The Fortune 500 list is an annual ranking that showcases the largest US corporations by total revenue for their respective fiscal years. A symbol of prestige and success, making it onto this list is a goal for many companies. The list of 500 companies spans various industries, highlighting the giants in sectors from technology to finance and, notably, the food industry. Let’s zero in on the top food companies in 2023 featured in the Fortune 500.
These food consumer products companies dominate supermarket shelves, significantly influencing global food trends and consumer habits. From snacks to condiments, their products are integral to our daily lives. Here, we explore each company’s core offerings and their financial prowess, as reflected in their 2023 revenue statistics for their respective fiscal years.
1. PepsiCo
Located in Purchase, New York, PepsiCo ranks highest among food consumer products companies on the Fortune 500 list. With a staggering workforce of 315,000 employees, PepsiCo generated a revenue of $91.471 billion last year. Known globally for more than just its flagship Pepsi soda, the company owns various brands ranging from Doritos to Quaker. PepsiCo continues to expand its product portfolio, maintaining its reputation as a powerhouse in food consumer products.
Related: Top 10 Fastest Growing Food and Beverage Companies in 2024
2. Mondelēz International
Based in Chicago, Illinois, Mondelēz International ranks second on the list of top food companies in 2023. This giant, employing 91,000 people, recorded revenues of $36.016 billion in 2023. Mondelēz is famous for its snack-centric portfolio, including beloved brands like Oreo, Cadbury and Ritz. The company remains a crucial player in the food consumer products industry, with a focus on growth and sustainability.
3. Kraft Heinz
Like Mondelez, Kraft Heinz is also based in Chicago, employing 37,000 employees. In 2023, the company earned $26.485 billion in revenue. Kraft Heinz is renowned for its extensive range of products, including Kraft Macaroni & Cheese, Heinz Ketchup and Planters Peanuts. Kraft Heinz is a significant force in the food consumer products industry, emphasizing innovation and consumer satisfaction.
4. General Mills
General Mills, from Minneapolis, Minnesota, posted revenues of $20.094 billion in 2023 and a workforce of 32,500. Known for its cereals, yogurt and baking products, General Mills is a staple in the food consumer products industry.
5. Land O’Lakes
From Arden Hills, Minnesota, Land O’Lakes boasts a smaller workforce of 9,000 employees. Despite this, it posted revenues of $16.795 billion in 2023. Known primarily for its dairy products, Land O’Lakes has become synonymous with quality butter and cheeses. Beth E. Ford leads the company through the evolving landscapes of the food consumer products sector.
6. Kellogg’s
Hailing from Battle Creek, Michigan, Kellogg’s has a strong presence with 30,000 employees. As of October 2023, the Kellogg Company operates as two separate entities, under the names WK Kellogg Co. and Kellanova. Following the division, Kellanova manages several renowned brands such as Pringles, Nutri-Grain and Pop-Tarts. Kellanova also oversees a variety of international cereal brands like Special K, Frosties and Coco Pops, among others. Conversely, WK Kellogg Co. focuses its operations in the US, Canada and the Caribbean, assuming control over several cereal brands including Special K, Frosted Flakes, Rice Krispies, Raisin Bran and Corn Flakes. Kellanova had a revenue of $13.122 billion in 2023 and WK Kellogg Co. had a revenue of $2.763 billion in 2023.
7. Conagra Brands
Conagra Brands, also based in Chicago, employs 18,000 people. It recorded a revenue of $12.277 billion in 2023 and is known for products like Marie Callender’s, Healthy Choice and Orville Redenbacher’s. Sean M. Connolly’s leadership is guiding Conagra through dynamic market changes.
8. Hormel Foods
Located in Austin, Minnesota, Hormel Foods earned $12.110 billion in revenue in 2023 and has a staff of 20,000. Best known for its meat-based products and the famous Spam brand, Hormel Foods is a key name in food consumer products, thanks to the leadership of Jim Snee.
9. Hershey
Hershey, from Hershey, Pennsylvania, employs 18,970 people and brought in $11.165 billion in revenue last year. As a leading chocolate manufacturer, Hershey is central to the sweet side of the food consumer products sector. Michele G. Buck’s leadership focuses on innovation and broadening product lines.
10. Campbell’s
Based in Camden, New Jersey, Campbell’s employs around 14,700 people and had a revenue of $9.357 billion in 2023. Famous for its soups, as well as snacks and healthy beverages, Campbell’s remains an essential player in the food consumer products industry under Mark A. Clouse.
11. J.M. Smucker
J.M. Smucker, an Orrville, Ohio-based company, employs 6,700 individuals. It generated $8.529 billion in revenue last year. J.M. Smucker is iconic for its fruit spreads, coffee and peanut butter. Mark T. Smucker continues to lead the company towards growth in various sectors of the food consumer products domain.
These companies represent the pinnacle of success in the Fortune 500 and exemplify the innovation and consumer dedication that drive the food consumer products sector forward. Each company’s story is a testament to strategic growth, brand management and the ability to adapt to consumer needs and global market trends.
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