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Special Report

Top 100 Beverage Companies of 2024

Beverage Industry identifies top performers of past year

top 100 beverage companies

Video by simonkr/Creatas Video via Getty Images

June 5, 2025

The U.S. beverage market once again saw performance decelerate in 2024, according to data from New York-based Beverage Marketing Corporation (BMC). Although better than the previous two years, the market research firm projects that total U.S. beverage market volume declined 0.1% in 2024, however, revenues made up for that decline, mostly due to inflation, with wholesale dollar projected growth up 2.2%.

BMC found that most large mass market refreshment beverage categories struggled in 2023, with the exception of bottled water and energy drinks, which saw volumes up 2.3% and 1.5%, respectively. Carbonated soft drinks again saw volume declines with the category down 1%. However, in total, volume for liquid refreshment beverages were up 0.3% in 2024, according to BMC data.

In the beverage alcohol market, all were down in terms of volume. The beer category fared the best with volume decline of 2% compared with wine volumes down 7.5% and spirits volumes down 4%, according to BMC data. In terms of total volume for beverage alcohol, volume was down 2.8% in 2024.

Taking all of these factors into account, Beverage Industry’s Top 100 Beverage Companies report, based on 2024 fiscal year sales, reflects the ebbs and flows that different factions of the alcohol and non-alcohol beverage market experienced this past year.

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Significant Events

Primo Brands Corp. announced the successful completion of the merger of Primo Water Corp. and an affiliate of BlueTriton Brands Inc., creating Primo Brands, a leading branded beverage company in North America with a focus on healthy hydration. “I am honored to lead our combined company and our team of world-class associates,” said Robbert Rietbroek, CEO of Primo Brands, in a statement. “Together, we are forming a differentiated leader in branded beverages. With a highly competitive portfolio of brands, a variety of formats and offerings across price points, and a vertically integrated, coast-to-coast manufacturing and distribution network across North America, we believe Primo Brands is strategically positioned to accelerate growth, deliver superior products and services for our customers and consumers, and be a best-in-class U.S. beverage company.” Primo Brands will maintain dual headquarters in Tampa, Fla., and Stamford, Conn.


PepsiCo Inc., Purchase, N.Y., appointed Ram Krishnan CEO for PepsiCo Beverages North America (PBNA). Krishnan’s appointment follows the retirement of Kirk Tanner from PepsiCo on Feb. 2. Tanner was appointed by The Wendy’s Co.’s Board of Directors as president and CEO. Krishnan previously served as CEO of International Beverages and Chief Commercial Officer for PepsiCo. In these roles he oversaw the company’s Global Concentrate group, Franchise operations, Global Beverage group, SodaStream, Beyond the Bottle and the Global Commercial organization, which includes, Customer Strategy, Revenue Management, Go-to-Market, E-Commerce, Lipton, Beyond Joint Ventures, and PepsiCo Venturing Group. Speaking on Krishnan’s appointment, Ramon Laguarta, PepsiCo Chairman and CEO, stated: “Ram is the ideal leader to take the helm of our North America beverage business and we are fortunate to be able to proudly appoint him from within our organization. His vast experience leading International Beverages and our global commercial agenda, paired with his roots in North America senior executive roles, make him a force to accelerate our beverage growth agenda. He is an innovator at heart who keeps people at the core of every decision, and I look forward to seeing his inspirational leadership in action.”


Seattle-based Starbucks announced that Brian Niccol has been appointed chairman and chief executive officer (CEO). Niccol will start in his new role Sept. 9. Starbucks Chief Financial Officer (CFO), Rachel Ruggeri, will serve as interim CEO until that time. Mellody Hobson, Starbucks board chair, will become lead independent director. Niccol currently serves as Chairman and CEO of Chipotle. Since becoming CEO in 2018, Niccol has transformed Chipotle. His focus on people and culture, brand, menu innovation, operational excellence, and digital transformation have set new standards in the industry and driven significant growth and value creation. Revenue has nearly doubled, profits have increased nearly sevenfold, and the stock price has increased by nearly 800% during his leadership, all while increasing wages for retail team members, expanding benefits, and strengthening the culture. “We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself. Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience,” Hobson said in a statement. “Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.”


Constellation Brands, Rochester, N.Y., reached an agreement with Sazerac Co. Inc., New Orleans, to divest its SVEDKA brand. This transaction closed in 2025. The decision builds on the company’s strategic efforts to further align the wine and spirits portfolio with evolving consumer preferences and growing market sectors, focusing on higher end wine and spirits brands and products, it notes. Over the past few years, Constellation has divested the majority of its popular and mainstream wine and spirits brands within the portfolio and is focused on competing predominantly in premium and fine wine and craft spirits segments. “The actions we have taken over the past several years to reshape our wine and spirits portfolio support our efforts to accelerate the performance of that business,” said Bill Newlands, president and CEO at Constellation Brands, in a statement. “This transaction is another step forward in seeking to ensure that our wine and spirits portfolio is optimized to succeed and to meet our growth objectives.” Jake Wenz, CEO of Sazerac, added: “The team at Constellation has built the SVEDKA brand over the years to be known for its high-quality vodka-making traditions, premium liquid standards, and flavor innovation. We are honored for this opportunity and excited to add SVEDKA to our global spirits portfolio featuring their award-winning vodkas, seltzers, and gins.” Additionally, Sazerac and BuzzBallz announced an agreement for Sazerac to acquire BuzzBallz, an award-winning, growing ready-to-drink focused portfolio. The partnership with Sazerac will allow BuzzBallz to reach more consumers domestically and internationally. BuzzBallz complements Sazerac’s robust spirits portfolio with a fun, unique, pre-mixed ready-to-drink portfolio. Merrilee Kick will stay on as CEO to continue the success of BuzzBallz. “Merrilee and the team at BuzzBallz have created incredible brands and we are both honored and excited to partner together to take them to the next level,” said Sazerac CEO and President, Jake Wenz, in a statement. “Merrilee’s creativity, commitment to quality and drive is inspiring. BuzzBallz is truly one-of-a-kind and we can't wait to help spread the products to more consumers all over the world.”


Keurig Dr Pepper (KDP), Burlington, Mass., and Frisco, Texas, announced that it has entered into a definitive agreement to acquire GHOST Lifestyle LLC and GHOST Beverages LLC (collectively GHOST). Under the terms of the agreement, KDP will initially purchase a 60% stake in GHOST, which will be followed by the acquisition of the remaining 40% stake in 2028. The transaction is subject to customary closing conditions, with the initial step expected to close in late 2024 or early 2025. GHOST will continue to be led by co-founders, Dan Lourenco and Ryan Hughes, and will operate as part of KDP’s U.S. Refreshment Beverages segment. In the first stage of the transaction, the company will make an initial cash investment of approximately $990 million in exchange for a 60% ownership stake in GHOST. Net of anticipated cash tax benefits with a net present value of approximately $140 million, the enterprise valuation at this step represents an approximate three times net revenue multiple on a projected 2024 basis. In the second stage of the transaction, KDP will purchase the outstanding 40% stake in 2028 at a pre-negotiated valuation scale that will reflect GHOST’s 2027 financial performance. Starting in mid-2025, KDP also expects to invest up to $250 million to transition GHOST Energy’s existing distribution agreements ahead of beginning to sell and distribute the brand through the company’s direct store delivery network.


Tilray Brands Inc., New York, announced that it has entered into a definitive agreement to acquire four craft breweries from Molson Coors Beverage Co., Chicago. The acquisition includes Hop Valley Brewing Co., Terrapin Beer Co., Revolver Brewing and Atwater Brewery. Tilray’s beverage business is poised for even greater success with the latest addition of sought-after craft beer brands, known for their unique portfolio of beers. With the pending acquisition of these breweries, Tilray’s portfolio will expand across key beer markets adding 30% new beer buying accounts. The Tilray Beverages portfolio boasts a range of leading craft beer, spirits and non-alcohol beverages including SweetWater Brewing Co., Montauk Brewing Co., Alpine Beer Co., Green Flash Brewing Co., Shock Top, Breckenridge Brewery, Breckenridge Distillery, Blue Point Brewing Co., 10 Barrel Brewing Co., Redhook Brewing Co., Widmer Brothers Brewing, Square Mile Cider Co., HiBall Energy, and Happy Flower CBD sparkling cocktails. This strategic acquisition is expected to position Tilray for continued growth and expansion in the beverage industry.


Califia Farms, Los Angeles, announced the acquisition of Uproot Inc., a plant milk dispenser system for foodservice. Founded by Kevin Eve and Jacob Conway who had a passion to provide consumers with healthy plant-based beverages, Uproot provides a convenient solution while increasing sustainability through packaging reduction. “The founders of Uproot have developed a turnkey solution for dispensing plant-based milk and have achieved impressive distribution in just five years,” said Dave Ritterbush, CEO of Califia Farms, in a statement. “We look forward to building on this foundation, connecting with consumers in new ways and providing our plant milks to more people.” The Uproot team, including the two founders, will join the Califia team. Through the acquisition, Califia will expand its Away From Home portfolio of products and services. Uproot operates more than 150 dispensers at leading college and university campuses across the United States and other dining locations. The Uproot dispensing system provides a convenient and sustainable solution for delivering healthy and delicious plant-based milks to health-conscious consumers.


San Diego-based Sapporo-Stone Brewing unveiled the near completion of phase one of its expansion project at its Escondido brewery. The $20 million investment in the Escondido, Calif.-based facility is one of two significant investments for growth with $40 million invested in the company’s Richmond, Va.-based operation. These investments will result in the doubling of the company’s capacity to about 700,000 barrels a year across its bi-coastal breweries. The brewing of Sapporo beers in Escondido and Richmond now is underway. Stone Brewing, Southern California’s largest craft brewery was acquired by Sapporo U.S.A. in 2022. The goal was to transition from an importer to a U.S. brewer, ultimately brewing, selling and marketing all of Sapporo’s beers for the U.S. market locally. Richmond’s expansion will be unveiled this fall. By late summer, all production of Sapporo beers will have moved from Canada and Asia to the United States. The Escondido expansion project includes additional tanks and packaging lines to increase capacity and efficiency. On the West Coast, Sapporo-Stone now operates out of its two Escondido brewing and packaging buildings and a distribution warehouse with offices also in Escondido. It occupies additional warehouse space in San Marcos, Calif., and Downey, Calif. The company operates two Stone Brewing World Bistro & Gardens and five Stone Brewing Tap Rooms. On the East Coast, Sapporo-Stone operates another brewery, an off-site warehouse, and a Stone Brewing Tap Room all in Richmond, Va.


View the complete Top 100 Beverage Companies of 2024

KEYWORDS: beverage sales mergers and acquisitions Top 100 beverage companies

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