We recently compiled a list of the 25 richest billionaires in the food and beverage industry. In this article, we will talk about the richest billionaires in the food and beverage industry.
Food and beverage market: Outlook
According to a report by Business Research Company, the food and beverage industry is estimated to reach $7 trillion in 2024. The market is on an upward trend at a compound annual growth rate (CAGR) of 5.9%, and is expected to reach $8.8 trillion by 2028. This growth is driven by a variety of factors, including increasing disposable income, subscription products, online grocery shopping, and digital payment options. On April 23, Reuters reported that Amazon.com, Inc. (NASDAQ: AMZN) has introduced a new grocery delivery subscription service in the United States. This allows subscribers to pay $9.99 per month to have unlimited groceries delivered for orders over $35. The service will be available in 3,500 cities and towns nationwide. The new service offered by Amazon.com, Inc. (NASDAQ: AMZN) features products from Amazon Fresh, Whole Foods Market, and other local retailers on its platform. It also offers a discounted rate of $4.99 per month for low-income customers without a premium membership. Other major retailers in the market, such as Walmart (NYSE:WMT) and Target (NYSE:TGT), also offer similar subscription programs. With the launch of this service, Amazon.com, Inc. (NASDAQ:AMZN) is expanding its fresh food business and competing with other retail giants in the market.
One of the big trends in the food market is companies adopting AI and data-driven approaches to optimize operations. On May 25, Reuters reported that Koninklijke Ahold Delhaize NV (OTC: ADRNY), a major supermarket company that owns grocery chains Food Lion, Giant Food, The GIANT Company, Hannaford, and Stop & Shop in the United States, plans to increase revenue by automating back-end operations and driving more customers to digital applications. The company expects to achieve cumulative savings of $5.41 billion by adopting AI and automation in logistics, supply chain, stores, and back-end operations and driving loyal customers to digital applications.
Key players in the food and beverage market
Some of the biggest names in the food and beverage market include Kraft Heinz Co. (NASDAQ:KHC), Mondelez International Inc. (NASDAQ:MDLZ), and Nestle Inc. (OTC:NSRGY), which we’ll discuss in more detail below.
Kraft Heinz Company (NASDAQ:KHC) manufactures and sells food and beverage products in the United States and around the world. Products range from everyday essentials to frozen meals and soft drinks. The company’s popular brands include Kraft, Oscar Mayer, Heinz Kool-Aid, Jell-O, Heinz and Lunchables. The company is also working to create plant-based alternatives to capitalize on growing market demand. On March 12, Kraft Heinz Knot Company LLC, a joint venture between Kraft Heinz Company (NASDAQ:KHC) and The Knot Company, launched the first plant-based version of its KD Macaroni and Cheese brand. The company continues to expand its portfolio to meet customer demand, as represented by its current products KD Knot Macaroni and Cheese and KD Gluten Free.
The story continues
Mondelēz International (NASDAQ:MDLZ) is a leading manufacturer of snack foods and beverages, including biscuits, baked goods, crackers, cakes, chocolates and powdered drinks. The company’s key brands are Cadbury Dairy Milk, Tate’s Bakeshop biscuits and baked goods, Oreo, Toblerone, LU and Ritz. On May 28, the company announced that it has invested $5 million in a new regional biscuit and baked goods lab and innovation kitchen in Singapore. The company will consolidate the new facility and focus on developing new and improved baked goods and biscuits while promoting mindful snacking and catering to the demand for premium snacks. This marks an expansion of the company’s existing Singapore technology center, which was established in 2006 and later expanded to a facility for the gum and candy categories in 2018.
Another leader in the food and beverage market, Nestle SA (OTC: NSRGY), is making great strides with sustainable packaging solutions that meet customers’ needs for responsible consumption. On April 12, the company announced that it will change its ready-to-drink beverage portfolio, Nesquik, to a recyclable shrink-sleeve label made with a light-blocking printing technology to make the bottles easier to recycle. The label will be available on all Nesquik bottles starting this summer. Nestle SA (OTC: NSRGY) aims to utilize materials in its plastic supply stream to transform them into another PET bottle. Both the new shrink sleeve and the bottle are recyclable, and customers can place the bottle in the recycling bin without removing the sleeve. By June 2024, all Nesquik beverages will be changed to the new sleeve. The transition will allow the company to recycle an estimated 4,500 tons of PET plastic per year.
The richest billionaires in the food and beverage industry
An assembly line of automated machines packaging a variety of plant-based foods and beverages.
methodology
To compile this list of the 25 richest billionaires in the food and beverage industry, we used Forbes’ real-time billionaires data. The food and beverage billionaires are ranked in ascending order of net worth as of June 3rd.
The richest billionaires in the food and beverage industry
Mount Zhongshan
Net worth as of June 3: $62 billion
Chung Rui-rui is the richest billionaire in the food and beverage industry. He is the founder and chairman of Nongfu Springs Limited (OTC:NNFSF), a leading bottled water company in Hong Kong. The billionaire dropped out of primary school and worked a variety of jobs, including construction worker, newspaper reporter and beverage distributor, before founding his own bottled water company. Rui-rui is also the owner of Wantai Bio-Pharma, a leading biopharmaceutical company. As of 2024, he is the 24th richest billionaire in the world and the third richest person in Asia. The billionaire’s net worth is $62 billion as of June 3rd.
To learn about other billionaires in the food and beverage industry, check out our in-depth report, “The 25 Richest People in Food and Beverage.”
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Disclosures: None. This article originally appeared on Insider Monkey.
