As consumer tastes and preferences continue to evolve, innovative food companies have risen to the occasion, captivating the market with their exceptional products and compelling narratives. In this blog, we will explore the dynamic landscape of the food industry and uncover the top five fastest growing food companies in 2023.
The following list comprises the top-ranking food companies based on the Financial Times’ assessment of The Americas’ Fastest-Growing Companies in 2023. This exclusive list highlights the 500 companies across the Americas that have demonstrated remarkable growth in publicly disclosed revenues from 2018 to 2021. Developed in collaboration with research firm Statista, the rankings are determined by the compound annual growth rate (CAGR) of each company’s revenue. It serves as a comprehensive and prestigious benchmark for evaluating the rapid expansion and success of businesses throughout the Americas.
Since Financial Times’ ranking encompasses a spectrum of industries, we’ll focus solely on the food companies that made the list. Now, let’s explore the top five fastest growing food companies in 2023, their mouthwatering offerings and the secrets behind their meteoric ascent.
1. Whole Sol Blend Bar
Founded in 2017, Whole Sol Blend Bar boasts an array of award-winning smoothie bowls, along with organic cold-pressed juice and a variety of superfood options for breakfast and lunch. With two locations and plans to expand further, Whole Sol has quickly made a name for itself. In its inaugural year of operation, it garnered acclaim from 5280 Magazine Readers’ Choice, earning titles such as Best New Restaurant, Best Brunch and Best Vegan/Vegetarian in Denver, Colorado.
While the company’s total revenue is estimated at around $4 million, it is growing at a CAGR of 141 percent, ranking 48th overall on Financial Times’ list and first in the food category.
2. Organto Foods
As one of the two Canadian companies on the top five list of fastest growing food companies, Organto Foods is a global provider of organic fruits and vegetables. The Vancouver, British Columbia-based company works closely with its strategic growers and supply chain partners to control and monitor each step in the supply chain, delivering quality products with complete transparency. Currently, Organto distributes organic produce to more than 100 customers in 18 countries in Europe.
Since its founding in 2015, the company has acquired several brands including I AM Organic and Fresh Organic Choice. As of 2023, Organto Foods has generated $22.12 million CAD in revenue and is growing at a CAGR of 133 percent. The company ranks 55th overall on Financial Times’ list and is the second fastest growing food company in 2023.
The third fastest growing food company is Goodfood, Canada’s number one meal kit service. The Montreal, Quebec-based company was founded in 2014 with a focus on preparing meal kits delivered to subscribers, but it has since expanded its offerings to include ready-to-eat meals, grocery items and breakfast products.
Goodfood’s products are delivered across most of Canada, reaching about 95 percent of the population, and it has grown to become a significant player in the meal kit market. As for its revenue, Goodfood’s total revenue in the trailing 12 months as of August 31, 2022, was $237.9 million CAD. Growing at a CAGR of 75 percent, Goodfood ranks 149th overall on Financial Times’ list and is the third fastest growing food company in 2023.
4. Laird Superfood
Laird Superfood is a rapidly growing food brand that has gained significant attention in recent years. The Boulder, Colorado-based company was established with the aim of providing functional and nutritious food and beverage products to support an active and healthy lifestyle. Its product line includes superfood coffee creamers, plant-based protein powders, hydrating coconut waters and performance-enhancing supplements.
Laird Superfood combines traditional, time-tested ingredients with cutting-edge manufacturing techniques to create unique and delicious blends. As such, its total revenue in the trailing 12 months reached over $36 million. Growing at a CAGR of 64 percent, Laird Superfood ranks 177th on Financial Times’ list and is the fourth fastest growing food company in 2023.
5. The Andersons
The Andersons is an agribusiness company that was established in 1947 and has since become a prominent player in the agricultural industry. What began as a grain elevator business in Maumee, Ohio has since expanded its operations and diversified its product offerings. Today, the company operates in multiple sectors, including grain, ethanol, plant nutrient and rail.
In its 2022 fourth quarter report, the publicly-traded company reported a net income from continuing operations of $15 million. Growing at a CAGR of 61 percent, The Andersons ranks 187th overall on Financial Times’ list and is the fifth fastest growing food company in 2023.
Out of the 500 companies that made Financial Times’ list, 13 were in the food category. Here are the remaining eight fastest growing food companies on the list:
6. DeeBee’s Organics (195th overall)
7. AMMD (299th overall)
8. Koa Natural Foods (324th overall)
9. Jeni’s Splendid Ice Creams (340th overall)
10. Red Coat Cattle Feeders (418th overall)
11. Josapar (421st overall)
12. Freshlocal Solutions (437th overall)
13. Ginger Beef (477th overall)