AB InBev Valuation Multiples

The Coca-Cola Company is a United States beverage company headquartered in Atlanta, Georgia. It owns and markets a global portfolio of sparkling soft drinks, water, sports drinks, juice, dairy, plant-based beverages, tea and coffee brands. Its principal brands include Coca-Cola, Sprite, Fanta, Dasani, Powerade, Minute Maid and Costa. The company generally manufactures concentrates and syrups and works with independent and company-owned bottling partners that produce, package and distribute finished beverages. It serves consumers through retailers, restaurants, entertainment venues and other commercial channels in markets around the world. Revenue comes from sales of concentrates, syrups and finished beverages, together with related brand and distribution activity. The company is publicly listed and traces the Coca-Cola drink to 1886. During Beatrice’s post-buyout breakup, Coca-Cola acquired the former Beatrice soft-drink bottling operations in 1986.

With a 150-year-plus history, Nestle is the largest food and beverage manufacturer in the world by sales, generating roughly CHF 90 billion in annual revenue. Its diverse product portfolio includes brands such as Nescafe, Maggi, Nespresso, and Purina. The company employs 270,000 people around the world and has a vast portfolio of global products, with more than 30 brands each achieving more than CHF 1 billion in sales annually and a geographic presence that spans 185 countries.

Kweichow Moutai is one of China's leading liquor producers. The company was established in 1951 and its headquarters are located in Moutai Town, Guizhou province, southwest China. Its flagship product, 53-degree Feitian Moutai, is known as China's national drink and has been consumed during many high-profile historical and political events. Given its remarkable pricing power, premium product quality, and unparalleled brand strength, the company achieves the industry's highest retail prices and profit margins. The state-owned Assets Supervision and Administration Commission of Guizhou province through Moutai Group controls a 49% stake in Kweichow Moutai.

LVMH Moët Hennessy Louis Vuitton is a Paris-based public luxury-goods group created in 1987 through the merger of Moët Hennessy and Louis Vuitton. It owns more than 75 maisons across fashion and leather goods, wines and spirits, perfumes and cosmetics, watches and jewellery, selective retailing, hospitality and media. Major brands include Louis Vuitton, Dior, Fendi, Bulgari, Tiffany, Hennessy, Sephora and Moët & Chandon. The group controls product creation, manufacturing, distribution and retail for many maisons and earns revenue from consumer product sales, hospitality and selective-retailing services. LVMH gives its houses operational autonomy while allocating capital and central resources for long-term brand development. Strategic investments and acquisitions add capabilities, brands and technologies that can serve its luxury and retail ecosystem.

PepsiCo is a global food and beverage company whose portfolio includes Pepsi, Lay’s, Doritos, Cheetos, Gatorade, Quaker and SodaStream. It develops, manufactures, markets and distributes branded snacks, drinks, cereals and convenient foods in more than 200 countries and territories. Operations span company-owned manufacturing and bottling, franchise bottlers, direct-store delivery, warehouse distribution and food-service channels. Retailers, restaurants and distributors buy packaged products for resale, while consumers purchase the brands through grocery, convenience, hospitality and online channels. The group combines global brand development with regional product recipes, local production and route-to-market networks. Revenue is generated primarily through product sales and wholesale distribution to trade customers.

Unilever is a diversified beauty, wellbeing, and personal care (44% of 2024 sales by value), homecare (20%), and packaged food (36%) company. Its brands include Dove personal-care products, Knorr soups and sauces, Hellmann's mayonnaise, Axe and Rexona deodorants, and TRESemme haircare. The firm has been acquisitive in recent years; notable purchases include Paula's Choice, Liquid I.V., Horlicks, and Wild deodorants. The company derives 58% of its sales from emerging markets and 42% from developed markets. The US is its largest market, accounting for around 20% of sales, followed by India, which accounts for 11% of sales.

Monster Beverage is a leader in the energy drink category within the nonalcoholic ready-to-drink beverage market, generating two thirds of revenue in the US and Canada. The well-known Monster trademark includes brands such as Monster Energy, Monster Ultra, Java Monster, and Juice Monster. The firm also owns other energy drink brands, such as Reign, NOS, Burn, Bang and Mother, and brews and distributes beers and flavored malt beverages following the acquisition of a craft brewer in 2022. Monster controls branding and innovation but outsources beverage manufacturing and packaging to copackers and finished goods distribution to bottlers in the global Coca-Cola system (pursuant to a 20-year agreement inked in 2015). Coke is the largest shareholder of Monster with a 19.5% stake.

Mondelez has operated independently since its split from the former Kraft Foods North American grocery business in October 2012. The firm is a leading player in the global snack enclave with a presence in the biscuit (49% of sales as of the end of fiscal 2024), chocolate (31%), gum/candy (11%), beverage (3%), and cheese and grocery (6%) aisles. Mondelez's portfolio includes well-known brands like Oreo, Chips Ahoy, Halls, and Cadbury. The firm derives around one-third of its revenue from developing markets, more than one-third from Europe, and the remainder from North America.

Founded in 1996, Nongfu Spring is a leading beverage producer with products primarily in the packaged water, ready-to-drink tea, juice, coffee, and functional beverages sectors in China. It holds the number-one share in the bottled water market; this segment contributed approximately 40% of the firm’s revenue and EBIT in 2024.

Diageo is a British multinational alcoholic beverages company headquartered in London. It was formed on 17 December 1997 through the merger of Guinness plc and Grand Metropolitan plc, and in 2001 it took part in the joint acquisition of Seagram's drinks business, which brought brands such as Captain Morgan rum and Crown Royal whisky. Its portfolio is led by Johnnie Walker, Guinness and Smirnoff, and it produces about 40% of all Scotch whisky across more than 24 whisky brands. The group sells its spirits and beer through distributors, wholesalers and retailers in some 180 countries, operates around 110 production sites and employs roughly 30,000 people. In the fiscal year to 30 June 2026 it reported net sales of $19.6 billion, down 3%, and operating profit before exceptional items of $5.7 billion. Diageo owns 34% of Moët Hennessy, its long-standing venture with LVMH, and has held a majority of India's United Spirits since 2012. Its shares trade on the London Stock Exchange, where it is a FTSE 100 constituent, and on the New York Stock Exchange; Sir Dave Lewis became chief executive in January 2026.

Heineken is the world’s second-largest brewer behind Anheuser-Busch InBev. It has the leading position in many European markets, including the Netherlands, Austria, Greece, and Italy. Its flagship brand, Heineken, is the world's leading international premium lager by volume and has spawned several brand extensions, including Heineken 0.0 and Heineken Silver. Its portfolio includes brands in the nonalcoholic, Belgian, and craft beer categories.

CCEP is the second-largest bottling partner in the Coca-Cola system by volume, behind Coca-Cola Femsa, and primarily operates in developed Europe, Australasia, and Southeast Asia. In 2025, CCEP sold 3.9 billion unit cases of beverages, which we estimate equates to roughly 9% of the global Coke system volume.TCCC owns 19% of the equity of CCEP, Olive Partners, a holding company of bottling operations, owns a further 36%, and the remaining 45% is free float.

Keurig Dr Pepper was established in 2018 following a merger between Keurig Green Mountain Coffee and Dr Pepper Snapple. The company manufactures and distributes coffee systems (including coffee brewers and single-serve coffee pods) under the Keurig and Green Mountain brands, as well as ready-to-drink beverages including flavored (non-cola) sparkling soft drinks under well-known brands such as Dr Pepper, Snapple, and Canada Dry. The company controls production and route to market for its own brands through in-house manufacturing plants and distribution infrastructure and leverages these facilities to manufacture and distribute for third-party coffee and beverage brands via licensing and partnership agreements. The US and Canada make up 95% of revenue, with the rest from Mexico.

Hindustan Unilever Ltd is an Indian consumer goods company. The firm offers different brands from distinct categories, from cosmetics and hygienic items, including detergents, soaps, shampoos, skincare, toothpaste, and deodorants, to food and beverages (tea, coffee, packaged foods). Its product portfolio contains household brands such as Lux, Lifebuoy, Pepsodent, Closeup, Pureit, Axe, Brooke Bond, Bru, Knorr, Kissan, Pond's, Vaseline, Lakme, Dove, Clinic Plus, Sunsilk, Kwality Wall's, Surf Excel, Rin, Wheel, and Fair and Lovely. The company's segments include Home Care, Beauty & Wellbeing, Personal Care, Foods, and others. Geographically, it generates a majority of its revenue from India.

Danone is a global food and beverage industry leader with more than EUR 27 billion annual revenue. Its operations are organized into three broad segments: essential dairy and plant-based products, representing just over half of group revenue; specialized nutrition; and bottled water. The firm's portfolio includes well-known brands such as Danone/Dannon dairy products, Alpro plant-based dairy, Aptamil infant milk formula, Evian and Volvic bottled water, and leading medical nutrition brands.

Spun off from Roche in 2000, Givaudan is one of the world's leading flavor and fragrance manufacturers, with a presence in more than 80 countries. It sources more than 11,000 different ingredients from over 100 countries. The company serves end consumer markets with fragrances for personal, home, and laundry care brands, including prestige perfumes. In flavors, customers are in beverages, savory, snacks, sweet goods, and dairy. Givaudan has nearly 10,000 employees, and its perfumery team is the largest in the industry.

Grupo Nutresa SA is a processed food company that operates through eight business units: Cold Cuts, Biscuits, Chocolates, Tresmontes Lucchetti, Coffee, Retail Food, Ice Cream, and Pasta. The company's revenue comes from food products, Beverage, and others. The majority of the company's production and sales take place in Colombia.

Wuliangye Yibin is China's second-largest baijiu producer by revenue, with sales of CNY 89 billion in 2024 compared with CNY 171 billion for Moutai. Founded in the 1950s, Wuliangye is located in Yibin, Sichuan province, in southwest China. Its core product, 52-degree Wuliangye, is widely known as the best rice-flavored baijiu in the market. The high-quality products, extensive history and brand strength have led to strong pricing power, allowing the company to enjoy high retail prices and profit margins.

Ambev is the largest brewer in Latin America and the Caribbean and is Anheuser-Busch InBev's subsidiary in the region. It produces, distributes, and sells beer and PepsiCo products in Brazil and other Latin American countries and owns Argentina's largest brewer, Quinsa. Ambev was formed in 1999 through the merger of Brazil's two largest beverage companies, Brahma and Antarctica. In 2004, Ambev combined with Canadian brewer Labatt, giving AB InBev a controlling interest of 62%.

Sysco is the largest foodservice distributor in the US, with an 18% share of the $377 billion vertical. The firm sells and distributes over 500,000 food and nonfood products to about 730,000 customer locations, primarily serving restaurants, which represented 60% of fiscal 2025 sales. The balance of sales stems from healthcare facilities (8%), education and government clients (8%), travel and leisure customers (7%), and other smaller end markets (17%), like cafeterias. By segment, Sysco earns the bulk of its revenue from its US foodservice operations (70%), followed by its international footprint (18%), SYGMA, which focuses on quick-service logistics (10%), and other (2%). The pending Jetro Restaurant Depot deal stands to add $16 billion in sales upon close, expected in fiscal 2027.

Hershey is a leading US confectionery manufacturer (around a $54 billion market, according to Euromonitor), controlling around 36% of the domestic chocolate aisle. Beyond its namesake label, the firm's portfolio has expanded over the last 85 years and now comprises 100 brands, including Reese's, Kit Kat, Kisses, and Ice Breakers. Hershey's products are sold in about 80 countries, albeit with just a high-single-digit percentage of sales coming from markets outside the US, including Brazil, India, and Mexico. The firm has sought inorganic opportunities to extend its reach beyond its core confectionery business, adding Amplify Snack Brands and its Skinny Pop ready-to-eat popcorn to its portfolio, as well as Pirate Brands and Dot's Pretzels over the past few years.

Foshan Haitian Flavouring and Food Company was founded in 1955 through the consolidation of 25 condiment producers in Foshan, Guangdong province of China. The company mainly manufactures soy sauces, oyster sauces, dipping sauces, and seasoning sauces. It is the leading condiment manufacturer with number-one market share in soy sauces and oyster sauces in China.

In July 2015, Kraft merged with Heinz to create one of North America's largest food and beverage manufacturers. Beyond its namesake brands, its portfolio includes Oscar Mayer, Velveeta, and Philadelphia. While the retail channel drives around 85% of its total sales, the firm also maintains a growing foodservice presence. Outside North America, Kraft Heinz's global reach encompasses a distribution network in Europe and emerging markets, which accounts for around 25% of its consolidated sales base. The company's products are sold in more than 190 countries and territories.

Inner Mongolia Yili Industrial Group is the largest dairy products producer in China, with the majority of revenue (around 70%) coming from the liquid milk segment. The company also manufactures ice cream, milk powder, and cheese products. Some flagship lineups include Satine, Yili Pure Milk, Ambrosial, and Changqing. The company also expands its overseas presence through setting up R&D centers and acquiring foreign dairy brands such as Westland in New Zealand and Chomthana in Thailand.

Ajinomoto was founded in 1909, and it began manufacturing the world’s first umami seasoning, MSG, made from amino acids. It has since grown to be one of the top manufacturers of sauces and seasonings and has diversified into frozen foods and the manufacture of other amino acid-based materials. Its sauces and seasonings are sold across Southeast Asia, Europe, and the Americas and are found in most supermarkets, making up approximately 60% of its revenue. The remaining 40% is roughly divided into the healthcare and others segment and the frozen food segment. Its healthcare and others segment also includes functional materials, which include an organic resin material, Ajinomoto Build-up Film, which is currently the industry standard for ABF substrates for semiconductors.

Church & Dwight is the leading global producer of baking soda. Its portfolio extends beyond its legacy category to include laundry products, cat litter, oral care, deodorant, and nasal care, all sold under the Arm & Hammer brand. Its brands also include Batiste, OxiClean, Hero, and TheraBreath, which, together with Arm & Hammer, account for around 70% of its annual sales and profits. The firm also added Touchland and its hand sanitizer business to its fold in fiscal 2025. Even as it expands its product reach, Church & Dwight still derives around 80% of its sales from its home US market.

Nestle India Ltd is a subsidiary of Nestle of Switzerland with business divided into milk products and nutrition, beverages, prepared dishes and cooking aids, chocolate and confectionery, and vending food services. Milk products and nutrition consist of nutritional products for infants and pregnant and breastfeeding mothers. The Powdered and Liquid Beverages product division sells tea and instant coffee under the Nestea, Nescafe Classic, and Nescafe Gold brands. Prepared dishes and cooking aids comprise food-enriching flavors under the Maggi brand. The Confectionery products in chocolate and confectionery are KitKat, Munch Nuts, and Nestle Alpino. The company's business activity falls within a single operating segment, namely Food.

Swiss-based Chocoladefabriken Lindt & Spruengli is a manufacturer of premium chocolate. Key brands include Lindt, Lindor, Ghirardelli, Russell Stover, Whitman's, and Caffarel. The company bought US-based Russell Stover, its largest-ever acquisition, in 2014. It derives the bulk of its sales from Europe (47% of its consolidated base) but also competes in North America (40%) and the rest of the world (13%). The company operates 11 manufacturing plants in Europe and the United States. Its distribution network includes more than 550 own stores.

Heineken Holding NV, through its subsidiary, is involved in the brewing and selling of beer and cider. It does not engage in operational activities and generates income almost exclusively by receiving Heineken dividends. The company has five reportable segments: Europe, Americas, Africa & Middle East, Asia Pacific and Heineken N.V. Head Office & Other/Eliminations. The majority of the revenue is generated from the Europe segment.

Constellation Brands is the largest provider of alcoholic beverages across the beer, wine, and spirits categories in the US, generating more than 90% of revenue from Mexican beer imports under top-selling brands such as Modelo and Corona. The rest of the business includes some remaining wine and spirits brands, categories where the company has pruned assets in recent years. With its exclusive rights tied to the Mexican beer brands effective only in the US, the firm has limited revenue exposure to international markets. Constellation owns a 10% stake in Canopy Growth, a medicinal and recreational cannabis producer in Canada, and has a 50/50 joint venture with glass manufacturer Owens-Illinois in Mexico.

Coca-Cola HBC is the third-largest bottling partner in the Coca-Cola system by volume, behind Coca-Cola Femsa and Coca-Cola Europacific Partners. In 2025, CCHBC sold 2.9 billion unit cases of beverages. There is a long tail of Coca-Cola distributors, including brewers and independent operators with very small distribution territories.CCHBC is listed on the London Stock Exchange. Kar-Tess, a Luxembourg-based holding company, owns 23% of the equity of CCHBC, and Coca-Cola holds a further 21%. The remaining 56% is free float.

Coca-Cola Femsa, a subsidiary of Femsa, is the largest franchise bottler of Coca-Cola in volume terms. The company purchases beverage concentrates and syrup from Coca-Cola, which it then processes and packages for distribution through modern trade, traditional trade, and the on-premises channel. Mexico and Brazil make up 80% of the total volume and sales, with the rest from other Central and South American countries, including Panama, Guatemala, Uruguay, and Argentina. Femsa and Coca-Cola hold 47% and 28% economic interests in Coca-Cola Femsa through nonpublicly traded A and D shares, respectively, while controlling 56% and 33% of the voting power.

Shanxi Fen Wine, or Fen Wine, is a typical light-flavored baijiu, featuring a fresher, lighter, and purer-taste compared with jiang-flavored and rich-flavored spirits. The company offers a comprehensive product portfolio, covering sub-premium, mid- to high range, and low-end products. The mid- to high-end baijiu contributed about 74% of the company’s sales revenue in 2024, including sub-premium brand Qinghua, midrange products Panama and Laobaifen. The State-Owned Assets Supervision and Administration Commission of Shanxi province controls 51% of Fen Wine.

Yihai Kerry Arawana Holdings Co Ltd is engaged in research and development, production, and sales of kitchen food, feed ingredients, and oil technology products. The company operates through three segments: Kitchen Food; Feed raw materials and oil technology; and Others. The Kitchen Food segment covers household and industrial products, including edible oils, rice, flour, noodles, condiments, and related raw and auxiliary materials. The Feed raw materials and oil technology segment provides soybean meal, bran, rice bran meal, along with oil-based and oil-derived chemicals, nutritional products, and daily chemicals from palm oil and other oils. The Others segment is engaged in other businesses. It generates the majority of its revenue from the Kitchen Food segment.

Tyson Foods is a protein-focused food producer, selling raw chicken, beef, pork, and prepared foods. Chicken and beef are its two largest segments, composing about 40% and 30% of sales, respectively. Prepared foods constituted 18% of fiscal 2025 sales and include brands like Tyson, Jimmy Dean, Hillshire Farm, Ball Park, and Sara Lee. However, most of these are in product categories rife with competition where Tyson does not have a massive market share lead. Tyson sells some products overseas, but the international segment accounts for just 4% of total revenue. The company is an active acquirer, with more recent years' purchases focused on international and food-service markets.

Arca Continental is a major bottler for Coca-Cola, generating 94% of sales and nearly all profits by manufacturing and distributing sodas and nonsparkling drinks under Coca-Cola brands, which it sells to retailers and foodservice providers in the US and Latin America. Food and snacks under Arca’s own brands make up the rest of its revenue. By region, Mexico remains the largest beverage market, contributing 43% of sales, followed by the US (34%), Peru (8%), Ecuador (4%), and Argentina (5%). Coca-Cola has a 20% stake in AC Beverages, the entity that holds Arca’s beverage assets in the US and Latin America.

Carlsberg is the third-largest brewer in the world after Anheuser-Busch InBev and Heineken. It holds leading share in Scandinavia, western China, and several other markets in Asia. Its key brands include Carlsberg, 1664, Tuborg, Holsten, and Somersby. The company's 2025 beverage volume was split among Western Europe (42%), Eastern Europe and India (28%), and Asia (30%).

Pernod Ricard was formed in 1975 through the merger of Pernod, founded in 1805, and Ricard, created in 1932. Through acquisitions, the firm has grown to become the world’s second-largest distiller by volume, behind Diageo. Pernod Ricard possesses the most comprehensive spirits portfolio globally, distributing over 240 brands across 160 countries. Flagship spirits brands include Absolut vodka, Beefeater gin, Chivas Regal and The Glenlivet scotch whisky, Jameson Irish whiskey, Malibu rum, and Martell cognac. The firm has also shed noncore assets over the years, including several wine brands in 2025.

General Mills is a global packaged-food company that produces snacks, cereal, convenient meals, dough, baking mixes and ingredients, pet food, and superpremium ice cream. Its largest brands are Nature Valley, Cheerios, Old El Paso, Pillsbury, Betty Crocker, Blue Buffalo, and Haagen-Dazs. In fiscal 2025, 81% of its revenue was derived from the United States, although the company also operates in Canada, Europe, Australia, Asia, and Latin America. Although most of General Mills' products are sold through retail stores to consumers, the company also sells products to the foodservice channel and the commercial baking industry.

Associated British Foods is a diversified international food, ingredients, and retail group with 138,000 employees and operations in 56 countries across Europe, Africa, the Americas, Asia, and Australia. The group sells branded groceries, grows and processes sugar, supplies farmers with crop input and animal feed, and runs the multinational Primark clothing retail chain. It also supplies ingredients like bakers' yeast, enzymes, lipids, and cereal specialties. In fiscal 2025, approximately 36% of sales came from the UK, and Primark accounted for around 60% of operating profit.On April 21, 2026, ABF announced it plans to separate Primark and the food businesses. Subject to approvals, the demerger is expected to become effective at the end of 2027.

Luzhou Laojiao, or Laojiao, is one of China’s leading premium baijiu producers. Its primary product, National Cellar 1573, is widely known as one of the best rich-flavored baijiu in the market, which together with Feitian Moutai and flagship Wuliangye are the top three premium products that dominate over 90% of the premium baijiu market in China. The high-quality products, extensive history, and brand strength have led to strong pricing power, allowing the company to enjoy high retail prices and profit margins. The State-Owned Assets Supervision and Administration Commission of Luzhou City controls 46% of Luzhou Laojiao.

Kerry Group is a leading taste and ingredient technology company and an innovation partner for the food, beverage, and pharmaceutical sectors. The company has more than 200 locations that supply clients in more than 50 countries. Its taste and nutrition unit earns around 70% of its revenue from developed countries and 30% from the developing world, servicing a wide range of sectors, such as meat, meals, snacks, dairy, drinks, and pharmaceuticals. Kerry has expanded through a combination of organic development and dozens of tuck-in acquisitions.

Swire Pacific is a Hong Kong-based conglomerate with interests in property, aviation, beverage, trading, and industrials. The property division, an 82% stake in Swire Properties, contributes more than half of the group's operating profit. The beverage division is one of two Coca-Cola bottlers in mainland China and also a bottler in Hong Kong, Taiwan, Thailand, Laos, Vietnam, and Cambodia. The aviation division consists of Haeco, an aircraft engineering company, and a 45% stake in Cathay Pacific. As of end December 2024, John Swire & Sons, the parent company, holds a 60% stake in Swire Pacific but has 68% of the voting rights through a dual-class share structure.

The product of a merger between Jacobs Douwe Egberts and Peet’s Coffee in 2019, JDE Peet’s is the world’s largest pure-play coffee and tea group by revenue, with operations in more than 100 developed and emerging countries. Its portfolio of over 50 brands is the largest in the coffee and tea categories and includes global labels such as Peet’s, Jacobs, L’OR, Senseo, and Tassimo, regional brands like Douwe Egberts, Stumptown, Kenco, Moccona, Intelligentsia, OldTown, and Super, and local marks such as Maison du Cafe in France, Harris in Australia, and Mighty Leaf Tea in the US. The group has a diverse go-to-market approach across the consumer packaged goods, out-of-home, retail, and online sales channels. JDE Peet’s was listed on the Amsterdam stock exchange in 2020.

Asahi is the largest brewer in Japan with a nearly 40% market share, led by its Asahi Super Dry brand. It also operates a wide range of alcoholic and soft beverage products as well as packaged foods, mainly in Japan. Overseas markets accounted for over half of the company’s revenue and close to 60% of operating profit, with Australia and Europe being two major markets. It acquired SABMiller’s brands, including Peroni and Pilsner Urquell, in Western and Central Europe in 2016 and 2017 from Anheuser-Busch InBev. In Australia, Asahi holds market leadership across beer and soft drinks segments, through its acquisitions of Schweppes Australia in 2009 and Carlton & United Breweries in 2020.

Grupo Bimbo is a Mexican multinational baking and snack company headquartered in Mexico City and listed on the Mexican Stock Exchange under the ticker BIMBO. It was founded on 2 December 1945 and describes itself as the largest baking company in the world, operating in 39 countries with more than 152,000 employees. Its portfolio of more than 100 brands includes Bimbo, Marinela, Barcel, Takis, Thomas, Oroweat and Sara Lee, covering sliced and artisan bread, buns, cakes, cookies, tortillas and salty snacks. For 2025 it reported record net sales of MXN 427 billion and adjusted EBITDA of MXN 54.2 billion. The group has grown through a long series of acquisitions in the Americas, Europe, Asia and Africa, and runs a corporate venture arm, Bimbo Ventures, that invests in food start-ups. Daniel Servitje is chairman and Alejandro Rodriguez Bas is chief executive.

Kirin is the second-largest brewer in Japan with a 28% market share. It holds a top share in the happoshu (low-malt beer) and new genre (no-malt beer) categories. Apart from beer, it also operates a wide range of alcoholic and soft beverage products in Japan. It has made several acquisitions, including Lion Nathan and National Foods in Australia, the second-largest Brazilian brewer Schincariol and Myanmar’s biggest brewer over the past decade. It sold the businesses in Brazil and Myanmar in 2017 and 2023, respectively. In 2023, the company made a tender offer to bring Fancl on as a wholly owned subsidiary. Its revenue accounts for roughly 5% of Kirin’s total sales. Its overseas business, which includes alcoholic and nonalcoholic beverages, represents about 40% of the group’s revenue.

Varun Beverages Ltd is engaged in manufacturing, selling, bottling, and distribution of beverages of the Pepsi brand in geographically pre-defined territories of India, Sri Lanka, Nepal, Zambia, Morocco, and Zimbabwe. Its brands include Seven-Up, Mountain Dew, Mirinda, Nimbooz, Tropicana Slice, and other related products. The firm generates a majority of its revenue within India.