We recently compiled a list of the 25 Richest Billionaires in Food and Beverage Industry and in this article, we will talk about the richest billionaire in food and beverage industry.
Food and Beverage Market: An Outlook
According to a report by The Business Research Company, the food and beverage industry is estimated to reach $7 trillion in 2024. The market is expected to follow an upward trajectory at a compound annual growth rate (CAGR) of 5.9% and reach $8.8 trillion by 2028. The growth is driven by various factors including rising disposable income, subscription products, online grocery shopping, and digital payment options. On April 23, Reuters reported that Amazon.com, Inc. (NASDAQ:AMZN) has introduced a new grocery delivery subscription service in the United States, allowing subscribers to get unlimited grocery deliveries on orders over $35, at a monthly payment of $9.99. It will be available across the country in 3,500 cities and towns. The new service offered by Amazon.com, Inc. (NASDAQ:AMZN) includes products from Amazon Fresh, Whole Foods Market, and other local retailers on its platform. It also provides a reduced fee for low-income citizens at a price of $4.99 per month without the premium membership. Other big retailers in the market including Walmart Inc. (NYSE:WMT) and Target Corporation (NYSE:TGT) also offer similar subscription programs. With the launch of this service, Amazon.com, Inc. (NASDAQ:AMZN) is expanding its fresh food business to compete with other retail giants in the market.
One of the major trends in the food market is companies adapting AI and data-driven approaches to optimize their operations. On May 25, Reuters reported that the leading supermarket company Koninklijke Ahold Delhaize N.V. (OTC:ADRNY) which owns grocery chains, Food Lion, Giant Food, The GIANT Company, Hannaford, and Stop & Shop in the US, plans to automize its back-end operations and grow its earnings by driving more customers to its digital applications. The company expects to achieve $5.41 billion in cumulative savings by employing AI and automation in its logistics, supply chain, store, and backend operations while directing loyal customers to digital applications.
Major Players in the Food and Beverage Market
Some of the biggest companies in the food and beverage market include The Kraft Heinz Company (NASDAQ:KHC), Mondelez International, Inc. (NASDAQ:MDLZ), and Nestlé S.A. (OTC:NSRGY). Let’s discuss them below in detail.
The Kraft Heinz Company (NASDAQ:KHC) manufactures and markets food and beverage products in the US and worldwide. Its products range from everyday essentials to frozen products and refreshment beverages. Some of the popular brands of the company are Kraft, Oscar Mayer, Heinz, Kool-Aid, Jell-O, Heinz, and Lunchables, among others. The company is also working towards making plant-based food alternatives, capitalizing on the growing market demand. On March 12, the joint venture of The Kraft Heinz Company (NASDAQ:KHC) and the Not Company, The Kraft Heinz Not Company LLC launched its first-ever plant-based version of the company’s KD mac and cheese brand. The company is continuously expanding its portfolio to meet the customer’s demands, exemplified by its current offerings, KD NotMacandCheese and KD Gluten Free.
Mondelez International, Inc. (NASDAQ:MDLZ) is a leading manufacturer of snack food and beverages including biscuits, baked snacks, crackers, cakes, chocolates, and powdered beverages. Major brands of the company are Cadbury Dairy Milk, Tate’s Bake Shop biscuits and baked snacks, Oreo, Toblerone, LU, and Ritz. On May 28, the company announced that it has invested $5 million in a new Regional Biscuit and Baked Snacks Lab and Innovation Kitchen in Singapore. The company has integrated its new facility which will focus on developing new and improved baked snacks and biscuits, while promoting mindful snacking and catering to the demand for premium snacks. This marks the expansion of the company’s existing Singapore Technical Centre which was established in 2006 and later extended into a gum and candy category facility in 2018.
Another market leader in the food and beverage market, Nestlé S.A. (OTC:NSRGY) is making strides in sustainable packaging solutions catering to customers’ needs for responsible consumption. On April 12, the company announced that it would be converting its ready-to-drink portfolio, Nesquick to a recyclable shrink sleeve label, created with light-blocking print technology, making it easier to recycle the bottle. The label will be available on all of Nesqiuck’s bottles starting this summer. Nestlé S.A. (OTC:NSRGY) aims to utilize the material with the plastic supply stream to convert it into another PET bottle. The new shrink sleeve and bottle will both be recyclable, allowing the customers to put the bottle into the recycling bin without having to remove the sleeve. All drinks under Nequick will be converted to the new sleeve by June 2024. This transition will allow the company to recycle an estimated 4,500 metric tons of PET plastic annually.
An assembly line of automated machines packing a variety of plant-based foods and beverages.
Methodology
To compile our list of the 25 richest billionaires in the food and beverage industry, we utilized the real time billionaires data from Forbes. The billionaires from the food and beverage industry are ranked in ascending order of their net worths, as of June 3.
The Richest Billionaire in Food and Beverage Industry
Zhong Shanshan
Net Worth as of June 3: $62.0 billion
Zhong Shanshan is the richest billionaire in the food and beverage industry. He is the founder and chairman of the leading bottled water company in Hong Kong, Nongfu Spring Co Ltd (OTC:NNFSF). The billionaire was an elementary school dropout and worked various jobs such as a construction worker, newspaper reporter, and beverage sales agent before starting his own bottled water company. Shanshan also owns the leading biopharmaceutical company, Wantai Biological. He is overall the 24th richest billionaire in the world and the 3rd richest person in Asia, as of 2024. The billionaire is worth $62 billion, as of June 3.
To learn about other richest billionaires in food and beverage industry, you can check out our detailed report 25 Richest Billionaires in Food and Beverage Industry.
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