Food Products

Packaged foods, meat, dairy, produce, agribusiness and ingredients.

Companies

With a moat

27%

Average quality

2 wide moat · 22 narrow moat · 64 no moat · Open in screener →

Updated 27 Sep 2026

Food Products covers packaged foods, confectionery, meat, dairy, agribusiness and ingredients. MoatScope covers 87 companies here. Two have a wide moat, 21 a narrow moat and 64 none.

How the industry makes money

Branded food companies earn margins from brands and scale in manufacturing and distribution. Agribusiness and meat processors earn on the spread between commodity inputs and what their products fetch, which makes their results far more cyclical.

Where the moats are

Brands appear in 16 of the 23 moat-rated companies, cost advantages in 11 and efficient scale in eight.

Mondelez: global snack brands that command consumer loyalty.
Hershey: confectionery brands backed by scale in a market dominated by a few players.

The narrow-moat group includes Archer-Daniels-Midland, Kraft Heinz, General Mills, Bunge, McCormick, Smucker and Magnum Ice Cream. Companies without a moat include Tyson Foods and JBS.

What wears moats down

Store brands keep taking share, diets and tastes shift, commodity costs such as cocoa and grains swing sharply, and large grocers resist price increases.

What to watch

Volume growth versus price increases.
Commodity input costs.
Store-brand share in each category.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Food Products into 4 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Packaged foods

Branded snacks, cereals, frozen and canned foods, sauces and spices.

61 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#	Business	Revenue
1	PEP · PEPSICO INC foods divisions and EMEA · filed under Beverages	$60.7B
2	MDLZ · Mondelez International, Inc.	$38.5B
3	KHC · Kraft Heinz Co	$24.9B
4	GIS · GENERAL MILLS INC	$18.4B
5	UL · UNILEVER PLC Foods · filed under Household & Personal Products	$14.0B
6	HSY · HERSHEY CO	$11.7B
7	CAG · CONAGRA BRANDS INC.	$11.3B
8	CPB · CAMPBELL'S Co	$10.3B
9	SJM · J M SMUCKER Co	$9.1B
10	MICC · Magnum Ice Cream Co N.V.	$8.5B

Meat, poultry & eggs

Beef, pork, chicken and egg producers.

14 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown. The only total found covers a handful of large processors, which would overstate their shares.

#	Business	Revenue
1	JBS · JBS N.V.	$86.2B
2	TSN · TYSON FOODS, INC.	$54.4B
3	SFD · SMITHFIELD FOODS INC	$15.5B
4	HRL · HORMEL FOODS CORP /DE/	$12.1B
5	CALM · CAL-MAINE FOODS INC	$2.9B
6	POST · Post Holdings, Inc. Foodservice (eggs)	$2.6B
7	SEB · SEABOARD CORP /DE/ Pork · filed under Conglomerates & Holding Companies	$2.1B
8	SDSYA · SOUTH DAKOTA SOYBEAN PROCESSORS LLC	$504M
9	BRID · BRIDGFORD FOODS CORP	$231M
10	MAMA · Mama's Creations, Inc.	$172M

Agribusiness & ingredients

Grain merchants, oilseed processors, sweeteners and food ingredients.

Global market · $544.9B total revenue in 2025 · source: Company reports · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Built from the largest merchants' and processors' revenue (Cargill counted whole), so smaller companies are missing and shares read high.

#	Business	Market share	Revenue
1	Cargill Private · IndexBox	30.1%	$164.0B
2	ADM · Archer-Daniels-Midland Co	14.7%	$80.3B
3	Wilmar International Listed outside the US (SGX) · Wilmar FY2025 results briefing	12.9%	$70.4B
4	BG · Bunge Global SA	12.9%	$70.3B
5	Louis Dreyfus Company Private · World Grain	9.8%	$53.2B
6	Olam Group Listed outside the US (SGX) · Milling MEA	9.1%	$49.4B
7	CHSCO · CHS INC	5.1%	$27.8B
8	ANDE · Andersons, Inc.	1.5%	$8.3B
9	INGR · Ingredion Inc	1.3%	$7.2B
10	DAR · DARLING INGREDIENTS INC.	1.0%	$5.5B

Produce & farming

Fruit, vegetable, nut and farmland producers.

9 businesses MoatScope covers, ranked by revenue. These companies compete in different national markets, so there's no single market to take a share of. These companies grow and trade different crops in different countries, so there's no single market total.

#	Business	Revenue
1	DOLE · Dole plc	$9.2B
2	AGRO · Adecoagro S.A.	$1.5B
3	LMNR · Limoneira CO	$160M
4	LND · BrasilAgro - Brazilian Agricultural Real Estate Co	$149M
5	LOCL · Local Bounti Corporation/DE	$48M
6	ALCO · ALICO, INC.	$44M
7	EDBL · Edible Garden AG Inc	$13M
8	SEED · Origin Agritech LTD	$13M
9	ESGH · ESG Inc.	$8M

Companies

Company	Moat	Quality	Market
MDLZ Mondelez International, Inc.	Wide	50	Packaged foods	—	$80.8B
ADM Archer-Daniels-Midland Co	Narrow	39	Agribusiness & ingredients	14.7%	$38.8B
HSY HERSHEY CO	Wide	60	Packaged foods	—	$33.6B
KHC Kraft Heinz Co	Narrow	40	Packaged foods	—	$27.5B
BG Bunge Global SA	Narrow	33	Agribusiness & ingredients	12.9%	$19.8B
TSN TYSON FOODS, INC.	None	36	Meat, poultry & eggs	—	$19.0B
GIS GENERAL MILLS INC	Narrow	34	Packaged foods	—	$17.4B
SJM J M SMUCKER Co	Narrow	36	Packaged foods	—	$13.6B
JBS JBS N.V.	None	34	Meat, poultry & eggs	—	$13.1B
MKC MCCORMICK & CO INC	Narrow	52	Packaged foods + 1 other market	—	$12.3B
MICC Magnum Ice Cream Co N.V.	Narrow	46	Packaged foods	—	$11.8B
HRL HORMEL FOODS CORP /DE/	Narrow	47	Meat, poultry & eggs	—	$11.2B
DAR DARLING INGREDIENTS INC.	Narrow	46	Agribusiness & ingredients + 1 other market	1.0%	$9.4B
LW Lamb Weston Holdings, Inc.	Narrow	41	Packaged foods	—	$7.4B
SFD SMITHFIELD FOODS INC	Narrow	51	Meat, poultry & eggs	—	$7.2B
PPC PILGRIMS PRIDE CORP	None	41	Meat, poultry & eggs	—^†	$6.8B
CAG CONAGRA BRANDS INC.	Narrow	36	Packaged foods	—	$6.7B
INGR Ingredion Inc	Narrow	55	Agribusiness & ingredients	1.3%	$6.1B
CPB CAMPBELL'S Co	Narrow	43	Packaged foods	—	$5.8B
POST Post Holdings, Inc.	Narrow	40	Packaged foods + 1 other market	—	$3.4B
BYND BEYOND MEAT, INC.	None	17	Packaged foods	—	$3.4B
FRPT Freshpet, Inc.	Narrow	44	Packaged foods	—	$3.2B
CALM CAL-MAINE FOODS INC	None	47	Meat, poultry & eggs	—	$2.9B
MZTI MARZETTI CO	Narrow	59	Packaged foods	—	$2.9B
TROLB TOOTSIE ROLL INDUSTRIES INC	None	51	Packaged foods	—	$2.8B
BRCC BRC Inc.	None	18	Packaged foods	—	$2.5B
ANDE Andersons, Inc.	None	30	Agribusiness & ingredients + 1 other market	1.5%	$2.2B
UTZ Utz Brands, Inc.	None	27	Packaged foods	—	$2.1B
JJSF J&J SNACK FOODS CORP	Narrow	51	Packaged foods	—	$1.5B
NOMD Nomad Foods Ltd	Narrow	42	Packaged foods	—	$1.5B
DOLE Dole plc	None	32	Produce & farming	—	$1.3B
FLO FLOWERS FOODS INC	Narrow	39	Packaged foods	—	$1.3B
AGRO Adecoagro S.A.	None	34	Produce & farming	—	$1.2B
CRESY CRESUD INC	None	43	Packaged foods	—	$1.2B
BRBR BELLRING BRANDS, INC.	Narrow	64	Packaged foods	—	$1.1B
SENEA Seneca Foods Corp	None	38	Packaged foods	—	$1.1B
AVO Mission Produce, Inc.	None	34	Packaged foods	—	$1.0B
SMPL Simply Good Foods Co	None	49	Packaged foods	—	$973M
WEST Westrock Coffee Co	None	15	Packaged foods	—	$851M
JBSS SANFILIPPO JOHN B & SON INC	None	43	Packaged foods	—	$769M
MAMA Mama's Creations, Inc.	None	37	Meat, poultry & eggs	—	$609M
LND BrasilAgro - Brazilian Agricultural Real Estate Co	None	33	Produce & farming	—	$393M
OTLY Oatly Group AB	None	8	Packaged foods	—	$379M
VITL Vital Farms, Inc.	Narrow	51	Packaged foods	—	$350M
LWAY Lifeway Foods, Inc.	None	37	Packaged foods	—	$335M
CHSCO CHS INC	None	29	Agribusiness & ingredients + 1 other market	5.1%	$312M
UCFI CN Healthy Food Tech Group Corp.	None	11	Packaged foods	—	$288M
ALCO ALICO, INC.	None	22	Produce & farming	—	$275M
AFRI Forafric Global PLC	None	13	Packaged foods	—	$270M
SDSYA SOUTH DAKOTA SOYBEAN PROCESSORS LLC	None	20	Meat, poultry & eggs	—	$243M
LMNR Limoneira CO	None	26	Produce & farming	—	$213M
BGS B&G Foods, Inc.	None	28	Packaged foods	—	$179M
TWG Top Wealth Group Holding Ltd	None	37	Packaged foods	—	$110M
BUDA BUDA JUICE, INC.	None	65	Packaged foods	—	$92M
KUBR Kuber Resources Corp	None	34	Packaged foods	—	$80M
GGROU Golden Growers Cooperative	None	41	Packaged foods	—	$78M
GWLL GOLDENWELL BIOTECH, INC.	None	9	Packaged foods	—	$59M
BRID BRIDGFORD FOODS CORP	None	23	Meat, poultry & eggs	—	$51M
SOWG Sow Good Inc.	None	18	Packaged foods	—	$40M
AVX AVAX ONE TECHNOLOGY LTD.	None	28	Packaged foods	—	$40M
WYHG Wing Yip Food Holdings Group Ltd	None	26	Meat, poultry & eggs	—	$40M
BOF BranchOut Food Inc.	None	9	Packaged foods	—	$34M
LSF Laird Superfood, Inc.	None	22	Packaged foods	—	$31M
BRLS Borealis Foods Inc.	None	5	Packaged foods	—	$30M
JVA COFFEE HOLDING CO INC	None	25	Packaged foods	—	$27M
ESGH ESG Inc.	None	13	Produce & farming	—	$23M
LOCL Local Bounti Corporation/DE	None	18	Produce & farming	—	$22M
COOT Australian Oilseeds Holdings Ltd	None	13	Agribusiness & ingredients	<0.1%	$20M
HAIN HAIN CELESTIAL GROUP INC	None	13	Packaged foods	—	$20M
PETZ TDH Holdings, Inc.	None	19	Packaged foods	—	$20M
FAMI Farmmi, Inc.	None	27	Packaged foods	—	$17M
SDOT Sadot Group Inc.	None	9	Packaged foods	—	$10M
BRFH BARFRESH FOOD GROUP INC.	None	16	Meat, poultry & eggs	—	$9M
RMCF Rocky Mountain Chocolate Factory, Inc.	None	14	Packaged foods	—	$9M
PLAG Planet Green Holdings Corp.	None	8	Packaged foods	—	$7M
MLEC Moolec Science SA	None	11	Packaged foods	—	$6M
DDC DDC Enterprise Ltd	None	22	Packaged foods	—	$4M
TOFB TOFUTTI BRANDS INC	None	14	Packaged foods	—	$2M
EDBL Edible Garden AG Inc	None	9	Produce & farming	—	$2M
ARRT Artisan Consumer Goods, Inc.	None	8	Packaged foods	—	$1M
TRWD Tradewinds Universal	None	24	Packaged foods	—	$1M
STKH Steakholder Foods Ltd.	None	20	Packaged foods	—	$1M
GRPS Trans American Aquaculture, Inc	None	2	Meat, poultry & eggs	—	$1M
BSFC Blue Star Foods Corp.	None	5	Packaged foods	—	$1M
CIMG CIMG Inc.	None	18	Packaged foods	—	—
MGN Megan Holdings Ltd.	None	20	Meat, poultry & eggs	—	—
SEED Origin Agritech LTD	None	15	Produce & farming	—	—
SHMP NaturalShrimp Inc	None	16	Packaged foods	—	—

88 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

† PILGRIMS PRIDE CORP: Consolidated by JBS (82%); counted under JBS.

Price versus fair value for every company is in the screener.

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