The 2023 Meat and Poultry Top 100 Report: Hungry consumers feed companies’ bottom line

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

View the 2023 Top 100 Rankings

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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