The rising cost of ingredients due to inflation and supply is deflating food and beverage manufacturers’ revenue, which has created movement in this year’s list.
Although the exact numbers may be different, multiple market research firms agree that sales in the food and beverage industry grew in 2022. Comparing FOOD ENGINEERING’s 2023 Top 100 Food & Beverage Companies to the rankings of previous years, yes, the industry as a whole did indeed grow sales. The caveat, however, is that while sales may have increased, whether or not profit increased depended on a variety of factors.
Sales were strong enough for Nestlé to retain the top spot with PepsiCo coming in at number two for the second year in a row.