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.