2023 Top 100 Index:

Ongoing food price inflation has the beleaguered American consumer generally feeling a little stressed out, tired, and less than secure about their economic status and outlook. Yet despite all that, “people gotta eat,” as they say.

That reality is reflected in 2023’s Top 100 rankings, with many companies’ performance in the past year maintaining the strong upward track that began during the pandemic and has only recently started to show signs of slowing down a bit.

The latest annual Power of Meat Study found 2022 meat sales rose 5.7% when compared against 2021 sales, with a healthy 87% of all meals prepared at home featuring  meat or poultry. On an even more encouraging note, the study finds that despite all the attention meat alternatives have received, more than 98% of shoppers make meat purchases. A product category can hardly expect stronger market penetration than that.

Indicators from the feedlot to the meat case are signaling a cooling market.

2023 Meat and Poultry Top 100 Preview

Rank Company Net Sales (Millions) No. of Plants No. of Employees Operations
1
2022:3		 Cargill Meat Solutions Corp.
Wichita, Kan.
Brian Sikes, President/CEO		 165,000 40 155,000 Beef Slaughter, Boxed Beef, Beef Further Processing, Ground Beef, Fresh Pork, Fresh Sausage, Cured Sausage, Ham, Deli Meat, Bacon, Poultry Slaughter, Poultry Further Processing, Plant-Based Protein, Case-Ready, Private Labeling
2
2022:4		 Sysco Corp.
Houston, Texas
Kevin Hourican, President/CEO		 73,580 125 71,000 Boxed Beef, Beef Further Processing, Ground Beef, Fresh Pork, Fresh Sausage, Cured Sausage, Ham, Deli Meat, Bacon, Poultry Further Processing, Veal, Lamb, Game, Private Labeling
3
2022:1		 Tyson Foods Inc.
Springdale, Ark.
Donnie King, President/CEO		 53,282 150 142,000 Beef Slaughter, Boxed Beef, Beef Further Processing, Ground Beef, Pork Slaughter, Fresh Pork, Fresh Sausage, Cured Sausage, Ham, Deli Meat, Bacon, Poultry Slaughter, Poultry Further Processing, Prepared Foods, Plant-Based Protein, Case-Ready, Private Labeling, Natural/Organic,
4
2022:2		 JBS USA
Greeley, Colo.
Andre Nogueira, President/CEO		 27,800 85 78,000 Beef Slaughter, Boxed Beef, Beef Further Processing, Ground Beef, Pork Slaughter, Fresh Pork, Fresh Sausage, Cured Sausage, Ham, Deli Meat, Bacon, Poultry Slaughter, Poultry Further Processing, Lamb, Prepared Foods, Plant-Based Protein, Case-Ready, Private Labeling, Natural/Organic
5
2022:5		 Smithfield Foods Inc.
Smithfield, Va.
Shane Smith, President/CEO		 14,400 59 60,000 Pork Slaughter, Fresh Pork, Fresh Sausage, Cured Sausage, Ham, Deli Meat, Bacon, Poultry Slaughter, Poultry Further Processing, Prepared Foods, Meat Snacks, Case-Ready, Private Labeling

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The price per unit across all foods and beverages in Circana-measured multi-outlet stores, including supermarkets, club, mass, supercenter, drug, and military, increased by 8.2% in April 2023, which was down from 11.4% in the first quarter of the year.

After consecutive years of record margins, animal protein processors are seeing the strong margin cycle correcting, as rising livestock input costs because of smaller herds and normalizing production capacity are squeezing beef cut-out margins, according to an S&P Global RatingsDirect report. The report also said a combination of seasonally high inventories and higher feed costs point to weak U.S. poultry and pork processing profits in the coming quarters.

S&P Global’s analysis suggests processors face negative operating leverage from lower processing volumes, while drought conditions across the U.S. have led to accelerated on-pasture herd culling. With the U.S. Department of Agriculture projecting cattle production will fall 7.5% year-over-year in 2023 as herds rebuild, tight cattle supplies will keep beef processing margins under pressure through 2023 and likely beyond.

If your company would like to be considered for the 2024 Top 100 Report, email Fred Wilkinson at wilkinsonf@bnpmedia.com.

BEEF
Company Sales in Sector
(in millions)		 Overall Sales
(in millions)
Norsan Meats LLC 130 220
Great Plains Beef LLC 73.5 75
West Liberty Foods 50 841
Cloverdale Foods Co. 9.9 197
Crescent Foods 8.5 85
MMM Meat LLC 1.2 13.4
CHICKEN
Company Sales in Sector
(in millions)		 Overall Sales
(in millions)
Cooper Farms 239 955
West Liberty Foods 210 841
Crescent Foods 68 85
Norsan Meats LLC 29 220
Cloverdale Foods Co. 9.9 197
PORK
Company Sales in Sector
(in millions)		 Overall Sales
(in millions)
Cooper Farms 191 955
Cloverdale Foods Co. 117.3 197
West Liberty Foods 143 841
Norsan Meats LLC 31 220
MMM Meat LLC 12 13.4
TURKEY
Company Sales in Sector
(in millions)		 Overall Sales
(in millions)
Cooper Farms 525 955
West Liberty Foods 311 841
TFC Poultry LLC 99 99
Crescent Foods 4 85
EXPORT
Company Sales in Sector
(in millions)		 Overall Sales
(in millions)
Carl Buddig & Co. 85 894
Cooper Farms 29 955
West Liberty Foods 8 841
NATURAL / ORGANIC
Company Sales in Sector
(in millions)		 Overall Sales
(in millions)
Cooper Farms 19 955
Crescent Foods 85 85
Carl Buddig & Co. 45 894
West Liberty Foods 11 841
FRESH
Company Sales in Sector
(in millions)		 Overall Sales
(in millions)
Carl Buddig & Co. 715 894
West Liberty Foods 664 841
Cooper Farms 334 955
Cloverdale Foods Co. 173 197
Norsan Meats LLC 147 220
Crescent Foods 68 85
Great Plains Beef LLC 37.5 75
MMM Meat LLC 13.4 13.4
FROZEN
Company Sales in Sector
(in millions)		 Overall Sales
(in millions)
West Liberty Foods 177 841
Cooper Farms 143 955
Norsan Meats LLC 70 220
Great Plains Beef LLC 37.5 75
Crescent Foods 17 85
Cloverdale Foods Co. 4 197
SHELF STABLE
Company Sales in Sector
(in millions)		 Overall Sales
(in millions)
Cooper Farms 478 955
Carl Buddig & Co. 179 894
Cloverdale Foods Co. 20 197
Norsan Meats LLC 2 220

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