Capital Spending Report

Food Processing's annual Capital Spending Report looks at the top food and beverage companies and their capital expenditures.

Each year, Food Processing evaluates the largest publicly-traded food and beverage companies and reports on their capital spending. In 2023, we identified more than $23 billion in capital spending budgeted for this year and found 33 of the largest publicly traded food & beverage companies plan to spend 21.4% more on capital expenditures this year than spent in 2022.  

Learn more: Visit our list of the Top 100 Food & Beverage Companies in the U.S. and Canada or continue reading our 2023 Capital Spending Outlook analysis

TOP 100 RANK COMPANY NAME 2023 CAPEX BUDGET CHANGE FROM 2022 ACTUAL 2022 ACTUAL CHANGE FROM 2022 BUDGET 2022 BUDGET 2021 ACTUAL
1 PepsiCo $5,467 E 5.0% $5,207 7.9% $4,828 E $4,625 E
2 Tyson Foods 2,500 32.5% 1,887 -5.7% 2,000 1,209
5 Kraft Heinz 1,100 20.1% 916 -8.4% 1,000 905
8 General Mills 770 E 35.3% 569 -11.1% 640 E 531
10 Conagra Brands 500 7.8% 464 -2.3% 475 506
11 Coca-Cola 1,900 28.0% 1,484 -1.1% 1,500 1,367
12 Hormel Foods 350 25.4% 279 -10.0% 310 232
14 Pilgrim's Pride Corp. 450 M -7.6% 487 17.9% 413 M 382
15 Campbell Soup 325 34.3% 242 -26.7% 330 275
16 Grupo Bimbo* 1,850 M 54.2% 1,200 N/A N/A N/A
17 Kellogg Co. 700 43.4% 488 -19.2% 604 E 553
18 Molson Coors 700 0.7% 695 5.3% 660 E 559
19 Mondelēz International 1,200 32.5% 906 -24.5% 1,200 965
21 J.M. Smucker 550 31.6% 418 10.0% 380 307
23 Hershey Co. 850 M 63.5% 520 -9.6% 575 M 496
27 Post Holdings 288 M 12.9% 255 -7.3% 275 E 193
32 Flowers Foods 145 M -14.2% 169 -6.1% 180 M 136
34 TreeHouse Foods 130 36.8% 95 -29.6% 135 116
35 Constellation Brands 1,350 M 31.5% 1,027 -2.2% 1,050 M 865
47 Maple Leaf FoodsC 250 -19.9% 312 -30.7% 450 M 530 E
52 McCormick & Co. 280 6.9% 262 -18.1% 320 278
59 Brown-Forman 200 M 44.9% 138 2.2% 135 E 62 E
65 B&G Foods 37 M 68.2% 22 -56.0% 50 44
71 Boston Beer Co. 120 M 31.9% 91 -44.2% 163 E 148
80 Cal-Maine Foods 81 E 12.5% 72 -34.5% 110 E 95
81 Lancaster Colony 100 M -24.2% 132 -26.7% 180 M 174
87 National Beverage Corp. 29 0.0% 29 16.0% 25 25
88 Hain Celestial 57 E 42.5% 40 -44.4% 72 E 72
89 J&J Snack Foods 98 M 12.6% 87 52.6% 57 E 54
90 Hostess Brands 160 M 34.5% 119 120.4% 54 E 61
96 Utz Brands 53 M -39.8% 88 225.9% 27 E 32
99 Sanfilippo 18 0.0% 18 0.0% 18 25
NR Lamb Weston Holdings 500 M 60.8% 311 -53.9% 675 M 163
  TOTAL $23,108 21.4% $19,029 0.7% $18,891 $15,985
Figures in millions of U.S. dollars, except C Maple Leaf in Canadian dollars
E = estimated based on forecasts
M = midpoint of estimated range
NA = Not Available
* Figures are for Grupo Bimbo, parent of Bimbo Bakeries USA, which ranks No. 16 in our Top 100