Nestlé and PepsiCo remained firmly ensconced among the Top 10 food and beverage packaging companies (taking the No. 2 and No. 3 spots, respectively), but both companies were bested by Cargill, which reported record annual revenue of $165 billion for fiscal year 2022 – a 23% jump from the prior year.

Cargill’s annual revenue for fiscal year 2023 (ended May 31, 2023) went on to climb another 7% to $177 billion.