10 Largest Beverage Companies

The Beverage Industry

The beverage industry is made up of a wide range of companies that sell non-alcoholic products such as soft drinks, health drinks, coffees, and teas, as well as alcoholic beverages like wines and liquors. Many of these companies, such as PepsiCo, Coca-Cola, Anheuser-Busch, and Heineken, may be familiar to consumers.

Worldwide, the beverage industry is expected to reach $257.3 billion in revenue in 2023. Its projected annual growth rate of 11.79% is expected to result in a market volume of $401.9 billion by 2027. The growth of non-alcoholic beverage revenue during this period should outpace the more stable growth expected for alcoholic beverages. The industry’s penetration is estimated at 14.1% for 2023 and 18.3% by 2027.

As members of the consumer staples sector of the economy, beverage companies’ products generally enjoy stable demand regardless of the state of the broader economy. For example, despite the COVID-19 pandemic and the accompanying general economic slowdown, beverage companies maintained strong sales as increased purchasing by consumers staying at home partly offset lower sales at bars, restaurants, and entertainment events.

Below, we look at the 10 largest beverage companies by 12-month trailing (TTM) revenue. This list is limited to companies that are publicly traded in the U.S. or Canada, either directly or through ADRs. Except where stated otherwise, all data are as of Dec. 15, 2022, courtesy of YCharts.

• Revenue (TTM): $83.64 billion
• Net Income (TTM): $9.71 billion
• Market Cap: $187.1 billion
• 1-Year Trailing Total Return: 2.1%
• Exchange: Nasdaq

Known for its namesake Pepsi brand of soft drinks, PepsiCo was established in 1898 and is headquartered in Purchase, NY. It manufactures and sells an impressive range of beverages and food products worldwide.

It has seven operations segments: Frito-Lay North America; Quaker Foods North America; PepsiCo Beverages North America;, Latin America; Europe; Africa, the Middle East and South Asia; Asia Pacific, Australia and New Zealand, and China.

PepsiCo offers a substantial array of beverages and related products such as beverage concentrates, fountain syrups, ready-to-drink tea, coffee, and juices, dairy products and sparkling water. Its food products include dips and spreads, cheese-flavored snacks, chips, oatmeal, grits, and other cereals, rice, pasta, and side dishes. Once it merged with snack food maker Frito-Lay in 1965, Pepsi expanded its offerings in the snack space significantly.

• Revenue (TTM): $57.32 billion
• Net Income (TTM): $5.09 billion
• Market Cap: $118.45 billion
• 1-Year Trailing Total Return: 4.06%
• Exchange: New York Stock Exchange

Belgian company Anheuser-Busch InBev makes and distributes alcoholic beverages and non-alcoholic beverages throughout the world. It offers approximately 500 beers, among them Budweiser, Bud Light, Corona, Michelob Ultra, Stella Artois, Hoegaarden, Leffe, Modelo, Antarctica, Cass, Castle, Cristal, and Harbin.

Anheuser-Busch was founded in 1852 in St. Louis, MO (with the earlier name of The Bavarian Brewery). In 2008, it merged with Belgian company InterBrew to form Anheuser-Busch InBev. It is headquartered in Leuven, Belgium.

• Revenue (TTM): $42.34 billion
• Net Income (TTM): $9.93 billion
• Market Cap: $272.92 billion
• 1-Year Trailing Total Return: 11.91%
• Exchange: New York Stock Exchange

One of the best-known soft drink brands in the world, Coca-Cola famously produces only the syrups and beverage concentrates for certain of its products. It also produces and sells sparkling soft drinks, flavored water, vitamin-enriched water, sports drinks, juice, tea, coffee, and energy drinks. It then uses a network of independent bottlers, distributors, wholesalers, and retailers to send its products across the globe.

Some of its brands include Coca-Cola, Diet Coke/Coca-Cola Light, Coca-Cola Zero Sugar, Fanta, Fresca, Dasani, glacéau smartwater, and glacéau vitaminwater. Coca-Cola was established in 1886 and is headquartered in Atlanta, Georgia.

• Revenue (TTM): $31.36 billion
• Net Income (TTM): $1.31 billion
• Market Cap: $27.41 billion
• 1-Year Trailing Total Return: 7.34%
• Exchange: New York Stock Exchange

Mexico-based Fomento Economico Mexicano was founded in 1890 and is headquartered in Monterrey. The company is a retailer, beverage company, and a bottler/producer of Coca-Cola products. It distributes these products throughout South America in Mexico, Costa Rica, Colombia, Guatemala, Nicaragua, Argentina, Uruguay, Panama, Venezuela, and Brazil.

In addition, the company owns and operates OXXO retail chain stores, OXXO GAS service stations, and drug stores. It also produces and distributes beverage- and food-related products such as chillers, commercial refrigeration equipment, plastic boxes, and food processing equipment.

• Revenue (TTM): $28.01 billion
• Net Income (TTM): $3.97 billion
• Market Cap: $53.76 billion
• 1-Year Trailing Total Return: -10.54%
• Exchange: OTC

Brewing company Heineken produces beer and cider and sells it internationally. It was incorporated in 1864 and is headquartered in Amsterdam, the Netherlands. Heineken is perhaps best known for its namesake beer.

Some of its other beer brands include Amstel, Desperados, Sol, Tiger, Birra Moretti, and Lagunitas. Its ciders include Strongbow Apple Ciders, Cidrerie Stassen, Orchard Thieves, Blind Pig, Bulmers, Old Mout, and Follow The Fox.

Heineken cultivates relationships with retailers, bars, pubs, restaurants, and hotels in the Americas, Europe, eastern Europe, the Middle East, Africa, and the Asia Pacific sector. The company also produces and sells soft drinks and water.

• Revenue (TTM): $20.15 billion
• Net Income (TTM): $4.26 billion
• Market Cap: $103.66 billion
• 1-Year Trailing Total Return: -11.39%
• Exchange: New York Stock Exchange

British company Diageo was incorporated in 1886 and is headquartered in London. It produces and sells a range of alcoholic beverages, including scotch, Canadian whisky, American whiskey, vodka, rum, ready-to-drink products, tequila, brandy, beer, and cider.

It also sells non-alcoholic products. Its brands include Johnnie Walker, Guinness, Tanqueray, Baileys, Smirnoff, Captain Morgan, J&B, Ketel One, Crown Royal, and Don Julio. Diageo operates in North America, Europe, Turkey, Africa, Latin America, the Caribbean, the Asia Pacific, and elsewhere throughout the world.

• Revenue (TTM): $17.79 billion
• Net Income (TTM): $1.55 billion
• Market Cap: $24.57 billion
• 1-Year Trailing Total Return: 3.98%
• Exchange: Nasdaq

Coca-Cola Europacific Partners is a bottling company producing and distributing non-alcoholic Coca-Cola products. Previously known as Coca-Cola European Partners plc, it changed its name to Coca-Cola Europacific Partners PLC in May 2021. It is headquartered in Uxbridge, the United Kingdom and serves approximately 600 million consumers.

The company sells juices, energy drinks, soft drinks, waters, enhanced waters, isotonic drinks, and ready-to-drink tea and coffee. Some of its brands are Coca-Cola, Diet Coke, Coca-Cola Zero Sugar, Fanta, Sprite, URGE, POWERADE, Schweppes, FINLEY, Royal Bliss, Lift, Vio SCHORLE, NORDIC MIST, Chaudfontaine, Apollinaris, Costa Coffee, Fuzetea, NESTEA, Capri-Sun, Oasis, and Minute Maid.

• Revenue (TTM): $15.06 billion
• Net Income (TTM): $2.5 billion
• Market Cap: $44.08 billion
• 1-Year Trailing Total Return: 4.05%
• Exchange: New York Stock Exchange

Ambev is a Brazilian brewing company. It was originally founded in 1885 and is headquartered in São Paulo, Brazil. It focuses on four segments: Brazil, Central America and the Caribbean, Latin America South, and Canada.

Ambev sells beer, draft beer, carbonated soft drinks, other non-alcoholic beverages (such as bottled water, isotonic beverages, energy drinks, coconut water, natural juices, and ready-to-drink teas), malt, and food products.

Some of its beer brands are Skol, Brahma, Bud Light, Beck’s, Presidente, Bohemia, Corona, Modelo Especial, Stella Artois, Budweiser, Michelob Ultra, and Labatt Blue. Ambev merged with Belgian company Interbrew SA in 2004 and operates as a subsidiary.

• Revenue (TTM): $13.65 billion
• Net Income (TTM): $1.83 billion
• Market Cap: $51.88 billion
• 1-Year Trailing Total Return: 4.91%
• Exchange: Nasdaq

Keurig Dr. Pepper is a major North American beverage company that operates internationally. Its headquarters is in Burlington, MA. Keurig Dr. Pepper was organized in 2018 when Keurig Green Mountain merged with the Dr. Pepper Snapple Group.

Keurig Dr. Pepper produces over 125 beverage products. Its operations include various segments, e.g., Coffee Systems, Packaged Beverages, Beverage Concentrates, and Latin America Beverages. Its beverage concentrates include brands such as Dr. Pepper, Canada Dry, A&W, 7UP, Sunkist, Squirt, Big Red, RC Cola, Snapple, Mott’s, Hawaiian Punch, Clamato, Yoo-Hoo, Evian, and Mr and Mrs T mixers.

• Revenue (TTM): $11.87 billion
• Net Income (TTM): $2.24 billion
• Market Cap: $49.29 billion
• 1-Year Trailing Total Return: -16.1%
• Exchange: OTC

Pernod Ricard has a substantial history in the beverage industry, having been founded in 1805. It is headquartered in Paris, France and its customer focus is global.

Pernod Ricard manufactures and distributes wines, bitters, whiskies, vodka, gin, rum, tequila, mezcal, liqueurs including cognac and brandies, and Champagne. Some of its many brands are 100 Pipers, Absolut, Ballantine’s, Beefeater, Ceder’s, Chivas, Clan Campbell, Del Maguey, Imperial, Jameson, Kahlúa, Kenwood, Martell, Mumm, Pastis 51, Pernod, Perrier-Jouët, Plymouth Gin, Ricard, Royal Salute, Seagram’s Gin, and The Glenlivet.

The Bottom Line

The beverage industry is part of the consumer staples sector of the U.S. economy. This sector usually remains stable in the face of economic slowdown because it involves products consumers need or want, in good times and bad. The industry is expected to grow by 11.79% annually through 2027.

The top 10 beverage companies by revenue (that are publicly traded in the U.S. or Canada) are PepsiCo, Anheuser-Busch InBev, Coca-Cola, Fomento Economico Mexicano, Heineken, Diageo, Coca-Cola Europacific Partners, Ambev, Keurig Dr. Pepper, and Pernod Ricard.