Largest food and beverage companies in North America 2023 | Statista (2024)

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Largest food and beverage companies in North America 2023 | Statista? ›

The five largest food and beverage companies in the U.S. and Canada remain PepsiCo., Tyson Foods, JBS USA, Nestle and Kraft Heinz.

The three largest food and beverage companies for 2022 in the U.S. are PepsiCo., Tyson Foods, and JBS USA. That's according to our annual reporting of the top food & beverage companies in North America.

Nestle SA, Mondelez International Inc, The Hershey Co, General Mills Inc, and The Kraft Heinz Co are the top 5 food companies in the world in 2023 by market capitalization (as of Mar 31, 2023).

The global food and beverages market grew from $6,729.54 billion in 2022 to $7,221.73 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%.

Kraft Heinz is the third-largest food and beverage company in North America and the fifth-largest in the world with over $26.0 billion in annual sales as of 2021.

Leading Food and Beverage Manufacturers

The food and beverage industry is led by three giants—PepsiCo, The Coca-Cola Company, and Kraft Heinz.

Although Coca-Cola outsells Pepsi Cola in the United States, PepsiCo within the North American market is the largest food and beverage company by net revenue.

Nestlé is the largest food and beverage company globally, with headquarters in Switzerland. The company has been around since 1866 and operates in 191 countries worldwide. Nestlé's product portfolio includes baby food, bottled water, cereals, chocolate, coffee, culinary, dairy, and pet care products.

PepsiCo Inc is the leading food company in the US in 2021 by retail product sales (FY2021).

Cargill, Incorporated, is an American global food corporation based in Minnetonka, Minnesota, and incorporated in Wilmington, Delaware. Founded in 1865, it is the largest privately held company in the United States in terms of revenue.

How big is the food and beverage industry in the US? ›

The food and beverage industry is one of the largest industries in the US. Packaged food and drink was estimated to be worth over US$1 trillion in 2022. A diverse population and openness to new products makes the US one of the most exciting markets for food and drink brands.

Despite the challenges, the food service industry is rebounding in 2023. The National Restaurant Association projects that restaurant sales statistics will be somewhere around $997 billion by the end of 2023, an increase of 10% from 2022.

Limited-service restaurants saw a whopping 24% spike. Each quarter in 2023 saw a gradual decline in turnover, but it was still higher than pre-pandemic norms. Non-management turnover for full-service restaurants in Q4 was only 5% higher than 2019; however, for limited-service brands, it was 17% higher pre-pandemic.

PepsiCo was the leading food and beverage company overall in North America in the 2022 financial year. The corporation had sales of over 52.7 billion U.S. dollars from food and beverages that were processed on the continent.

PepsiCo Inc is the leading food company in the US in 2021 by retail product sales (FY2021).