiness, Crumpton Group, stepped up and bought the land, buildings and equipment.
Baida (#6) was also making some big investments this year, not least the $203 million its investing in its processing facility Oakburn, near Tamworth, which is says will “set a new benchmark for poultry processing in Australia”.
Thomas Foods International (#7) is South Australia’s largest private company, supplying meat products for both domestic and overseas markets with five primary processing facilities in Australia. Drought and lower stock supply in South Australia has seen it cut production at its Lobethal processing plant from two shifts to one extended shift due to the impact of drought and lower livestock supply, but its significant investment in the plant in recent years secures the plant for the long haul.
Teys (#8) and Cargill (#10) split this year. In the past they have been in the Top 10 as Teys Australia – A Cargill Joint Venture. But this year, the Teys family announced it was selling its 50 per cent to Cargill.
Teys is one of the largest meat processors in Australia, with six processing plants, three feedlots, and two value-add manufacturing facilities. It also has a sales and distribution arm in the US. Under full Cargill ownership, the company will be called Teys Australia. Andrew MacPherson, a long-term Cargill employee who worked at the Teys JV for 11 years and was CEO from 2021 to 2023 before going back to Cargill, has been appointed CEO.
Inghams Group (#10) has 12 processing facilities and supplies supermarkets, restaurants and fast-food chains in Australia and New Zealand. It had a rough ride this year with the impact of the reduction in its multi-year supply agreement with Woolworths being realised.
Retail demand softened and out‑of‑home demand remained subdued as budget‑conscious consumers adjusted their purchasing. And export volume declined 19 per cent as key markets closed due to Avian influenza-related disruptions at non-Inghams farms. CEO, Ed Alexander, said comprehensive cost reductions were underway across staffing, procurement, and site-level operations that would deliver $60-80 million in yearly savings.
For a full rundown on each company, download the 2025 Top 100 report.
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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.
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Australia’s Top 100 Food & Drink Companies 2024 report, sponsored by Foodmach, can be accessed online at foodanddrinkbusiness.com.au.
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