top 100 part 2
Top 100 Food and Beverage Companies
2025
FOOD ENGINEERING'S
While sales were largely down under dynamic economic and geopolitical conditions, some of the world’s top food and beverage manufacturers experienced revenue growth.
Looking Ahead
At least three planned acquisitions have the potential to shake up our 2025 ranking of the Top 100 Food and Beverage Companies.
In May 2025, PepsiCo completed its acquisition poppi, a fast-growing prebiotic soda brand for $1.95 billion, including $300 million of anticipated cash tax benefits for a net purchase price of $1.65 billion. Fortune reports poppi earned $500 million in revenue in 2024.
By Alyse Thompson-Richards
A joint venture by Migros, Givaudan and Bühler Group, The Cultured Hub aims to help startups and other companies in the cultured meat space reduce infrastructure costs. Image courtesy of The Cultured Hub
Video credit: danez / Getty Images
PepsiCo has acquired prebiotic soda brand poppi for $1.95 billion. Image courtesy of PepsiCo, Inc.
"poppi represents a compelling strategic fit within our short- and long-term vision for the future of beverages," says Ram Krishnan, CEO of PepsiCo Beverages U.S. "Its rapid growth, strong consumer engagement, and differentiated functional positioning make it a dynamic addition to our portfolio. We are excited to scale poppi's momentum and unlock new growth through our capabilities — we're just getting started."
Meanwhile, Mars announced plans in August 2024 to acquire Kellanova, the snack and plant-based food spinoff of Kellogg’s, for $36 billion. Kellanova, which generated $12.7 billion in 2024, offers Mars an opportunity to expand its snacking portfolio, says Poul Weihrauch, CEO and office of the president, Mars, Inc.
“We will honor the heritage and innovation behind Kellanova’s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers,” Weihrauch says. “We have tremendous respect for the storied legacy that Kellanova has built and look forward to welcoming the Kellanova team.”
The proposed acquisition has cleared antitrust review by the U.S. Federal Trade Commission, but it remains under investigation by the European Commission. The European Commission has until Oct. 31 to complete its investigation and issue a decision. With all approvals, Mars and Kellanova expect the transaction to close toward the end of 2025.
In July, Ferrero announced it would snap up WK Kellogg Co., the North American cereal spinoff of Kellogg’s, for $3.1 billion. The acquisition, set to close sometime this year, represents the latest in Ferrero’s decade-long push to acquire North American food brands.
Aligning with its decade-long acquisition strategy, Ferrero is set to acquire WK Kellogg Co. for $3.1 billion. Photo courtesy of WK Kellogg Co.
“Over recent years, Ferrero has expanded its presence in North America, bringing together our well-known brands from around the world with local jewels rooted in the U.S.,” says Giovanni Ferrero, executive chairman of the Ferrero Group. “Today's news is a key milestone in that journey, giving us confidence in the opportunities ahead."
Last month, Keurig Dr Pepper (KDP) announced it would acquire JDE Peet’s for roughly $18 billion. Once the transaction is complete, KDP plans to split into two companies: a refreshment beverage company, with estimated annual net sales of $11 billion, and a global coffee company with annual net sales of $16 billion.
“Through the complementary combination of Keurig and JDE Peet’s, we are seizing an exceptional opportunity to create a global coffee giant,” says KDP CEO Tim Cofer. “This is the right time for this transaction, with KDP in a position of operational and financial strength, momentum across our evolved portfolio, and increasing coffee category resilience. By creating two sharply focused beverage companies with attractive and tailored growth propositions and capital allocation strategies, we are poised to generate significant shareholder value in both the near and long term.”
The PPI for final demand has dropped from 3.8% in January to 3.3% in July, with the 12-month increase for the foods index dropping from 5.9% in February to 4.2% in July. Meanwhile, the CPI has come down from 3% in January to 2.7% in June and July.
This helps, but food and beverage manufacturers continue to contend with the same challenges this year. In their FY25 second quarter results, many companies point to their ability to remain flexible during periods of difficulty.
“We remain confident in our ability to deliver against our commitments amid a challenging environment, powered by the resiliency of our categories, our advantaged global footprint and the strength of our brands and capabilities,” says Dirk Van de Put, chair and CEO, Mondelez International. FE
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