Call it panic buying or stockpiling, but the coronavirus bump has the food and beverage industry soaring.
The top 25 companies in the sector generated $815 billion in revenue in the past year, up slightly from $800 billion in revenue in 2019, while profits for the sector increased to $91 billion, from $80 billion last year.
Nestle is again the world’s largest food company, holding onto the top seat in the industry as sales of its frozen staples like Hot Pockets, Stouffer’s and DiGiorno surge alongside coffee brands like Nespresso. The Swiss-based conglomerate sees 30% of sales from the U.S. and added overtime shifts to many of its nearly 70 stateside factories to meet increased demand.
Nestle’s profit last year neared $13 billion, an increase of 30%. It’s one of the key metrics that Forbes uses each year to analyze companies as part of the Forbes Global 2000 list—the comprehensive ranking of the world’s most powerful public companies as measured by a composite score of revenue, profit, assets and market value. On the list overall, Nestle ranked #41, up one spot from last year.
Nestle was briefly dethroned by Anheuser-Busch InBev in 2018 but has otherwise held the title of top food company for more than a decade. This year, AB InBev ranked second, after taking a $2 billion sales hit as coronavirus shutters bars and stadiums across America, and is followed by Pepsi in third.
Kraft-Heinz surged into the eighth spot for the food industry this year, as center-aisle staples find renewed popularity among customers looking for longer shelf-life amid stay-at-home orders. It ranked as No. 222 on the list overall. The success comes after a tough year, which included a $15 billion write-down of its Kraft and Oscar Mayer brands, slashing its dividend, disclosing an SEC probe into its accounting and installing a new CEO.
Source: Thanks https://www.forbes.com/sites/chloesorvino/2020/05/13/the-worlds-largest-food-and-restaurant-companies-in-2020/