17 World's Biggest Livestock Companies in 2024

 

 

17 World's Biggest Livestock Companies in 2024-There are the 17 World's Biggest Livestock Companies in the year 2024 based on the published annual reports of each company in 2024. Certainly, they are the giant players and market leaders in the Livestock Industry in this era. Based on Economical achievement, of course, the sales turnover and the earned profits have reached billion dollars.

 

Rank of the 17 World’s Biggest Livestock Companies Based on Total Revenue in 2024

Ranks	Companies	Total Revenue in 2024	Total Revenue in 2024	Net Income in 2024	Net Income in 2024
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Cargill	USD 160 billion	USD 160 billion	-	-
2	JBS	USD 77.1 billion	USD 77.1 billion	USD 1.9 billion	USD 1.9 billion
3	Tyson Foods	USD 53.3 billion	USD 53.3 billion	USD 0.8 billion	USD 0.8 billion
4	CHS Inc	USD 39.2 billion	USD 39.2 billion	USD 1.1 billion	USD 1.1 billion
5	WH Group	USD 25.9 billion	USD 25.9 billion	USD 1.8 billion	USD 1.8 billion
6	Muyuan Food	RMB 137 billion	USD 19.18 billion	RMB 18.7 billion	USD 2.6 billion
7	Charoen Pokphand Foods	THB 586 billion	USD 17.5 billion	THB 22.2 billion	USD 0.66 billion
8	Land O Lakes	USD 16.2 billion	USD 16.2 billion	USD 0.24 billion	USD 0.24 billion
9	Wens Foodstuff Group	RMB 104 billion	USD 14.5 billion	RMB 9.2 billion	USD 1.28 billion
10	New Hope Liuhe	RMB 102 billion	USD 14.2 billion	RMB 0.474 billion	USD 0.066 billion
11	Friesland Campina	EUR 12.9 billion	USD 14.2 billion	EUR 0.32 billion	USD 0.35 billion
12	Fonterra	NZD 22.8 billion	USD 13.5 billion	NZD 1.1 billion	USD 0.6 billion
13	BRF	BRL 61.3 billion	USD 10.4 billion	BRL 3.6 billion	USD 0.6 billion
14	Japfa Group	USD 4.6 billion	USD 4.6 billion	USD 0.2 billion	USD 0.2 billion
15	ForFarmers	EUR 2.7 billion	USD 2.97 billion	EUR 0.034 billion	USD 0.037 billion
16	Marfrig	BRL 10.8 billion	USD 1.8 billion	BRL 2.8 billion	USD 0.47 billion
17	China Animal Husbandry Industry	RMB 5.97 billion	USD 0.84 billion	RMB 0.071 billion	USD 0.0089 billion
Source: Annual Report, 2024
Origin Currency: Currency officially Used in Annual Report of 2024
US Dollar: Converted Currency from Origin Currency to US Dollar Based on Currency Rates
Currency Rate:
1 Euro (EUR)= 1.1 US Dollar (USD)
1 Renminbi (RMB) = 0.14 US Dollar (USD)
1 Brazilian Real (BRL) = 0.17 US Dollar (USD)
1 Thailand Baht (THB) = 0.03 US Dollar (USD)
1 New Zealand Dollar (NZD)= 0.59 US Dollar (USD)

 

In the table above, all data of revenue and net income was obtained from the Income statement of Annual Report in 2024. Basically, in this income statement, the business performance of the company can be seen especially in gaining in net profit or loss in specific time. Cargill cannot show net income due to their status as a private company. Overall, the table rank was composed based on the total revenue of livestock companies in 2024 and specifically, the world’s largest/ biggest livestock companies based total revenue are Cargill, JBS, Tyson Food, CHS Inc, WH Group, Muyuan Food, Charoen Pokphand Foods.

 

 

Rank of the 16 World’s Biggest Livestock Companies Based on Total Assets in 2024

 

Ranks	Companies	Total Assets in 2024	Total Assets in 2024	Total Liabilities in 2024	Total Liabilities in 2024
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	JBS SA	USD 40.6 billion	USD 40.6 billion	USD 32.5 billion	USD 32.5 billion
2	Tyson Foods	USD 37.1 billion	USD 37.1 billion	USD 18.5 billion	USD 18.5 billion
3	Charoen Pokphand Foods	THB 876 billion	USD 26.2 billion	THB 583 billion	USD 17.5 billion
4	Muyuan Food	RMB 187 billion	USD 26.1 billion	RMB 115 billion	USD 16.1 billion
5	WH Group	USD 19.8 billion	USD 19.8 billion	USD 8.4 billion	USD 8.4 billion
6	CHS Inc	USD 18.7 billion	USD 18.7 billion	USD 7.95 billion	USD 7.95 billion
7	New Hope Liuhe	RMB 118 billion	USD 16.5 billion	RMB 81.1 billion	USD 11.3 billion
8	Wens Foodstuff Group	RMB 93.8 billion	USD 13.1 billion	RMB 49.3 billion	USD 7 billion
9	Friesland Campina	EUR 9.79 billion	USD 10.7 billion	EUR 6 billion	USD 6.6 billion
10	BRF. SA	BRL 62.6 billion	USD 10.6 billion	BRL 46.3 billion	USD 7.8 billion
11	Fonterra	NZD 16.6 billion	USD 9.7 billion	NZD 8.5 billion	USD 5 billion
12	Marfrig	BRL 57.3 billion	USD 9.7 billion	BRL 54.5 billion	USD 9.2 billion
13	Land O Lakes	USD 9.5 billion	USD 9.5 billion	USD 6.3 billion	USD 6.3 billion
14	Japfa Group	USD 2.9 billion	USD 2.9 billion	USD 1.6 billion	USD 1.6 billion
15	China Animal Husbandry Industry	RMB 8.8 billion	USD 1.23 billion	RMB 2.34 billion	USD 0.32 billion
16	ForFarmers	EUR 0.94 billion	USD 1.03 billion	EUR 0.60 billion	USD 0.66 billion
Source: Annual Report, 2024
Origin Currency: Currency officially Used in Annual Report of 2024
US Dollar: Converted Currency from Origin Currency to US Dollar Based on Currency Rates
Currency Rate:
1 Euro (EUR)= 1.1 US Dollar (USD)
1 Renminbi (RMB) = 0.14 US Dollar (USD)
1 Brazilian Real (BRL) = 0.17 US Dollar (USD)
1 Thailand Baht (THB) = 0.03 US Dollar (USD)
1 New Zealand Dollar (NZD)= 0.59 US Dollar (USD)

 

 

The rank above was obtained from the Balance sheet of Annual Report in 2024. Basically, Balance sheets can give guidance about the financial structure/ conditions of the company in specific times. Assets, Liabilities, and Equities are the components of the balance sheet in a financial statement. Cargill cannot be shown the assets, liabilities, and equities due to their status as a private company. Overall, based on total assets in 2024, the world’s largest/ biggest livestock companies based on total assets are JBS SA, Tyson Food, Charoen Pokphand Foods, Muyuan Food, and WH Group.

 

Brief Descriptions of 17 World’s Biggest Livestock Companies in 2024

 

1. Cargill

Cargill is the largest multinational livestock company in the world Coming from the United States of America (USA). This company was founded in 1865 by William Wallace Cargill. Hitherto the company is still headquartered in Wilmington, Delaware State, and Minnetonka, State of Minnesota. In the legal aspects, this company is still fully owned by the “Cargill Family” with a share ownership percentage up to 88%.

This Cargill combines lifelong experience, technology, and new insights in its efforts to build its business until it has developed into a giant one with diversity of its business. Overall, with more than 155 years’ experience, the business chain of Cargill has spread across over 125 countries and has employed 155 thousand people. Specifically, In the livestock industry, Cargill has some business in animal nutrition and meat products. In animal nutrition industri, Cargill has some product/brands including Cargill, delacon, Diamond V, Ewos, Nutrena, Provimi, Purina. In meat products, Cargill has sold some meat products/ brands including “beef meat” with the brands of Sterling Silver, Angus Pride, Rumba, Excel and “turkey meat” under the brands of HoneySuckle White, Shady Brook Farms, Honest Turkey.

Financially, according to its annual report for 2024, Cargill successfully generated total revenue of USD160 billion. This performance has made Cargill become the world’s largest company in the livestock industry based on the revenue generated indicators. 

  

2. JBS Foods

JBS Foods is a global, diversified protein company headquartered in São Paulo, Brazil and founded by José Batista Sobrinho in 1953. As of business development, JBS Foods in 2007 bought Swift & Company which was the third largest U.S. beef and pork processor with the acquisition cost reaching USD 225 million. Later, On September 17, 2009, JBS USA Holdings, Inc. decided to buy 64% of the shares of Pilgrim's Pride, one of the largest chicken producers in the United States and Puerto Rico and the second-largest chicken producer in Mexico.

As of 2024, JBS employed more than 280.000 people with more than 250 production facilities. AS of 2025, JBS Foods is the leading beef producer in the world, with operations in the United States, Australia and Canada, and the leading poultry producer in the world, with operations in the United States, the United Kingdom, Mexico and Puerto Rico as well as the second largest pork producer in the world, with operations in the United States, Brazil, the United Kingdom and Australia.

With huge production and many production facilities, JBS Foods has some meat brands sold in many countries:

1. Pork

The brand products of pork include swift, just bare, primo, adaptable meals, dak, danepak, danola, denny, galtee, hans, primo reserve, principe, wicked pig, and others.

 

2. Beef

The brand products of beef include swift, aspen ridge, great southern, Aberdeen black, certified angus beef, blue ribbon beef, clear river farms, fourstar beef, grass run farms, mattessons, wall's, and other brands.

 

3. Lamb

Lamb brands of JBS include swift, grest southern, redgum creek, and others.

 

4. Poultry

The poultry brands include pilgrim's, primo, ballyfree, country pride, deldia, fridge raiders, gold kist, moy park, la herencia, savoro and others.

Financially in 2024, according to the annual report, JBS Foods has total assets of around USD 40.6 billion with total liabilities of around USD 32.5 billion. In terms of business performance in 2024, JBS Foods successfully gained total revenue of USD 77.1 billion with net income of around USD 1.9 billion.   

 

3. WH Group     

       

WH Group (formerly known as Shuanghui Group) is a Chinese multinational meat and food processing company headquartered in Hong Kong. Historically, WH Group Shuanghui was founded by the Luohe municipal government in 1958 with a single processing plant. Later, the Luohe government sold its share of Shuanghui to a joint venture of Goldman Sachs and private equity firm CDH Investments. In the year of 2013, Shuanghui Group bought Smithfield Foods, Smithfield Foods, Inc., an American pork producer and food-processing company based in Smithfield, Virginia in 2013 and it was finalized on September 26, 2013, with the value of the deal reaching USD 4.7 billion. Later in January 2014, Shuanghui International changed its name to WH Group. To date, The WH Group is a leading global pork company with operations in multiple geographical regions. Specifically, WH Group owned an annual production capacity of packaged meats of approximately 2.08 million tons, 1.60 million tons and 0.37 million tons with utilization rates of 67.6%, 87.0% and 117.1% in China, North America, and Europe, respectively.

Financially, according to its annual report of 2024, WH Group has total assets of USD 19.8 billion with total liabilities of around USD 8.4 billion. In terms of business performance in 2022, WH Group successfully gained total revenue of around USD 25.9 billion with total net income reaching USD 1.8 billion.

 

4. Charoen Pokphand Foods

Charoen Pokphand is a multinational livestock company based in Thailand. Historically, the company was founded in 1921 by Chia Exchor and Chia Seow Nooy, immigrants from Shantou, China who later became Thailand citizens. In the beginning of the business, this company just bought and sold plant seeds and traded livestock. As the company’s business grows from time to time, Charoen Pokphand continues to expand its business in the fields of animal feed production, upstream and downstream livestock trading. Until 2024, this company is considered as one of the big players in the feed of poultry, pigs, ruminants, and several other livestock. From year to year, this company has also opened branch offices in various countries in the world such as Mexico, Taiwan, Portugal, China, Indonesia, Türkiye, and the United States with total employees currently reaching ± 360,000 people.

Financially, in 2024, accumulatively, Charoen Pokphand’s global revenue reached THB 586 billion or equivalent to USD 17.5 billion and successfully gained net income of THB 22.2 billion or equivalent to USD 0.66 billion. In terms of financial position, according to its balance sheet, Total Assets of Charoen Pokphand Foods reached THB 876 billion or equivalent to USD 26.2 billion with total liabilities of around THB 583 billion or equivalent to USD 17.5 billion.

 

5. Tyson Foods Inc

Tyson Foods is United States of America (USA)-based multinational company headquartered in Springdale; Arkansas founded by John W. Tyson in 1935. This company processes and markets chicken, beef, and pork in the United States and annually exports massive quantities of beef outside the United States of America (USA). In the USA, this company has several processed meat products, namely Tyson, Jimmy Dean®, Hillshire Farm®, BallPark®, SaraLee, Chairman's Reserve, Steak-Eze®, Original Philly™, Star Ranch Angus®, Open Prairie®, and State Fair® brands. Overall, in 2024, Tyson Foods can supply approximately 20% of the beef, pork, and chicken in the United States.

Along with the business development of the company, the total number of employees of Tyson Foods has reached 141,000 worldwide. This company also supplies the chicken that they produce to well-known companies, namely Yum! A brand that has leading restaurant chains such as KFC, Taco Bell, McDonald’s, Burger King, Wendy’s, Wal-Mart, Kroger, IGA, and Beef O’Brady’s. Financially, in 2024, Tyson Foods has total assets around USD 37.1 billion with total liabilities around USD 18.5 billion. Based on the business performance in 2024, the total revenue of Tyson Foods reached USD 53.3 billion and successfully gained net income of USD 0.8 billion.

 

6. New Hope Group

New Hope Group is a multinational livestock company coming from China founded in 1982 by Yonghao Liu, a leading private entrepreneur from China. Historically, the development of this company is getting faster along with the reform and openness of China during Deng Xiaoping’s prime minister. Over the past three decades, New Hope Group has remained among China’s top companies for 17 consecutive years. Until now, this company is still headquartered in Chengdu, China. As of business development, New Hope Group began expanding outside of China and established its first overseas factory in Vietnam in 1999. During its quest for global expansion in the past two decades, New Hope Group has established ongoing partnerships with well-known international companies and institutions such as Mitsui & Co, Cargill, and IFC. By leveraging its resources and expertise, New Hope Group continues to expand its business units, not only feed production but also agricultural technology, food processing, construction, real estate, and tourism.

As the company’s business grows, New Hope Group now has more than 600 subsidiary companies in 30 countries, employing more than 100,000 people. Until 2024, the New Hope Group’s total assets continued to grow and reached more than RMB 118 billion or equivalent to USD 16.5 billion and total liabilities around RMB 81.1 billion or equivalent to USD 11.3 billion. Furthermore, in terms of business performance, the total revenue of New Hope reached more than RMB 102 billion or equivalent to USD 14.2 billion and successfully gained net income RMB 0.474 billion or equivalent to USD 0.066 billion.

 

7. CHS Inc

CHS is a diversified global agribusiness cooperative owned by farmers and local cooperatives across the United States. Historically, CHS’s journey started in 1931 after the founding of the Farmers Union Central Exchange in Saint Paul, Minnesota. Along with business development, this cooperative has diversified business in Agronomy (Agronomy solutions, Crop inputs), Energy (Refined fuels, Propane, Lubricants, Renewable fuels, and Energy equipment), Global Grain & Processing, Services (CHS Capital, CHS cooperative resources, CHS Hedging, CHS payment solutions, and CHS transportation and logistics).

Financially in 2024, the CHS has total assets around USD 18.7 billion with total liabilities around USD 7.95 billion. Based on the business performance in 2024, the CHS successfully generated total revenue around USD 39.2 billion with net income around USD 1.1 billion.

8. BRF. SA

BRF is a Brazilian Livestock company that has a central office in Itajaí, Santa Catarina, Brazil. Historically, this company was formed as the result of the merger between Sadia and Perdigão, two leading food companies in Brazil. Nowadays, this company has many food brand products, namely Sadia, Perdigão, Qualy, Perdix, Confidence and Hilal. Commonly, BRF S.A. is one of the largest producers of fresh and frozen protein foods in the world in terms of production capacity with a portfolio of approximately 6,400 stock keeping units (SKUs). As of December 31, 2024, BRF served more than 440,000 clients in approximately 120 countries.

Financially, according to its annual report in 2024, BRF has total assets around BRL 62.6 billion or equivalent to USD 10.6 billion with total liabilities around BRL 46.3 billion or equivalent to USD 7.8 billion. Based on the business performance in 2024, BRF generated revenue around BRL 61.3 billion or equivalent to USD 10.4 billion and successfully gained net income around BRL 3.6 billion or equivalent to USD 0.6 billion.

9. Fonterra         

   

Fonterra is a multinational dairy co-operative with some popular dairy products. Operationally, Fonterra does business in collection, manufacture and sale of milk and its derivatives. Historically, Fonterra was incorporated in 2001 and has its head office in Auckland, New Zealand. Operationally, they have employed approximately 19 thousand people. Based on its dairy products, Fonterra has some popular milk products and derivatives, namely Anchor, Boneeto, Anlene, Perfect Italiano Cheese, Fernleaf, Yalci Yum, and others.

Financially, according to its annual report in 2024, Fonterra has total assets around NZD 16.6 billion or equivalent to USD 9.7 billion with liabilities around NZD 8.5 billion or equivalent to USD 5 billion. Based on business performance, Fonterra generated total revenue around NZD 22.8 billion or equivalent to USD 13.5 billion and net income around NZD 1.1 billion or equivalent to USD 0.6 billion.

 

10. Friesland Campina    

     

Royal Friesland Campina N.V. is a Dutch multinational dairy cooperative that has a primary office in Amersfoort, Netherlands. Historically, this cooperative was formed because of the merger between Campina and Friesland Foods in 2008. Basically, this cooperative has some popular brands across countries. Some of popular brands are Nounou (Greece), Frisian Flag (Indonesia), Dutch Lady brand (Brunei, Hong Kong, Malaysia, Philippines, Singapore, and Vietnam), Foremost (Thailand), PEAK MILK (Nigeria), and Yazoo milkshakes. In 2024, around 14,183 farmers supplied raw milk to FrieslandCampina and employed 19,576 people. 

Financially, in 2024, the FrieslandCampina has total assets around EUR 9.79 billion or equivalent to USD 10.7 billion with total liabilities around EUR 6 billion or equivalent to USD 6.6 billion. Based on the business performance in 2024, the FrieslandCampina generated revenue around EUR 12.9 billion oe equivalent to USD 14.2 billion and successfully gained net income of EUR 0.32 billion or equivalent to USD 0.35 billion.

11. Land O’Lakes

Land O‘Lakes is an American member-owned agricultural and livestock cooperative. It is headquartered in the Arden Hills, Minnesota, United States, whose members come from breeders in the United States. Land O ‘Lakes has 1,959 members who all of them are dairy cattle producers/breeders and this cooperative also employs around 10,000 employees who are tasked with processing and distributing its products to around 300,000 cooperative partners. Apart from that, in terms of business, this cooperative also has animal feed products which are well-known products in the United States namely the brands Purina Animal Nutrition, Mazuri, land O’Lakes Feed. 

Based on financial conditions in 2024, the Land O’lakes have total assets around USD 9.5 billion with total liabilities around USD 6.3 billion. In terms of the business performance in 2024, the company’s revenue reached USD 16.2 billion with net income around USD 0.24 billion.

 

12. ForFarmers     

ForFarmers is an animal-feed company which has a central office in Kwinweerd 12, Lochem. Along with business development ForFarmers has 35 production factories that can supply More than 26,000 farmers around Europe regions. As of 2024, ForFarmers has employed approximately 2,500 people. Specifically, ForFarmers provides various animal feed brands like Reudink, Pavo, CirQlar, and Vleuten.

Financially, in 2024, according to its annual Report, ForFarmers has total assets around EUR 0.94 billion or equivalent to USD 1.03 billion with total liabilities around EUR 0.60 billion or equivalent to USD 0.66 billion. Based on the business performance in 2024, the ForFarmers has generated total revenue around EUR 2.7 billion/ USD 2.97 billion and gained net income around EUR 0.034 billion/ USD 0.037 billion.

 

13. Muyuan Foodstuff 

Muyuan Foodstuff is a Chinese food company that concentrated in Pork raising and production. Historically, this company was founded by Qin Yinglin and Qian Ying in 1992. Along with business development, Muyuan Foodstuff can slaughter approximately five million pigs per year. Financially, according to its annual report in 2024, the Muyuan Foodstuff has total assets around RMB 187 billion or equivalent to USD 26.1 billion with total liabilities around RMB 115 billion or equivalent to USD 16.1 billion. Based on the business performance in 2024, the Muyuan Foods generated revenue RMB 137 billion or equivalent to USD 19.18 billion and gained net income of RMB 18.7 billion or equivalent to USD 2.6 billion.

  

14. Wens Foodstuff Group        

  

Wens Foodstuff Group is a Chinese food company specializing in Pork production. Historically, this company was founded in 1983. In 2019, the Wens Foodstuff is one of the largest pork producers in China reaping 22.3 million hogs. Financially, in 2024, according to Wens Foodstuff has total assets of RMB 93.8 billion or equivalent to USD 13.1 billion with liabilities of RMB 49.3 billion or equivalent to USD 7 billion. Based on business performance in 2023, Wen Foodstuff successfully gained revenue of RMB 104 billion or equivalent to USD 14.5 billion and successfully gained net income of RMB 9.2 billion or equivalent to USD 1.28 billion.

 

15. JAPFA Group

Headquartered in Singapore, Japfa has total employees of more than 37,000 people across nations in Indonesia, Vietnam, India, Myanmar, and Bangladesh. Basically, the JAPFA's business is vertically integrated from animal feed production and breeding to commercial farming and food processing. Financially, according to its annual report in 2024, Japfa has total assets of USD 2.9 billion with liabilities of USD 1.6 billion. Furthermore, the revenue of Japfa in 2024 reached USD 4.6 billion and successfully gained net income of USD 0.2 billion.

 

 16. China Animal Husbandry Industry

 

China Animal Husbandry Industry Co., Ltd. (CAHIC) is China's largest manufacturer and service provider of specialized animal health products and animal nutrition products. Historically, this company was founded on December 25th, 1998. Operationally, China Animal Husbandry Industry has a primary office in Fengtai District, Beijing, China. Based on the business performance in 2024, China Animal Husbandry Industry gained revenue of RMB 5.97 billion or equivalent to USD 0.84 billion with net income of RMB 0.071 billion or equivalent to USD 0.0089 billion. 

 

17. Marfrig   

Marfrig is a worldwide leader in the production of hamburgers (with annual production of hamburgers reaching 200,000 tons) and one of the largest bovine protein companies in the world, in terms of capacity with more than 30,000 head of cattle slaughtered each day. In the global market, Marfrig is one of the most internationalized and diversified food companies, its products being sold in over 100 countries. It employs some 30,000 staff in 21 beef production units, and 10 distribution and commercial centers, scattered over four continents. Commonly, some meat processed products/ brands from Marfrig are Bassi Angus, Bassi, Montana Steakhouse, Montana, GJ, Viva, Pampeano/ Palatare, Revolution, Bona Pet. In 2025, “Marfrig Global Foods” and “BRF” merged to become a new company, and it will be known as MBRF Global Foods Company SA.

Financially, according to its annual report of 2024, Marfrig has total assets of around BRL 57.3 billion or equivalent to USD 9.7 billion with total liabilities of around BRL 54.5 billion or equivalent to USD 9.2 billion. In terms of business performance in 2024, Marfrig successfully gained total revenue of around BRL 10.8 billion or equivalent to USD 1.8 billion and successfully gained net income of around BRL 2.8 billion or equivalent to USD 0.47 billion.

 

The Summary of 15 World’s Biggest Livestock Companies Based on Total Assets in 2024

 

The Summary of 15 World’s Biggest Livestock Companies Based on Total Revenue in 2024

 

 

 

Bibliography World’s 17 Biggest Livestock Companies in 2024

 

Cargill. 2025. Annual Report 2024. Accessed via https://www.cargill.com/sustainability/reporting-hub/annual-report-library on May 22, 2025.

JBS. 2025. Annual Report 2024. Accessed https://jbsfoodsgroup.com/investors via on May 22, 2025.

Tyson Food. 2025. Annual Report 2024. Accessed via https://ir.tyson.com/reports/annual-reports/default.aspx on May 22, 2025.

CHS Inc. 2025. Annual Report 2024. Accessed via https://www.chsinc.com/about-us/financials on May 22, 2025.

WH Group. 2025. Annual Report 2024. Accessed via https://www.wh-group.com/html/ir_report.php on May 22, 2025.

Muyuan Food. 2025. Annual Report 2024. Accessed via https://www.wsj.com/market-data/quotes/CN/XSHE/002714/financials on May 22, 2025.

Charoen Pokphand Foods. 2025. Annual Report 2024. Accessed via https://www.cpfworldwide.com/en/investors/annual on May 22, 2025.

Land O Lakes. 2025. Annual Report 2024. Accessed via https://www.landolakesinc.com/our-impact/investors/ on May 22, 2025.

Wens Foodstuff Group. 2025. Annual Report 2024. Accessed via https://www.wsj.com/market-data/quotes/CN/XSHE/300498/financials on May 22, 2025.

New Hope Liuhe. 2025. Annual Report 2024. Accessed via https://newhopegroup.com.au/results-and-reports/   on May 22, 2025.

Friesland Campina. 2025. Annual Report 2024. Accessed via https://annualreport.frieslandcampina.com/en/2024/  on May 22, 2025.

Fonterra. 2025. Annual Report 2024. Accessed via https://www.fonterra.com/nz/en/investors/results-and-reporting.html on  May 22, 2025.

BRF. 2025. Annual Report 2024. Accessed via https://ri.brf-global.com/en/financial-information/annual-reports/   on May 22, 2025.

Japfa Group. 2025. Annual Report 2024. Accessed via https://japfa.com/investors/report/annual-reports   on May 22, 2025.

ForFarmers. 2025. Annual Report 2024. Accessed via https://www.forfarmersgroup.eu/en/results  on May 22, 2025.

Marfrig. 2025. Annual Report 2024. Accessed via https://ri.marfrig.com.br/en/informacoes-financeiras/relatorios-anuais/ on May 22, 2025.

China Animal Husbandry Industry. 2025. Annual Report 2024. Accessed via https://www.wsj.com/market-data/quotes/CN/XSHG/600195/financials  on May 22, 2025.