In this article, we will take a look at the 15 Largest Food Companies in the World by Market Cap. You can also check out 15 Fastest-Growing Fast-Food Chains in the US for our discussion on the global fast-food industry.
The food industry is one of the most crucial markets globally because no matter what, humans must eat, regardless of the circumstances. So, who is behind all of this? Behind every grocery store, behind every little packaged snack, there is a group of people and advanced machines and booming businesses that make it happen.
The significance of the food industry can further be seen from the fact that the food service segment hit a whopping $2.4 trillion mark in 2022, and is expected to continue to grow and reach $5.4 trillion by 2030 – this is a growth marked by a CAGR of staggering 10.79%, according to Fortune Business Insights!
According to the United Nations Organization, the growing global population, expected to reach 9.7 billion by 2050, is one of the key drivers of the food industry. As the population increases, the demand for food products also rises, creating opportunities for companies in the food industry. The growth of Asia’s economies, especially China and India, is creating enormous new consumer markets. By 2030, PwC predicts that the purchasing power of the E7 economies will overtake that of the G7.
While the current output is already unsustainable, the growing population signals increasing challenges in years to come. In light of increasing prosperity and people, agricultural production will need to increase by 70% to feed the world’s people by 2050, according to PwC. Companies and governments have been trying every trick under their belt to secure additional resources like energy, land, and water to feed their growing populations. For this reason, these entities have been relying on new technologies, corporate acquisitions, and even diplomatic relations.
While these shifts have led to companies expanding globally, in search of low-cost suppliers and bigger markets, it has also come with its own challenges. Globalization is increasing food safety and quality risks and is making traceability and control over supply chains more challenging. With the regulations now stricter than ever, food companies are having to spend millions of dollars on the integration of their supply chains to improve safety and traceability. At the same time, governments are issuing policy and strategic announcements to encourage the integration of supply chains to assist in making improvements.
With the growing intricacies, companies have been coming up with innovative ideas to capture this expanding market. Two such companies are Amazon.com, Inc. (NASDAQ:AMZN) and Walmart Inc. (NYSE:WMT). In April 2024, Amazon.com, Inc. (NASDAQ:AMZN) announced a game-changing delivery subscription through which customers will be able to order unlimited grocery deliveries on orders over $35, at a monthly payment of just $9.99, according to Reuters. Amazon.com, Inc. (NASDAQ:AMZN) also offers a lower-value version of this subscription for an even lower price of $4.99 per month without premium membership. This might be a direct competition for Walmart Inc. (NYSE:WMT) which already has a similar program known as Plus membership, which is available to users at $12.95 a month, or $98 per year. To respond to the competition, Walmart Inc. (NYSE:WMT) has also added new perks to its membership in the last month, like up to five free months of Apple Music, up to four free months of Apple Fitness Plus, and two free months of Xbox Game Pass.
Also see: Top 15 Fish Producing Countries in the World and 20 Biggest Grain Exporting Countries in the World.
Photo by Lee Myungseong on Unsplash
Methodology
For the purpose of this ranking, we looked at the food industry and picked 15 companies with the largest market caps. For the companies that had their market capitalization listed in their local currencies, the current conversion rate was applied to acquire their values in USD (6th June 2024). With this, we arranged the companies in ascending order of market cap.
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15. Archer-Daniels-Midland Company (NYSE:ADM)
Market Capitalization: $30.43 billion
Archer-Daniels-Midland Company (NYSE:ADM) is an American farm products company headquartered in Chicago, Illinois. It has operations in nearly all continents in the world and is a global leader in human and animal nutrition and the world’s premier agricultural origination and processing company.
In the first quarter of 2024, Archer-Daniels-Midland Company (NYSE:ADM) reported adjusted earnings of $1.46 per share, down 30 percent year on year but higher than analysts’ expectations by about $0.10 per share.
14. Restaurant Brands International Inc. (NYSE:QSR)
Market Capitalization: $31.67 billion
Restaurant Brands International Inc. (NYSE:QSR) owns four leading quick service restaurant brands – Tim Hortons, Burger King, Popeyes, and Firehouse Subs. The company runs more than 30,000 restaurants in more than 100 countries worldwide.
Restaurant Brands International reported a net income of $328 million for the first quarter (Q1) of 2024 which is a significant increase from $277 million in the same period of 2023. Income from operations for the quarter ended 31 March 2024 stood at $544 million, 21.7% higher than the $447 million recorded in the previous year.
13. Muyuan Foods Co. Ltd. (SHE:002714.SZ)
Market Capitalization: $35.91 billion
Muyuan Foods Co. Ltd. (SHE:002714) is a Chinese company that specializes in pork production. The company also produces animal feed, operates a logistics and transportation business, and has investments in related industries.
In 2024, Muyuan expects to produce 66 million to 72 million pigs which is a slight increase from last year. The company sold 63.816 million hogs last year, up about 4 percent from the previous year.
12. SYSCO Corporation (NYSE:SYY)
Market Capitalization: $36.19 billion
SYSCO Corporation (NYSE:SYY) is the global leader in selling, marketing, and distributing food products to restaurants, healthcare, and educational facilities.
The company added ten Freightliner eCascadia electric semi-trucks to its Houston, Texas fleet which has brought the company’s electric vehicle fleet to 120 trucks. SYSCO Corporation (NYSE:SYY) has signed a letter of intent with Daimler Trucks North America to deploy nearly 800 battery-electric Class 8 tractors by 2026.
11. General Mills, Inc. (NYSE:GIS)
Market Capitalization: $38.18 billion
With 100 brands in 100 countries across six continents, General Mills, Inc. (NYSE:GIS) is a leading global manufacturer and marketer of branded consumer foods.
Recently in early June 2024, eight black employees working at a Georgia plant sued General Mills, Inc. (NYSE:GIS) for racism. They claimed that the managers favored the white employees and even went as far as to use racist terms, according to CNN.
10. The Hershey Company (NYSE:HSY)
Market Capitalization: $40.12 billion
The Hershey Company (NYSE:HSY) is a global confectionery company with product offerings including chocolate and non-chocolate confectionery products; gum and mint refreshment products and protein bars; snack items such as popcorn, pretzels, spreads, snack bites and mixes; and pantry items, such as baking ingredients, toppings, and beverages.
The Hershey Company (NYSE:HSY) sells its products under more than 100 brand names in nearly 80 countries worldwide. Some of its well-known brands include Hershey’s, Reese’s, Kisses, Cadbury, Good & Plenty, Heath, Kit Kat, Twizzlers, Whoppers, and York, among others.
9. The Kraft Heinz Company (NASDAQ:KHC)
Market Capitalization: $41.42 billion
The Kraft Heinz Company (NASDAQ:KHC) is one of the largest food and beverage companies in the world. It boasts an impressive portfolio with brands, including Kraft, Oscar Mayer, Heinz, Philadelphia, Lunchables, Velveeta, Maxwell House, Capri Sun, Ore-Ida, Kool-Aid, Jell-O, Primal Kitchen, and Classico, among others.
Just yesterday on 5 June 2024, The Kraft Heinz Company (NASDAQ:KHC) announced a dividend of $0.40. Based on this payment, the dividend yield on the company’s stock will be 4.5%, which is an attractive boost to shareholder returns.
8. Danone S.A. (OTC:DANOY)
Market Capitalization: $41.91 billion
Danone S.A. (OTC:DANOY) is a French-based food and beverage company specializing in dairy and plant-based products, bottled water, and specialized nutrition products. It owns brands like Actimel, Activia, Alpro, Aptamil, Danette, Danio, Danonino, evian, Nutricia, Nutrilon, and Volvic.
7. DoorDash, Inc. (NASDAQ:DASH)
Market Capitalization: $46.17 billion
DoorDash, Inc. (NASDAQ:DASH) is a San Francisco-based company that operates an online food ordering and food delivery platform. It is the biggest food delivery company in the United States and holds 56% of the total food delivery market share, according to Emergen Research.
Over the past year, many DoorDash, Inc. (NASDAQ:DASH) insiders sold a significant stake in the company which might point towards a potential weakness.
6. Compass Group PLC (OTC:CMPGY)
Market Capitalization: $48.89 billion
Compass Group PLC (OTC:CMPGY), a British company, operates under various brands, including Eurest, Levy, Restaurant Associates, and Chartwells. The company provides a variety of food services such as catering, cleaning, vending, and support services. Earlier in May 2024, Compass Group PLC (OTC:CMPGY) completed the acquisition of CH&CO, a UK and Ireland food services provider, further expanding its reach in the Kingdom.
5. Chipotle Mexican Grill, Inc. (NYSE:CMG)
Market Capitalization: $87.096 billion
Chipotle Mexican Grill, Inc. (NYSE:CMG) is a fast food restaurant that owns and operates more than 3,200 restaurants across the United States, Canada, the United Kingdom, France and Germany. Interestingly, it is the only company of its size that owns and operates its restaurants rather than franchising them.