Constellation Brands was tops, Molson Coors was second and Coca-Cola Co. was fourth among the big-company category of Circana’s annual Growth Leaders rankings. (L’Oreal was third.) CJ CheilJedang topped the list of the $2.5-8 billion companies, followed by Mexico’s Gruma and Chobani.
Among $1-2.5 billion companies, Celsius energy drinks led the list, with Sovos Brands and BellRing Brands in third and fourth places. The $500 million-1 billion group is led by Prime Hydration and includes Idahoan Foods, Ghost Beverage and Milo’s Tea Co. Feastables led the $100-500 million group, which includes Olipop, Dr. Squatch and BeatBox Beverages.
Circana, formerly IRI, analyzed the sales growth of hundreds of public and private consumer packaged goods (CPG) companies – not only food & beverage -- ranging from $100 million to $60 billion in annual sales to develop the rankings. Specific sales figures and other quantitative measures were not in the report, but it noted market share gains also figured into the rankings.
Some key findings include:
- CPG 2023 industry growth saw ongoing high price inflation and volume declines, still unwinding from pandemic highs continuing the 2022 trend. Dollar sales growth for the year hit 4.2%, driven by an above-average price/mix uptick of 6.1% as overall volume declined by 1.7%. By year-end, price/mix growth slowed, and volumes started improving.
- Top Growth Leaders stood out with strong volumes. Overall, winning strategies included integrated consumer engagement, continuous newness, premium and value bifurcation, and using artificial intelligence for operational efficiency.
- The largest CPGs maintained strength in their scale, while CPGs between $500 million and $1 billion gained share in 2023. Companies under $500 million collectively contributed less to growth than in the past couple of years, indicating that the pandemic boost of recent years is over. Prime Hydration epitomized growth among small manufacturers, delivering an experience to a targeted audience and hitting the market through the right channels.
The less than $1 billion group was fueled by social media, not only influencers but also relevancy. This group found a way to break through the noise and capture consumers’ attention through integrated engagement.
