Food Engineering has released the 2024 Global Top 100 Food & Beverage Annual List, and FBIF Food & Beverage Innovation (ID: FoodInnovation) brings you an exclusive interpretation.
Food Engineering全球食品饮料公司百强榜；图片来源：Food Engineering
This year, Nestle, PepsiCo and JBS still occupy the top three positions. Overall, compared with the previous year, the top five brands showed stability in the market competition, and their rankings did not change. Mars and Heineken managed to break into the top 10, while Olam International and CHS failed to break into the top 10 this year after breaking into the top 10 last year.
Among the top 100 companies, there are 6 Chinese companies, an increase of 2 compared with last year.
1. Nestle, PepsiCo and JBS are in the top three
Judging from this year's list, the ranking of the "Big Three" of Nestle, PepsiCo and JBS is the same as last year, maintaining the top three results.
According to the Food Engineering list, Nestle's food performance in 2023 will be 86.5 billion Switzerland francs (about 101.8 billion US dollars), an increase compared to 2022, ranking first in the top 100 list. According to Nestlé's 2023 financial report, Nestlé's total sales in 2023 were 93 billion Switzerland francs, compared to 94.4 billion Switzerland francs in 2022, a decrease of 1.5% in total sales for the full year.
Image courtesy of Nestlé
However, judging from Nestle's financial report, Nestle has some values to maintain growth in 2023. Nestlé's 2023 organic growth rate was 7.2%, with a pricing contribution of 7.5%, which Nestlé believes reflects cost inflation over the past two years. However, Nestlé's real internal growth rate in 2023 was -0.3%, which Nestlé believes was mainly affected by weak consumer demand, limited production capacity and a temporary disruption in the supply of vitamins, minerals and nutritional supplements in the second quarter. Nestlé's real internal growth rate was positive in the fourth quarter and second half of the year, which Nestlé said was driven by product portfolio optimization, improved customer service levels and increased brand support.
Purina Pet Care was the largest contributor to organic growth by product category and was the largest contributor to the company's organic growth for the second consecutive year. In its analysis, Food Engineering also believes that the pet food market is performing strongly.
In addition to pet food, coffee, baby nutrition and confectionery also achieved high-single-digit growth, with the confectionery business benefiting from Kitkat's continued double-digit growth. Mid-single-digit growth was achieved in Dairy, Prepared Food & Culinary Auxiliary Products, and Water, driven by sales of San Pellegrino and Puna Water. Nestlé Health Sciences achieved low-single-digit growth as temporary supply constraints for vitamins, minerals and supplements partially offset continued strong growth in medical nutrition.
Nestlé Greater China performed well in 2023, with market share in instant coffee, pet food and confectionery all growing in Greater China, thanks to the momentum of out-of-home sales and e-commerce channels. According to the 2023 financial report, Nestlé Group's net sales in Greater China are equivalent to RMB 43.6 billion, of which the food and beverage business grew organically by 4.2%, including a sales contribution rate of 2.5% and a pricing contribution rate of 1.7%. Nestlé Professional Catering is its largest contributor to growth.
In 2023, Nestlé has shown a series of trends, whether it is new product development, sustainability or business adjustment. Nestlé entered into an agreement with Advent International in September 2023 to acquire a majority stake in Brazil chocolate producer Grupo CRM to broaden and strengthen its confectionery business and high-end gifts segment in Brazil. In September 2023, Nestlé spun off its peanut allergy treatment business, Palforzia.
In terms of new product development, Nestlé launched a number of plant-based products in 2023. In October 2023, Nestlé launched plant-based white fish including fillets, nuggets and sticks, with soybeans and wheat as the main ingredients. In August 2023, Nestlé launched a variety of shelf-stable, plant-based products: plant-based minced meat made from soybeans and soups with lentils, rice, vegetables and more as the main ingredients. In March 2023, Nestlé launched a plant-based milk based on oats and broad beans, which contains 5 grams of protein per serving.
以燕麦和蚕豆为原料的植物奶natural bliss;图片来源:Nestlé
In addition to plant-based products, Nestlé has also made some achievements in other products and technological innovations. In November 2023, Nestlé launched its N3 broodstock milk series in China, using Zhijing moderate hydrolysis technology, which can reduce lactose in milk and produce galacto-oligosaccharides. In July 2023, Nestlé launched a sugar reduction technology that reduces the amount of sugar in the original ingredient and can also be used to produce low-lactose and skim milk products while reducing the total sugar content. In April 2023, Nestlé launched Ice Roast – the brand's first instant coffee to be consumed exclusively with iced water or milk.
N3 broodstock milk; Image credit: Nestle
Mark ·Schneider, then CEO of Nestlé, said: "Over the past two years, inflation has put increasing pressure on many consumers and has affected consumer demand for food and beverages...... Looking ahead to 2024, we will actively innovate to provide consumers with more high-end, high-quality products and services, combined with more brand support, to achieve volume and portfolio-led growth, which is our priority in 2024. Our capital allocation will continue to focus on fast-growing 'Billion Club' brands to achieve steady growth while building brand loyalty." ”
PepsiCo ranked second this year with a result of $91.471 billion, according to PepsiCo's 2023 annual report, PepsiCo's net income increased by 6% compared to 2022 (net income in 2022 was $86.392 billion), with an organic growth rate of 9.5% for the full year and a three-year compound annual organic growth rate of 11%. Net revenue in the Asia-Pacific region was US$4,803 million, an organic increase of 4% for the year. Operating profit was $713 million, an increase of 33%. In 2023, PepsiCo grew 12% internationally, 10% organic revenue growth in food, and 8% growth in beverages.
Image courtesy of PepsiCo
In the earnings report, PepsiCo also mentioned the challenges it faces in 2023, including supply chain disruptions, inflationary pressures, shifts in consumer preferences and behaviors, ongoing climate issues, a competitive operating environment, a rapidly changing retail environment, ongoing macroeconomic and political volatility, and a changing regulatory environment.
PepsiCo's response to these challenges is pep+ (PepsiCo Positive), which emphasizes sustainability and puts sustainability at the heart of the company's growth and value creation. Specifically, PepsiCo said that pep+ is driving action in three areas: Positive Agriculture, Positive Value Chain and Positive Choices.
Image courtesy of PepsiCo
At Positive Agriculture, PepsiCo made several investments in 2023 to support regenerative agriculture investments, such as in July 2023, a 7-year partnership with Walmart was announced, A $120 million investment was made to support regenerative agriculture on more than 2 million acres of farmland; in March 2023, PepsiCo announced a $216 million investment in long-term partnerships with three major farmer-facing organizations to support the regenerative agriculture transition of more than 3 million acres of farmland in the United States. PepsiCo supported nearly 5,500 farmers in 2023, doubling its regenerative agriculture footprint globally from more than 900,000 acres to more than 1.8 million acres.
On the Positive Value Chain, PepsiCo will continue to invest in and build sustainable facilities in 2023, including acquiring new electric, hybrid, and natural gas-powered vehicles to build a sustainable fleet; expanding the use of renewable energy sources such as biogas; Re-evaluate the energy efficiency of the cooler, etc.
In terms of Positive Choices, PepsiCo has made a number of product and formulation innovations, including reducing the sodium, saturated fat and sugar content of the formula, enriching the product portfolio and providing consumers with more diverse choices. PepsiCo announced in August 2023 that it would replace the original multi-bottle multi-bottle neck plastic ring with cardboard, which is expected to reduce the use of millions of pounds of plastic over the next few years. The new packaging is made from recycled materials and can be recycled. This innovation will drive PepsiCo toward its PEP+ goal of reducing non-renewable source virgin plastic per serving of beverages in its global beverage and food portfolio by 50% by 2030.
Image courtesy of PepsiCo
Ramon Laguarta, Chairman and Chief Executive Officer of PepsiCo, said of the company's 9.5% organic revenue growth, "Our results reflect our productivity savings of more than $1 billion while minimizing waste across the value chain. ”
JBS ranked third with a food performance of 359.344 billion reais (about 64.6 billion US dollars). JBS is the world's No. 1 beef producer, the world's No. 1 poultry producer, and the world's No. 2 pork producer, with more than 270,000 team members and more than 330,000 customers in more than 190 countries. According to the JBS2023 financial report, operating profit and net income in fiscal 2023 were $1.08 billion and net income was $72.9 billion, slightly higher than $72.6 billion in 2022, but gross profit and adjusted EBITDA were both lower than in 2022.
Image courtesy of JBS foods group
In July 2023, JBS announced that it would be dual-listed on the Brazil Stock Exchange (B3 S.A. - Brasil, Bolsa, Balcão or "B3") and the New York Stock Exchange ("NYSE"). "The dual listing strategy will accelerate our ability to diversify and grow across more brands and high value-added food segments, reduce our cost of capital and generate higher returns for shareholders, while creating opportunities for the communities in which we operate and for our more than 260,000 employees worldwide," said Gilberto Tomazoni, CEO of JBS. In a conference call held in March 2024, Gilberto Tomasoni also emphasized the importance of the dual listing process.
In addition to the dual listing plan, JBS has laid out a number of new factories in 2023. In November 2023, JBS rehabilitated and expanded the Friboi beef processing plant with an investment of R$800 million. In October, JBS invested more than R$1 billion in the new Safea plant in Brazil to produce chicken and sausages. In June, JBS launched BioTech Foods, which is said to be the world's largest artificially cultivated beef protein factory, with an investment of $41 million, and later announced a $22 million investment in the construction of its first cultured protein R&D innovation center in Brazil. In April, JBS USA subsidiary Swift Prepared Foods opened its newest plant, Principe Foods, which produces high-quality Italy meat and charcuterie with an investment of more than $200 million. In February, JBS invested $20 million to expand its lamb plant in Australia to meet growing regional demand.
BioTech Foods；图片来源：JBS
In a conference call held in March 2024, JBS Global CEO Gilberto Tomazon mentioned that despite the continued negative impact of the United States capital cycle, JBS is expected to achieve a return to profitability in 2024 with operational management measures in 2023 and improved medium-term outlook.
Second, Budweiser and Tyson are ranked steadily, and Mars and Heineken are back in the top ten
In the top 10 list, AB InBev ranked fourth. According to the 2023 AB InBev financial report, AB InBev's total sales volume in 2023 will be 585 million hectoliters, and the annual operating income will be 59.380 billion US dollars, a year-on-year increase of 2.76% and an organic growth of 7.8%.
According to the 2023 financial report, AB InBev's business involves nearly 50 countries and has more than 500 beer brands, accounting for a quarter of global beer sales. Last year, AB InBev won a number of awards in both product and marketing, with 308 beer awards in various international competitions in 2023 and 150+ medals at the 2023 World Beer Awards, with 7 beers winning the title of "World's Best". In terms of marketing, AB InBev won 48 Cannes Lions awards, including Creative Marketer of the Year for the second year in a row. In addition, AB InBev is also actively promoting digitalization, with 70% of its global annual revenue coming from digital channels.
Image courtesy of AB InBev
"AB InBev's revenue per litre increased by 9.9%, operating income increased by 7.8% in FY2023, and more than 85% of markets achieved revenue growth as a result of pricing actions, continued premiums and other revenue management measures," said Marty Barrington, Chairman of the Board of Directors of AB InBev, and Michael Doukeris, Chief Executive Officer, in a note to shareholders. However, growth in many emerging and developing markets was mainly offset by weak performance in the United States and Europe, resulting in a 1.7 percent decline. ”
Tyson Foods maintained its fifth position this year with a score of $52.881 billion, but judging from the 2023 annual report, Tyson Foods' 2023 sales, adjusted operating income, GAAP earnings per share, and adjusted earnings per share all declined.
Image courtesy of Tyson Foods
According to Food Engineering, Tyson Foods closed a number of chicken farms last year, although it is not possible to reflect the company's financial position in 2023 because these companies will not close until this year, but after closing some factories, production has been transferred to other factories, resulting in a net increase in overall production and a reduction in costs.
Donnie Kings, President and Chief Executive Officer of Tyson Foods, said, "We have improved across our operations, but we still have a long way to go and we can do better. Going forward, we will continue to tightly control capital expenditures and working capital, executing multi-site initiatives focused on efficiency and modernization. ”
Mars dropped out of the top 10 last year, but this year Mars returned to the top 10 at No. 6 with $50 billion in food revenue, which Food Engineering attributes is partly due to the expansion of its Nutro range of dog food with the launch of the Nutro So Simple range of dog food.
Image source: MARS
Cargill ranked seventh with $49.56 billion, in line with last year. Cargill is a privately held company that provides food, ingredients, agricultural solutions and industrial products in 70 countries and sells in 125 markets.
In 2023, Cargill took action, made a number of acquisitions, and led to a number of collaborations. In June 2023, Cargill partnered with Kotug to launch the world's first zero-emission electric pusher and barge. IN MARCH 2023, CARGILL SIGNED AN AGREEMENT WITH CUBIQ FOODS, A FOOD TECH START-UP, TO ADVANCE THE DEVELOPMENT AND LARGE-SCALE COMMERCIALIZATION OF CUBIQ FOODS' INNOVATIVE FAT TECHNOLOGY, WHICH CAN BE USED TO DEVELOP PLANT-BASED ALTERNATIVES. In January 2023, Cargill completed the acquisition of Owensboro Grains, a move that will expand Cargill's North American oilseed network capacity to meet the growing demand for oilseeds in the food, feed and renewable fuels markets.
Image credit: Cargill
ADM ranked 8th this year, with food sales of $46.091 billion, down 2 places from last year. Judging from the 2023 annual report, ADM's operating income in 2023 will be US$93.935 billion, gross profit will be US$7.513 billion, and the net profit attributable to controlling shareholders will be US$3.483 billion, compared with US$4.34 billion in the previous year. In his annual report, Juan R. Luciano, Chairman of the Board of Directors, Chief Executive Officer and President of ADM, said that 2024 will continue to build a stronger ADM, with a focus on growth prospects, productivity improvements, and safety. Safety is at the core of our culture, and ADM makes it a top priority. The company will also optimize its nutrition business, enabling it to play a key role in meeting critical needs for food security, health, sustainability and more.
The Coca-Cola Company ranked 9th this year, with a food performance of $45.754 billion. For the full year of 2023, its revenue increased by 6%, operating profit increased by 4% to $11.311 billion, and earnings per share increased by 8% to $2.69, according to the annual report. In terms of sales volume, global single-case sales increased by 2%, in terms of major categories, sales of carbonated beverages increased by 2%, juice drinks, dairy products and plant-based beverages increased by 2%, bottled water, sports drinks, coffee and tea increased by 1% for the year, of which coffee sales increased by 3% for the year, mainly due to the sales of Costa Casa Coffee in China and the United Kingdom.
图片来源：The Coca-Cola Company
Last year, Coca-Cola made a number of innovations and experiments in AI and digitalization. In March 2023, Coca-Cola released a creative video ad "Masterpiece", which uses an art museum as a backdrop to convey the Coke bottle in a number of world-famous paintings through the use of various technologies, aiming to promote the brand's concept of "Real Magic". Also in March, Coca-Cola invited digital artists to create art using the new AI platform "Create Real Magic". In September 2023, Coca-Cola released a product co-created with AI in both taste and design: Coca-Cola® Y3000 Zero Sugar.
Coca-Cola® Y3000 Zero Sugar;图片来源:Coca-Cola
In 10th place is Heineken, which ranked 11th last year and returned to the top 10 this year with 36.375 billion euros.
3. Ranking of Chinese enterprises
This year, a total of 6 Chinese companies are on the top 100 list, an increase of 2 companies compared with last year, namely WH Group, Uni-President Group, Yili Group, Mengniu, Wuliangye and Kweichow Moutai.
WH Group ranked 18th this year, with a performance of US$26.236 billion. Kweichow Moutai was also selected into the top 100 list, ranking 24th, with a performance of 147.693 billion yuan. Wuliangye is also on the list this year, ranking 45th with a performance of 76.447 billion yuan.
In 2023, Kweichow Moutai's total operating income will be 150.56 billion yuan, an increase of 18.04% over the same period of the previous year, and the total profit will exceed 100 billion yuan for the first time, reaching 103.663 billion yuan, with a year-on-year growth rate of 18.2%. From the perspective of sales channels, the sales revenue of i Moutai in 2023 will be 22.374 billion yuan, a year-on-year increase of 88%.
Last year, Moutai made some attempts to rejuvenate the brand. In September 2023, Luckin Coffee and Kweichow Moutai jointly launched a sauce-flavored latte. Also in September, Moutai and Dove jointly launched wine heart chocolate, each with 2% 53% vol Kweichow Moutai. In July 2023, Moutai Ice Cream released the "Small Branch", which was jointly launched by Moutai and Zhongjie 1946, and is Moutai's first stick ice cream.
Moutai ice cream; Image source: Kweichow Moutai
In 2023, Wuliangye will achieve revenue of 83.3 billion yuan, a year-on-year increase of 12.6%, of which the operating income of alcoholic products will be 76.447 billion yuan, accounting for 91.80% of operating income, an increase of 13.15% year-on-year. In 2023, Wuliangye will achieve the performance target at the beginning of the year, with a revenue target growth of more than 10% and an actual growth rate of 12.58%. In 2024, Wuliangye's business goal is to maintain double-digit growth in total operating income.
Uni-President Group ranked 27th this year, with a performance of NT$581.103 billion, up one place from last year's ranking. According to the financial report of Uni-President Group, the revenue of Uni-President Group in 2023 will be 28.5913 billion yuan, a year-on-year increase of 1.2%, and the gross profit will be 8.71 billion yuan.
In terms of categories, the revenue of the food business of Uni-President Group last year was 9.847 billion yuan, a year-on-year decrease of about 10.5%, of which the revenue of instant noodles was 9.59 billion yuan. When analyzing the business, the unified financial report mentioned and introduced instant noodle brands such as Tangdaren, Tongyi Laotan Sauerkraut Beef Noodles, and Eggplant Emperor, as well as convenience food brands such as Kaixiaozao. In 2023, the unified "Kaixiaozao" will also launch a variety of pre-made dishes, such as sour and cool golden soup fat beef, Laotan sauerkraut fish, spicy braised fat sausage, tiger skin braised pork, spicy grilled fish, etc. The revenue of the unified beverage business was 17.775 billion yuan, a year-on-year increase of 8.4%, of which the revenue of tea beverage was 7.58 billion yuan, a year-on-year increase of 9%; juice revenue was 3.4 billion yuan, a year-on-year increase of 13.3%, a 7-year record high; The revenue of milk tea category was 6.305 billion yuan, a year-on-year increase of 5.0%, and in terms of products, the financial report in the beverage business introduced products such as Haizhiyan, Tea King, and Xiaoming.
Image source: Kaixiaozao flagship store
Yili Group ranked 29th this year with a score of 124.461 billion yuan, the same as last year. From the 2023 financial report released by Yili, it can be seen that Yili's total operating income in 2023 will be 126.179 billion yuan, and the net profit attributable to the parent company will be 10.429 billion yuan.
From the perspective of business, in 2023, Yili's liquid milk business will achieve an operating income of 85.54 billion yuan, and the retail sales of Jindian fresh milk will increase by 54.6% year-on-year, ranking first in the brand power of low-temperature yogurt for 8 consecutive years. The sales of palace cheese increased by 37% year-on-year, ranking first in low-temperature coagulated yogurt. The company's milk powder and milk products revenue in 2023 will be 27.598 billion yuan, a year-on-year increase of 5.09%, the overall milk powder sales volume is the first in the Chinese market, the market share of adult milk powder retail sales has increased to 23.3%, ranking first in the industry for 9 consecutive years, and the market share of retail sales of infant formula milk powder has increased to about 16.2%. The operating income of the cold beverage business was 10.688 billion yuan, a year-on-year increase of 11.72%, ranking first in market share. In addition, Yili has also expanded its overseas business in 2023, with revenue increasing by 10.08% over the previous year, and its products have been sold to more than 60 countries and regions.
In terms of technology R&D and product innovation, Yili will also have some new progress in 2023. Through lactoferrin directional extraction and protection technology, Yili has increased the retention rate of lactoferrin in pure milk at room temperature from 10% to over 90%. During the reporting period, Yili also launched Jindian active lactoferrin organic milk, AMX probiotic yogurt, and "Xu Wanhuan" low GI series ice cream.
Image source: Ambrosi
This year, Mengniu rose 2 places, ranking 36th with a performance of 98.624 billion yuan. According to Mengniu's 2023 financial report, Mengniu's annual revenue in 2023 was 98.62 billion yuan, a year-on-year increase of 6.5%, and its operating profit was 6.17 billion yuan, a year-on-year increase of 13.8%. In terms of product categories, the revenue of liquid milk was 82.07 billion yuan, a year-on-year increase of 4.9%; the revenue of ice cream business was 6.03 billion yuan, a year-on-year increase of 6.7%; the revenue of cheese business was 4.36 billion yuan, a year-on-year increase of 230.3%; The revenue of milk powder business was 3.8 billion yuan.
In terms of product innovation, Daily Xianyu Fresh Milk has launched 4.0 Jersey Fresh Milk, Daily Fresh Cheese "Line Osmanthus Horseshoe Cheese", Forest Avocado Cheese and other new flavors, and Mengniu has also launched a liquid protein nutritional supplement Maisheng Sports Protein Drink.
Maxim Sports Protein Drink; Image source: MACTION flagship store
4. Some acquisitions in 2023
In December 2023, Chobani announced the acquisition of United States coffee brand La Colombe for $900 million.
Image credit: Chobani
In November 2023, according to Reuters, Mars announced the acquisition of United Kingdom chocolate brand Hotel Chocolat for 534 million pounds.
In October 2023, according to Food Dive, Ferrara, a subsidiary of Italy confectionery giant Ferrero Group, acquired Jelly Belly, a classic United States confectionery brand with a history of 150 years. Founded in 1869, Jelly Belly is known for its colorful bean-shaped sweets. About 15 billion jelly beans are produced every year. Jelly Bean is a bean-shaped candy with a soft candy shell and a thick inner gel that comes in a variety of colors and flavors, including more than 100 flavors such as cherry, popcorn, and root beer.
In August 2023, Foodbev reported that global investment firm Apax Partners acquired United States confectionery brand Bazooka Candy Brands, in a deal worth about $700 million, including debt.
In June 2023, Monster Energy will acquire rival Bang Energy for $362 million, with Monster subsidiary Blast Asset Acquisition the only bidder to successfully acquire all of Bang's assets, according to June 28 filing issued by the Bankruptcy Court for the Southern District of Florida of United States.
Bang Energy；图片来源：Lost Virtual Tour
In August 2023, according to Food Dive, Campbell Soup announced that it would acquire food company Sovos for up to $2.7 billion, the largest acquisition by the consumer goods giant in five years.
In July 2023, according to FoodBev, international confectionery giant Mars will acquire Kevin's Natural Foods, an United States pre-made food brand, which will operate as the next independent business of Mars' Food & Nutrition business.
Kevin’s Natural Foods预制菜；图片来源：Kevin’s Natural Food
In April 2023, according to Bloomberg News, Japan beer brewer Kirin (Kirin) will buy Australia's well-known health brand Blackmores for $1.88 billion.
In February 2023, according to retail circles, Bill · Gates bought about 10.8 million shares of Heineken Holding from Mexico beverage retail company FEMSA, accounting for about 3.76% of the latter's total share capital.
In January 2023, Diageo reached an agreement to acquire Don Papa Rum, a high-end Filipino rum brand, for more than 400 million euros, according to FoodBev.
V. Conclusion
In its analysis, Food Engineering believes that 2023 will be a year full of challenges and opportunities for food and beverage brands. Inflation and changing consumer habits are forcing companies to be creative in maintaining profits.
Looking at the list, overall sales are down compared to 2022, mainly due to inflation. According to the forecasts of accounting firm KPMG International, "according to the Global Economic Prospects, the global average inflation rate in 2024 and 2025 is 5.0% and 3.9%, respectively, down from the estimates of 6.5% in 2023 and 8.0% in 2022." However, the risks are on the upside, as further shocks to energy prices, or more persistent inflation within some countries, could undermine a relatively smooth return to central bank inflation targets next year. "In addition, rising raw material and ingredient costs have also cut revenues.
In addition, consumer habits are changing, and consumers are becoming more discerning when it comes to making purchases. McKinsey & Company analyzed in a survey: "According to the results of our latest United States Consumer Pulse Survey, consumers remain optimistic and continue to spend despite concerns about rising prices and job security. Consumers are turning to cheaper brands to save money, but they are also willing to splurge on certain goods and services. "Hershey's Consumer Insights team conducted its own research and came to the same conclusion. Its survey found that consumers are more inclined to buy in bulk to share experiences with friends and family, and that health remains a high priority for many.
However, some companies are seeing growth in the pet market. In the case of Nestlé, Nestlé's Purina Pet Care business was the largest contributor to organic growth, and Mars also rose in the ranking of the pet care business. Consumers have an increased demand for high-quality pet food and are willing to pay more for it.
In the face of high inflation and discerning consumers, Food Engineering believes the company is profitable by looking at its own operations. For example, AB InBev achieved revenue growth through pricing actions and revenue management, PepsiCo saved costs and accelerated its digital strategy, and Tyson Foods closed some factories to improve overall production efficiency and reduce costs. In addition, Food Engineering believes that M&A continues to play an important role in the company's finances.
6. Rankings
英文来源：Food Engineering
Chinese editor: Zhou Zhou
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