25 Largest Beverage Companies in the Word in 2023

Published on April 28, 2023 at 3:23 am by Ramish Cheema in Business, Lists, News

In this piece, we will take a look at the 25 largest beverage companies in the world in 2023. For more companies, head on over to 5 Largest Beverage Companies in the Word in 2023.

These days, the biggest worry on everyone’s mind is a potential recession in America. The economic turmoil that has been ravaging the world over the past couple of years has nearly destroyed the finances of developing countries and put advanced economies under strain as well. Take the example of China, where millions of fresh graduates with advanced degrees are struggling to find a job as the economy slowly starts after shutting down during the pandemic.

At the same time, in the U.S. there is a growing worry of a potential default as the economy slows down in the wake of the Federal Reserve’s rapid interest rate hikes to combat inflation. While members of the House were quick to pass a Republican sponsored bill in late April 2023 by voting two thirds to suspend normal rules, there are concerns that a showdown in Senate could very well place the U.S. on a default trajectory.

But why bring up macroeconomics in a post about the biggest beverage companies in the world? Well, this is because the beverages sector is often quite resilient in a recessionary environment. Of course, the key word to note here is recession ‘resistant’ and not recession ‘proof’, since no industry is truly and absolutely immune to a drop in incomes and a slowdown in spending. Looking at what the professionals are saying, a study from Morningstar provides some important insights on this topic.

In the aftermath of the 2008 economic crisis, Morningstar reported that the beverage industry was undervalued with an average value to fair price estimate of 0.88. It also highlighted that as spending fell, consumers became more price conscious which in turn saw the alcoholic beverages offered by Anheuser-Busch InBev SA/NV (NYSE:BUD) grow their sales. Additionally, other large companies such as Diageo plc (NYSE:DEO) and Brown-Forman Corporation (NYSE:BF-B) were cash flow healthy. At the same time, brand loyalty also helped the beverage firms stay afloat, as Morningstar points out that brands such as Diageo’s Johnnie Walker endured the recession well as customers continue to drink the spirit even as they canceled vacations.

As a whole though, the beverages industry is made of both alcoholic and non-alcoholic products. In fact, the top five of the 16 Most Valuable Beverage Brands in the World are all non-alcoholic brands, and some of the biggest companies in the world such as The Coca-Cola Company (NYSE:KO) also make and sell non-alcoholic drinks. Naturally, since the current economic turmoil has been in place for over a year now, it’s relevant to take a look at how well these companies are performing. On this front, Coca-Cola has recovered its revenue drop since the coronavirus pandemic and has grown top line sales since 2020. In fact, last year’s inflationary wave also helped the beverage company, since it grew its revenue to $43 billion in 2022 from the $38.6 billion that it had raked in the previous year.

Taking a look at the beverage industry as a whole, a research report from The Business Research Company estimates that the industry was worth $3.5 trillion last year, and despite the expected global slowdown, will grow to $3.7 trillion by the end of this year to mark a compounded annual growth rate (CAGR) of 5.7%. It adds that from 2023 until 2027, the growth will decelerate a bit to sit at 5.4%, which will lead to a final value of $4.6 trillion for the global beverage market by the end of the forecast time period.

Since it is one of the, if not the, biggest beverage companies in the world, a brief look at Coca-Cola’s latest earnings call provides valuable details for what to expect from the beverages market. During the event, executives shared:

Firstly, as John said, we feel confident about our outlook to drive the year [2023] from the top line. Let me connect that perhaps starting to 2022. As we commented, we saw steady volume growth through the year, including the fourth quarter. I know we reported a headline number of minus one. But if you accommodate the suspension of Russia and the COVID restrictions in China and take a three-year CAGR of volume growth, you see a pretty constant growth momentum through the year. And we would also comment that, that growth momentum has continued into the beginning of inflation. So we see strong underlying volume momentum or ongoing volume momentum that we have been able to achieve by our focus on the marketing innovation, the RGM and the execution to accommodate the need for affordability and premiumization in the phase inflation.

And as John commented, we do see both inflation moderating as we go through 2023 and of course, our own pricing PMO beginning to moderate as we go through ’23 in part because, the input costs inflation is moderating, but also because we begin to cycle some of the price increases from 2022. And what that’s likely to net out as obviously, we’ve given a seven to eight for the full year. And what we’re likely to see is the beginning of the Q1, we’re likely to see revenue growth more close to what — the sort of levels we were achieving coming out of last year. And that then logically, the organic growth rate moderates as we get towards the end of the year, looking to close out on a more normalized level of revenue growth. And then when you average that out, you get to the seven to eight.se de

With these details in mind, let’s take a look at some of the biggest beverage companies in the world, out of which the top players are The Coca-Cola Company (NYSE:KO), Kweichow Moutai Co., Ltd. (SHA:600519.SS), and PepsiCo, Inc. (NASDAQ:PEP).

Our Methodology

To compile our list of the biggest beverage companies in the world, we first listed down all publicly listed players in the space. Then, the firms were ranked according to their market capitalization, and the top 25 companies are listed as part of our list of the world’s biggest companies.

Largest Beverage Companies in the World in 2023

25. Kirin Holdings Company, Limited (TYO:2503.T)

Latest Market Capitalization: $12.9 billion (1JPY = 0.0075USD)

Kirin Holdings Company, Limited (TYO:2503.T) is a Japanese firm based in Nakano. It sells beer and other spirits. It is one of the biggest beverage companies in the world alongside The Coca-Cola Company (NYSE:KO), Kweichow Moutai Co., Ltd. (SHA:600519.SS), and PepsiCo, Inc. (NASDAQ:PEP).

24. Davide Campari-Milano N.V. (BIT:CPR.MI)

Latest Market Capitalization: $14.18 billion

Davide Campari-Milano N.V. (BIT:CPR.MI) is an Italian company based in Sesto San Giovanni. The firm sells alcoholic and nonalcoholic beverages all over the world.

23. JDE Peet’s N.V. (AMS:JDEP.AS)

Latest Market Capitalization: $14.59 billion (1EUR = 1.10USD)

JDE Peet’s N.V. (AMS:JDEP.AS) is a Dutch company headquartered in Amsterdam, Netherlands. It makes and sells coffee and tea.

22. Arca Continental, S.A.B. de C.V. (BMV:AC.MX)

Latest Market Capitalization: $16.10 billion (1MXN = 0.055USD)

Arca Continental, S.A.B. de C.V. (BMV:AC.MX) is a Mexican firm that operates out of Monterrey, Mexico. It sells soft drinks, tea, coffee, and other beverages.

21. Tsingtao Brewery Company Limited (SHA:600600.SS)

Latest Market Capitalization: $18.34 billion (1CNY = 0.14USD)

Tsingtao Brewery Company Limited (SHA:600600.SS), as the name suggests, is a Chinese firm. It is headquartered in Qingdao, China, and is a pureplay beer company with other business divisions as well.

20. Asahi Group Holdings, Ltd. (TYO:2502.T)

Latest Market Capitalization: $18.6 billion (1JPY = 0.0075USD)

Asahi Group Holdings, Ltd. (TYO:2502.T) is a Japanese company based in Tokyo. It sells alcoholic beverages and soft drinks through dozens of brands. Asahi Group Holdings, Ltd. (TYO:2502.T) also sells powdered milk and is one of the biggest beverage companies in the world.

19. Carlsberg A/S (CPH:CARL-B.CO)

Latest Market Capitalization: $22.89 billion (1DKK = 0.15USD)

Carlsberg A/S (CPH:CARL-B.CO) is a Danish firm based in Copenhagen. The company sells different kinds of specialty and craft beers, as well as non alcoholic drinks.

18. China Resources Beer (Holdings) Company Limited (HKG:0291.HK)

Latest Market Capitalization: $25.86 billion (1HKD = 0.13USD)

China Resources Beer (Holdings) Company Limited (HKG:0291.HK) is a Chinese firm based in Wan Chai, Hong Kong. As the name suggests, it makes and sells beer.

17. Brown-Forman Corporation (NYSE:BF-B)

Latest Market Capitalization: $31.19 billion

Brown-Forman Corporation (NYSE:BF-B) is an American firm headquartered in Louisville, Kentucky. The company sells whiskey, vodka, bourbon, and other spirits.

As of Q4 2022, 36 of the 943 hedge funds part of Insider Monkey’s database had held a stake in Brown-Forman Corporation (NYSE:BF-B). The firm’s largest investor is Terry Smith’s Fundsmith LLP with a $797 million stake.

16. Yanghe Brewery Joint-Stock Co Ltd (SHE:002304.SZ)

Latest Market Capitalization: $32.50 billion (1CNY = 0.14USD)

Yanghe Brewery Joint-Stock Co Ltd (SHE:002304.SZ) is a Chinese company based in Suqian, China. The firm sells alcoholic beverages such as wine under different brands.

15. Budweiser Brewing Company APAC Limited (HKG:1876.HK)

Latest Market Capitalization: $40.5 billion (1HKD = 0.13USD)

Budweiser Brewing Company APAC Limited (HKG:1876.HK) makes and sells beer primarily in the Asia Pacific region. It is based in Hong Kong.

14. Constellation Brands’ (NYSE:STZ)

Latest Market Capitalization: $41.68 billion

Constellation Brands’ (NYSE:STZ) is one of the biggest alcoholic beverage companies in the world. It sells beer, wine, and spirits globally.

42 of the 943 hedge funds part of Insider Monkey’s survey for last year’s fourth quarter had held a stake in Constellation Brands’ (NYSE:STZ). Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital is the largest shareholder with a $256 million stake.

13. Ambev S.A. (NYSE:ABEV)

Latest Market Capitalization: $45.9 billion

Ambev S.A. (NYSE:ABEV) is a Brazilian firm headquartered in Sao Paulo, Brazil. The company sells beer and carbonated soft drinks.

By the end of last year’s fourth quarter, 16 of the 943 hedge funds profiled by Insider Monkey had held a stake in Ambev S.A. (NYSE:ABEV) . Out of these, the largest investor is Jean-Marie Eveillard’s First Eagle Investment Management with a $777 million stake.

12. Keurig Dr Pepper Inc. (NASDAQ:KDP)

Latest Market Capitalization: $49.58 billion

Keurig Dr Pepper Inc. (NASDAQ:KDP) sells beverage concentrates and carbonated mineral water. The firm is based in Burlington, Massachusetts.

As of Q4 2022, 32 of the 943 hedge funds surveyed by Insider Monkey had invested in the firm. Keurig Dr Pepper Inc. (NASDAQ:KDP)’s largest shareholder is Jim Simons’ Renaissance Technologies since it owns $314 million worth of shares.

11. Monster Beverage Corporation (NASDAQ:MNST)

Latest Market Capitalization: $54.62 billion

Monster Beverage Corporation (NASDAQ:MNST) is one of the biggest energy drink companies in the world. It also sells juices and other products.

44 of the 943 hedge funds profiled by Insider Monkey had bought Monster Beverage Corporation (NASDAQ:MNST)’s shares during last year’s fourth quarter. Out of these, Neal C. Bradsher’s Broadwood Capital is the biggest investor with a $472 million stake.

10. Pernod Ricard SA (EPA:RI.PA)

Latest Market Capitalization: $59.97 billion (1EUR = 1.10USD)

Pernod Ricard SA (EPA:RI.PA) is a French wine and spirits company based in Paris.

9. Nongfu Spring Co., Ltd. (HKG:9633.HK)

Latest Market Capitalization: $61.53 billion

Nongfu Spring Co., Ltd. (HKG:9633.HK) sells drinking water and other nonalcoholic beverages. It is based in Hangzhou, China.

8. Heineken N.V. (AMS:HEIA.AS)

Latest Market Capitalization: $64.60 billion (1EUR =1.10USD)

Heineken N.V. (AMS:HEIA.AS) is a Dutch beer and cider company headquartered in Amsterdam. It has dozens of brands in its portfolio.

7. Wuliangye Yibin Co.,Ltd. (SHE:000858.SZ)

Latest Market Capitalization: $98.50 billion (1CNY = 0.14USD)

Wuliangye Yibin Co.,Ltd. (SHE:000858.SZ) makes and sells liquor and wine including China’s favorite spirit, Baiju.

6. Diageo plc (NYSE:DEO)

Latest Market Capitalization: $103.02 billion

Diageo plc (NYSE:DEO) is a British spirits firm set up in 1886 and based in London. Along with The Coca-Cola Company (NYSE:KO), Kweichow Moutai Co., Ltd. (SHA:600519.SS), and PepsiCo, Inc. (NASDAQ:PEP), it is one of the largest beverage companies in the world.

23 of the 943 hedge funds part of Insider Monkey’s database had bought Diageo plc (NYSE:DEO)’s shares in Q4 2022. Tom Gayner’s Markel Gayner Asset Management is the largest investor with a $240 million stake.

Click to continue reading and see 5 Largest Beverage Companies in the World in 2023.

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25 Largest Beverage Companies in the Word in 2023

Published on April 28, 2023 at 3:23 am by Ramish Cheema in Business, Lists, News

Largest Beverage Companies in the World in 2023

25. Kirin Holdings Company, Limited (TYO:2503.T)

24. Davide Campari-Milano N.V. (BIT:CPR.MI)

23. JDE Peet’s N.V. (AMS:JDEP.AS)

22. Arca Continental, S.A.B. de C.V. (BMV:AC.MX)

21. Tsingtao Brewery Company Limited (SHA:600600.SS)

20. Asahi Group Holdings, Ltd. (TYO:2502.T)

19. Carlsberg A/S (CPH:CARL-B.CO)

18. China Resources Beer (Holdings) Company Limited (HKG:0291.HK)

17. Brown-Forman Corporation (NYSE:BF-B)

16. Yanghe Brewery Joint-Stock Co Ltd (SHE:002304.SZ)

15. Budweiser Brewing Company APAC Limited (HKG:1876.HK)

14. Constellation Brands’ (NYSE:STZ)

13. Ambev S.A. (NYSE:ABEV)

12. Keurig Dr Pepper Inc. (NASDAQ:KDP)

11. Monster Beverage Corporation (NASDAQ:MNST)

10. Pernod Ricard SA (EPA:RI.PA)

9. Nongfu Spring Co., Ltd. (HKG:9633.HK)

8. Heineken N.V. (AMS:HEIA.AS)

7. Wuliangye Yibin Co.,Ltd. (SHE:000858.SZ)

6. Diageo plc (NYSE:DEO)

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff

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25 Largest Beverage Companies in the Word in 2023

Published on April 28, 2023 at 3:23 am by Ramish Cheema in Business, Lists, News

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Largest Beverage Companies in the World in 2023

25. Kirin Holdings Company, Limited (TYO:2503.T)

24. Davide Campari-Milano N.V. (BIT:CPR.MI)

23. JDE Peet’s N.V. (AMS:JDEP.AS)

22. Arca Continental, S.A.B. de C.V. (BMV:AC.MX)

21. Tsingtao Brewery Company Limited (SHA:600600.SS)

20. Asahi Group Holdings, Ltd. (TYO:2502.T)

19. Carlsberg A/S (CPH:CARL-B.CO)

18. China Resources Beer (Holdings) Company Limited (HKG:0291.HK)

17. Brown-Forman Corporation (NYSE:BF-B)

16. Yanghe Brewery Joint-Stock Co Ltd (SHE:002304.SZ)

15. Budweiser Brewing Company APAC Limited (HKG:1876.HK)

14. Constellation Brands’ (NYSE:STZ)

13. Ambev S.A. (NYSE:ABEV)

12. Keurig Dr Pepper Inc. (NASDAQ:KDP)

11. Monster Beverage Corporation (NASDAQ:MNST)

10. Pernod Ricard SA (EPA:RI.PA)

9. Nongfu Spring Co., Ltd. (HKG:9633.HK)

8. Heineken N.V. (AMS:HEIA.AS)

7. Wuliangye Yibin Co.,Ltd. (SHE:000858.SZ)

6. Diageo plc (NYSE:DEO)

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff