We present the inaugural ranking of Africa’s top 20 food companies, based on a rigorous analysis of their market capitalization.
Our team meticulously scoured data from over 1,400 businesses listed on the 24 active stock exchanges across Africa. We prioritized the most recent market capitalization figures available as of December 4, 2023, sourced directly from their home exchanges. In limited cases where this data was unavailable, we relied on trusted financial institutions like the Financial Times, Market Screener, and Reuters.
The results paint a fascinating picture of Africa’s burgeoning food landscape. Unsurprisingly, South Africa and Nigeria, the continent’s economic powerhouses, dominate the ranking, each claiming five of the top slots. Morocco follows closely behind with four representatives, showcasing its growing influence in the food sector.
However, the story doesn’t stop there. This list extends beyond the usual suspects, with Tanzania, Kenya, Malawi, Tunisia, Zambia, and Zimbabwe each contributing a single but significant player. This diversity reflects the continent’s vast industrial landscape and the entrepreneurial spirit driving its food revolution.
Beyond the geographical spread, the ranking reveals interesting industry trends. We see a strong presence of established players with diverse portfolios, like BUA Foods (Nigeria),Tiger Brands (South Africa) and Innscor Africa (Zimbabwe), alongside nimble-sector focused players such as East African Breweries (Kenya) and Oceana Group (South Africa).
As Africa’s food sector continues to evolve, this ranking serves as a valuable snapshot of the present landscape. We invite you to delve deeper into the profiles of these top 20 companies and witness the diverse players that are shaping Africa’s future as a global food powerhouse.
1. BUA Foods US$4.53B Market Cap
BUA Foods, a subsidiary of the Nigerian diversified conglomerate BUA Group, is continent’s leading food company by market capitalization. With a valuation of NGN 3.58 trillion (US$4.53 billion), BUA Foods stands tall at the top of the inaugural ranking of Africa’s Top 20 Food Companies.
Incorporated in 2005, BUA Foods has carved out a dominant space in the Nigerian and broader African food landscape. Leveraging its parent company’s established presence in diverse sectors like cement, BUA Foods has built a strong portfolio of well-recognized brands, including BUA Sugar, BUA Flour, and BUA Pasta.
Under the leadership of founder and chairman Abdul Samad Rabiu, CFR, CON, BUA Foods has delivered exceptional financial performance. In 2022 alone, the company witnessed a remarkable 25.53% year-on-year increase in revenue, reaching N418 billion (US$529 million). This growth was primarily fueled by the sugar segment, which impressively contributed 66% to the group’s overall revenue.
2. Cosumar US$1.93B Market Cap
Casablanca Stock Exchange-listed sugar producer Cosumar secures the second spot with a market capitalization of approximately MAD 19.37 billion (US$1.93 billion). This Moroccan titan commands a dominant position in its home market, holding over 60% market share. Its reach extends beyond borders, exporting products to over 30 countries across Africa, Europe, and Asia.
Cosumar’s 2022 financial results were a sweet success, showcasing a 13.2% year-on-year rise in revenue to MAD 10.516 billion (US$1.018 billion). This growth cements the company’s position as a major player in the regional and global sugar landscape.
Under the leadership of Chief Executive Officer Hassan Mounir, Cosumar continues to refine its operations, expand its reach, and delight consumers with its diverse sugar offerings.
3. Tiger Brands US$1.75B Market Cap
Johannesburg Stock Exchange-listed Tiger Brands takes secures the third position with a market capitalization of ZAR 32.54 billion (US$1.75 billion). This FMCG behemoth boasts a diverse and well-loved brand portfolio, including household names like Albany, Tastic Rice, Pasta Perfect, Jungle Oats, and D’lite.
Tiger Brands flexed its muscle in 2022, recording a 10% increase in revenue to R34 billion (US$2.04 billion). This surge was fueled by robust growth in its grains and exports segments, highlighting the company’s adaptability and market acumen.
With Tjaart Kruger recently stepping into the CEO role, taking over from Noel Doyle, Tiger Brands is poised to continue its reign as a dominant force in Africa’s FMCG landscape.
4. AVI Limited US$1.46B Market Cap
From its Durban headquarters, AVI Ltd (AVI), claims the fourth position with a market capitalization of ZAR 27.20 billion (US$1.46 billion). This Johannesburg Stock Exchange-listed powerhouse is a leader in FMCG, producing, processing, distributing, and marketing a diverse range of consumer staples.
From the warmth of Five Roses tea to the refreshing burst of Freshpak juices, AVI’s portfolio brims with household favorites like Trinco biscuits and snacks. These familiar names have woven themselves into the fabric of South African kitchens and beyond.
2022 saw AVI, under the leadership of CEO Mr. Simon L Crutchley, record revenues of ZAR 2.47 billion (US$132.5 billion). This success reflects the company’s keen understanding of African palates and its commitment to delivering quality and convenience to every table.
5. Tanzania Breweries US$1.28B Market cap
Backed by the global might of AB InBev, Tanzania Breweries PLC (TBL) clinches the coveted fifth position with an impressive market capitalization of Tsh 3.21 trillion (US$1.28 billion). This Dar es Salaam Stock Exchange-listed champion reigns supreme in Tanzania’s alcoholic beverage landscape, claiming a dominant 70% market share, according to Statista.
TBL’s brewing prowess is evident in the iconic Kilimanjaro Premium Lager, the adventurous Safari Lager, and the timeless Castle Lager. These beloved brands quench the thirst of millions across Tanzania, solidifying TBL’s position as the nation’s go-to brewery.
2022 saw TBL raise a glass to a 12% surge in revenue, reaching a robust TZS 714.7 billion (US$308 million). This growth speaks volumes about the company’s ability to adapt to evolving preferences and maintain its grip on the market.
With Jose Moran as Managing Director & Director, TBL continues to ferment success, ensuring Tanzania’s vibrant beer culture continues to thrive and its iconic brews find new admirers.
6. Nestlé Nigeria PLC US$1.15B Market Cap
Riding the global might of Nestlé S.A., Nestle Nigeria Plc claims the sixth spot with a formidable market capitalization of NGN 911 billion (US$1.15 billion). This Lagos Stock Exchange titan reported a delicious 27% rise in revenue to NGN 446.8 billion (approximately US$1.2 billion) in 2021, fueled by a hunger for its food and beverage offerings.
Nestle Nigeria Plc isn’t just satiating appetites; it’s nourishing lives. From infant formula like Cerelac to iconic breakfast staples like Golden Morn, the company’s portfolio caters to every stage of life. Popular brands like Milo and Maggi have become woven into the fabric of Nigerian kitchens, building trust and loyalty with every bite.
Under the steady leadership of Mr. Wassim Elhusseini, who took the helm in September 2020, Nestle Nigeria Plc continues to innovate and adapt to meet evolving needs of Nigerian consumers.
7. SFBT US$982.97M Market Cap
From the sun-drenched shores of Tunisia comes Société de Fabrication de Boissons de Tunisie (SFBT) SA, the continent’s seventh-largest food company by market capitalization. This Tunis Stock Exchange powerhouse boasts a market value of TND 3.06 billion (US$982.97 million).
Coca-Cola, Fanta, Sprite, Schweppes, and Bonaqua are just a few of the iconic brands that stream from SFBT’s soft drink division. But the company’s repertoire extends beyond sugary delights. It’s also the master brewer behind Heineken, Amstel, and Desperados beer brands in Tunisia.
Under the leadership of Managing Director Elyes Fakhfakh, SFBT continues to raise the bar. In 2022, the company uncorked a 14% rise in revenue, reaching a cool TND 1.1 billion (US$349 million). This surge was fueled by a bubbling demand for its soft drinks and water, solidifying SFBT’s position as a vital player in Tunisian and African hydration.
8. Dangote Sugar Refinery PLC US$892M Market Cap
Nigeria’s Dangote Sugar Refinery Plc refines its way to the eighth spot in Africa, boasting a market cap of NGN 704.52 billion (US$892 million). This Lagos Exchange-listed giant, led by CEO Mr. Ravindra Singh Singhvi, is a sugar heavyweight, churning out a diverse range of products from granulated staples to icing sugar delights, and even catering to industrial needs.
In 2022, Dangote Sugar savored an 18% rise in revenue, reaching a sweet N403 billion (approximately US$510 million). This growth spurt was fueled by strong sales across all segments, proving that Africans have an insatiable appetite for the company’s sugary offerings.
9. SBM Morocco US$673M Market Cap
From the sun-soaked shores of Morocco comes Societe des Boissons du Maroc SA (SBM), a crown jewel in the Castel Group’s beverage empire and the ninth-largest food company in Africa. This Casablanca Stock Exchange powerhouse boasts a market capitalization of MAD 6.79 billion (US$673 million), and its foamy offerings quench the thirst of millions across the continent.
SBM isn’t just about international reach; it’s a champion of local favorites. From the crisp Casablanca Flag Pils to the robust Beaufort, its portfolio brims with beers that have earned their place in Moroccan hearts and palates. This dedication to quality and local preferences paid off in 2022, with the company reporting a refreshing 7.90% year-on-year surge in revenue to MAD 2.91 billion (US$288 million).
But 2023 brought a strategic shift. In a bold move, SBM decided to part ways with Heineken, ending its production and marketing of the Dutch giant’s brands like Heineken and Desperados.
With Yves-Ménager at the helm, SBM is poised to write a new chapter in its success story. Its focus on innovation, its deep understanding of Moroccan palates, and its unwavering dedication to quality position the company for continued growth.
10. East African Breweries PLC US$590M Market Cap
East African Breweries (EABL) is the continent’s tenth-largest food company by market capitalization. This Kenyan powerhouse, led by the trailblazing CEO Jane Karuku, quenches thirsts across seven nations – Kenya, Uganda, Tanzania, Rwanda, South Sudan, Burundi, and Mauritius – with a market value of Ksh 89.95 billion (US$590 million).
EABL’s iconic brews have become woven into the fabric of East African culture. From the golden glow of Tusker Lager to the spirited Ugandan Waragi, the company’s portfolio is a tapestry of regional favorites.
Navigating a tough economic environment, EABL, a subsidiary of British multinational Diageo, held its own in 2022, reporting net sales of Kshs 109.6 billion (US$720 million), a testament to its resilience and adaptability. This flat performance speaks volumes about the company’s ability to weather storms and remain a trusted provider of refreshment in a region where every shilling counts.
11. Nigerian Breweries US$481.47M Market Cap
Nigerian Breweries Plc, a member of the Heineken Group, clinches the 11th spot in Africa’s food landscape with a market capitalization of NGN 381 billion (US$481.47 billion). Established in 1946, NB has cemented itself as a household name, its iconic brands like Heineken Lager, Legend Extra Stout, Maltina, and Amstel Malta becoming synonymous with Nigerian celebrations and gatherings.
Under the leadership of Managing Director and Chief Executive Officer Mr. Hans Essaadi, the company navigated an increasingly competitive market in 2022, generating a turnover of N550.6 billion (US$695.80 million). This marked a significant improvement from N437.3 billion (US$552.62 million) in 2021, showcasing NB’s ability to adapt and cater to evolving consumer preferences.
NB’s success story lies not only in its established brand portfolio but also in its strategic focus on innovation and expansion. The company has invested heavily in local sourcing, production efficiency, and distribution networks, ensuring its iconic brews reach millions across Nigeria and beyond.
12. Oceana South Africa US$481.27M Market Cap
Oceana Group Limited emerges as Africa’s 12th most valuable food company with a market capitalization of ZAR 8.99 billion (US$481.27 million). This fishing behemoth, led by Managing Director Mr. Neville Donovan Brink, owns the entire seafood value chain, from sourcing and catching to processing, distributing, and selling.
Its diverse portfolio, encompassing brands like Daybrook Fisheries, Oceana Brands, and Blue Continent Products, offers a delectable array of frozen and canned seafood, including hake, tuna, and lobster. From humble beginnings to a continental powerhouse, Oceana has satiated Africa’s appetite for sustainable and delicious seafood for years.
2022 saw Oceana’s operating profit from continuing operations reel in an impressive 19.8% year-on-year rise to ZAR 1.5 billion (US$80.30 million). This growth reflects the company’s commitment to operational excellence, its focus on innovation, and its unwavering dedication to responsible fishing practices.
13. Illovo Sugar Malawi US$475.41M Market cap
Illovo Sugar in Malawi, a subsidiary of South Africa’s Illovo Sugar operating across six African nations, secures a commanding second position on the Malawi Stock Exchange. With a market capitalization of MWK 800.5 billion (US$110.85 million), this sweet giant represents a remarkable 14.6% of the entire exchange’s equity market value, solidifying its position as a major economic driver in Malawi.
Led by CEO Mr. Lekani Leslie Katandula, Illovo Sugar Malawi plays a pivotal role in the nation’s agricultural landscape. Its diverse portfolio caters to various needs, producing, distributing, and marketing a range of sugar products including raw sugar, refined sugar, and industrial sugar. From household consumption to powering vital industries, Illovo Sugar is an essential ingredient in Malawian life.
The company’s 2022 performance was a testament to its adaptability and market understanding. Revenues climbed an impressive 14% year-on-year to MWK 186.642 billion (US$110.85 million), surpassing the previous year’s MWK 163.259 billion (US$96 million). This growth trajectory highlights Illovo Sugar Malawi’s ability to navigate challenges and deliver consistent value to stakeholders.
14. Zambia Sugar US$466.3M Market Cap
Zambia Sugar Plc (ZSUG:LuSE), the second sugar processor on the Lusaka Stock Exchange and the 14th largest food company in Africa, holds a significant position in both Zambia’s economy and the broader African food landscape. With a market capitalization of ZMW 11.1 billion (US$466.3 million), it’s a major player, contributing not just to Zambian sweetness but also to regional food security.
Founded in 1964 and headquartered in Mazabuka, Zambia Sugar boasts a diverse portfolio that caters to various needs, encompassing raw, brown, and refined sugar for industrial customers, alongside specialty sugars, syrups, and molasses.
Under the leadership of Country Managing Director Mr. Oswald Magwenzi, appointed in September 2021, Zambia Sugar navigated a dynamic market in 2022. The company achieved a commendable 2.4% year-on-year revenue increase to ZMW 5.111 billion (US$214.71 million), driven largely by a 5% surge in domestic sales volume. This growth showcases Zambia Sugar’s ability to adapt and cater to evolving consumer preferences, ensuring its continued relevance in the Zambian market.
15. Premier Foods US$426.65M Market Cap
Premier Group Limited, a South African powerhouse with a global reach, secures the 14th spot amongst Africa’s most valuable food companies. This household name, boasting a market capitalization of ZAR 7.99 billion (US$426.65 million), boasts a diverse portfolio of products ranging from fluffy loaves under the iconic Snowflake banner to sweet treats like Blue Ribbon marshmallows and Manhattan candy pops.
In 2022, the company flexed its muscle, generating a remarkable 16% year-on-year revenue surge to ZAR 14.5 billion (US$775 million). This growth speaks volumes about its ability to adapt to evolving tastes and dietary needs, ensuring its offerings remain fresh and relevant for modern consumers.
Under the leadership of Mr. Jacobus Johannes Gertenbach, who took the helm in March 2022, Premier is poised to continue its rise.
16. RCL Foods Ltd US$421.21M Market Cap
South African food giant RCL Foods (JSE:RCL) claims its rightful place as a leading manufacturer with a market capitalization of ZAR 7.61 billion (US$421.21 million). This household name nourishing lives with over 30 iconic brands. From the golden crunch of 5 Star maize meal to the hearty goodness of Bonzo canned fish and the fluffy foundation of Supreme wheat flour, RCL Foods is a trusted partner in South African kitchens.
2023 saw RCL Foods rise to the occasion, raking in an impressive 17.3% year-on-year revenue surge to ZAR 37.8 billion (US$2.02 billion). This leap from ZAR 32.2 billion (US$1.72 billion) in the previous year highlights the company’s ability to adapt and cater to evolving consumer preferences. CEO Mr. P. D. Cruickshank deserves credit for steering the ship through turbulent waters.
However, a bittersweet note accompanies this success story. Annual profits took a 45% year-on-year tumble, reflecting the harsh realities of a sugar levy and persistent power cuts.
This temporary setback doesn’t diminish RCL Foods’ position as a pillar of South Africa’s food landscape. Its focus on innovation, its commitment to quality, and its deep understanding of local palates position the company for a comeback.
17. Astral Foods US$366M Market Cap
Astral Foods, South Africa’s undisputed poultry king and Africa’s 17th largest food business with a market cap of ZAR 6.85 billion (US$366 million), isn’t just about clucking around. This vertically integrated powerhouse oversees every step of the feathered journey, from hatching chicks to processing and delivering fresh, frozen, and value-added chicken products under popular brands like Festive, Goldi, and County Fair.
But Astral Foods doesn’t just satiate home cooks; it fuels the kitchens of Nando’s, KFC, Spur, and other Quick Service Restaurants (QSRs) in South Africa.
2022 saw Astral’s wings spread wider, with a remarkable 21.9% year-on-year revenue surge to R19.3 billion (US$1.3 billion).
However, 2023 brought unexpected turbulence. The company reported its first-ever operating loss (before interest and tax) of nearly ZAR 621 million (US$33.18 million) in its 23-year history, according to CEO Mr. Christiaan Ernst Schutte. This sharp drop was attributed to two major headwinds: Load shedding and the Avian influenza outbreak.
Despite these challenges, Astral Foods remains a dominant force in Africa’s food landscape. Its commitment to innovation, its focus on operational efficiency, and its strong relationships with QSRs position the company for a swift recovery.
18. Okomu Oil US$289.98M Market cap
Okomu Oil (OKOMUOIL: LAG), Nigeria’s leading oil palm producer and Africa’s 18th largest food company, stands tall despite choppy waters. This Lagos Stock Exchange-listed giant, with a market capitalization of NGN 228.94 billion (US$289.98 million), cultivates success on 14,000 hectares of palm oil-rich land, providing crucial ingredients for countless kitchens across the continent.
Okomu’s offerings are as diverse as the palm itself. From the golden nectar of crude palm oil to the versatile palm kernel oil and nourishing palm kernel cake, the company caters to a range of culinary needs. But 2022 painted a contrasting picture for Okomu.
On the one hand, revenue soared by an impressive 59% to NGN 59.32 billion. However, a storm brewed in the form of finance costs. These ballooned by a staggering 2,420% to NGN 1.73 billion (US$2.19 million). This surge, attributed to rising interest rates and other financial burdens, swung Okomu from a potential profit to a NGN 714 million (US$0.9 million) fourth quarter loss.
Despite this setback, Okomu’s resilience shone through. Its full-year profit, though reduced from the third quarter’s NGN 18 billion (US$22.8 million), still landed at a respectable NGN 17 billion (US$21.53 million). This demonstrates the company’s underlying strength and its ability to weather financial storms.
19. Les Eaux Minerales d’oulmes SA US$265.82B Market Cap
Les Eaux Minerales d’Oulmes SA (OUL:CAS), captained by Chairman and Co-Chief Executive Officer Mohamed Hassan Bensalah, secures its place as the 19th most capitalized food company in Africa. This Casablanca Stock Exchange champion quenches thirsts across the continent with its diverse portfolio of beverages.
From the crisp purity of Sidi Ali mineral water to the bubbly joy of Oulmes sodas and the zesty kick of Bahia lemonades, Oulmes caters to every taste bud.
2022 was a year of fizzing success for Oulmes. Revenues bubbled up by an impressive 26.6%, reaching MAD 2.195 billion (US$217.79 million) compared to MAD 1.734 billion (US$172.03 million) in 2021. This growth surge speaks volumes about the company’s ability to adapt to evolving preferences and market demands, ensuring its offerings remain fresh and relevant for consumers.
20. Innscor Africa US$258.9M Market Cap
Innscor Africa, a diversified food powerhouse headquartered in Zimbabwe, rounds off our top 20 list of Africa’s food giants. This company is more than just a plateful; it’s a familiar friend on every corner, from the aroma of Baker’s Inn’s fresh bread to the crispy satisfaction of Colcom’s fried chicken.
But Innscor’s reach extends far beyond indulgent treats. National Foods, under its wing, is a champion of Zimbabwean staples, ensuring shelves are stocked with maize meal, flour, and rice. Irvine’s, meanwhile, keeps breakfast sizzling with its sausages and bacon, while AMP Meats keeps the cold cuts coming.
For those with a dairy craving, Innscor brings the goodness straight from farm to table with Prodairy and Mafuro, offering fresh milk, cheese, and yogurt. And for furry friends, Profeeds and Nutrimaster dish up nutritious meals, making Innscor a true one-stop shop for every appetite.
Listed on the Victoria Stock Exchange with a market capitalization of US$258.9 million, Innscor isn’t just a familiar name; it’s a financial heavyweight. In 2022, the company reported a remarkable 49% revenue surge to ZW$290.8 billion (US$803.5 million). This impressive growth was fueled by a winning combination of volume increases and strategic price adjustments, proving Innscor’s ability to adapt and cater to evolving consumer needs.
This feature appeared in ISSUE 59 of FOOD BUSINESS AFRICA MAGAZINE. You can read this and the entire magazine HERE