The report of the top 100 Food and Beverage companies 2020 published by the Food Engineering magazine, shows that top 5 companies—Nestlé, PepsiCo, Anheuser-Busch InBev, JBS and Tyson Foods, in order—are the same, and although there was some movement in spots 6-10, the companies in those spots have been around the top 10 range for several years.

But that doesn’t mean there wasn’t volatility within the list overall, as more than three-quarters of the companies on the list are in a different spot than they were in the 2019 ranking. Currency fluctuations, changes in consumer demand, mergers and acquisitions and divestitures all contributed to companies moving within the list, coming on to it or dropping off.

At Top Food and Beverage companies list also has not yet shown the full effects of the COVID-19 pandemic, as companies have not yet reported full- or fiscal-year revenue for 2020. The pandemic has led to a surge in retail demand as consumers work from home or eat at home instead of going to restaurants, but it also has some of the largest companies rethinking how they’re approaching product development and creation, says Amy Shipley, managing partner and director, SRG.

Impact of Covid-19 in the sector

“We’re seeing a significant uptick in product innovation, especially within retail and CPG,” says Shipley. “Companies seemed to have taken their eye off the innovation ball, and with consumers shopping and cooking more from home, they realized it was time to get back in the game. Consumers are already tiring of their ‘go-to’ staples at home, and also will be seeking new product experiences. And for those consumers who don’t like to cook, we’re seeing meal kits and more value-added products added to both the fresh and prepared areas of the store.”

This year, we are showcasing the top 10 companies with their own profile pages following this story, as well as expanded charts to share more information on how companies’ performance compared to the previous year. But here’s a look at some of the more interesting information to be gleaned from the 2020 Top 100 list.

Nestlé once again holds the top spot by a wide margin over No. 2 PepsiCo, although it narrowed a bit this year. Nestlé’s food revenue was $76.8 billion, down from the previous year’s $80.2 billion. PepsiCo saw revenue increase by about $2.5 billion, from $64.7 billion to $67.2 billion.

PepsiCo Chief Insights and Analysts Officer Stephan Gans says the company has seen success across a number of its different brands, on both the food and beverage sides of its business.

“We’ve been encouraged by the success of our brands such as Quaker, where we just reported an increase in organic revenue of 23% in Q2 2020, and a 55% increase in profit during the same period,” says Gans. “Looking ahead, we’ll need to determine what behavioral changes are going to stick with us and leverage those opportunities to deliver consumers what they want in the new shape of their lives – whether it’s more customization like we’ve rolled out with our Gatorade Gx ecosystem that provides fueling recommendations specific to an individual athlete, or more sustainable hydration options like SodaStream that lets consumers personalize hydration and reduce single-use packaging at the same time.”

No. 3 Anheuser-Busch InBev saw revenue decline to $52.3 billion from the previous year’s restated total of $53 billion, but the company saw some bright spots among its brands as they grew outside of their home countries. The company’s flagship Budweiser brand saw growth of 3.3% outside the United States, while Stella Artois grew by 6.5% outside of Belgium. Corona saw a 21% increase in sales outside of Mexico, with China and South Africa being particularly strong markets.

Rounding out the top 5 are a pair of companies heavily focused on protein. JBS and Tyson Foods both saw revenue increase by about $2 billion compared to the previous year.

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Read more Top 100 in Food Engineering