Privately owned agribusinesses thrived on good seasons, heady markets and strong demand during 2022 with the farm services sector a standout performer among Australia's top 500 private companies.
Agriculture, fishery and forestry support service operators generated almost 57 per cent more revenue, on average, last financial year than in 2020-21.
It was the largest revenue growth performance of any sector in IBISWorld's ranking of the nation's top private companies, although building industry firms, representing about 10pc of the top 500 companies, made the most revenue - $25.6 billion.
Notable farm support services players in the top 500 included Queensland-based feedlot, stockfeed, fertiliser, transport and export beef operation, Mort and Co, ranked 127th on the list with revenue estimated at $527 million.
NSW-based farm supplies and advisory company, AGnVET Services, placed 135th with revenue estimated at almost $500m, and east coast dairy processor and farm supplies co-operative, Norco, ranked strongly in 88th spot, with revenue of about $675m.
Crop chemical producer, Corteva Agriscience Australia, placed 398th after a 33pc revenue rise to $179m, while North West NSW-based farm inputs suppliers, McGregor Gourlay and B and W Rural (a joint venture with Elders), ranked 446th and 469th with respective revenues of $159m and and $151m.
However, leading the charge for agribusiness in the top 500 list was big West Australian grain handling, marketing and processing co-op, CBH, powering home in third place overall, with a 31pc revenue jump to $4.2b.
CBH came in behind Anthony Pratt's Visy company ($9.3b) and Australia's top performing private business, Gina Rinehart's Hancock Prospecting, which has now held the top spot for three years.
The Perth-based Hancock company includes Mrs Rinehart's Hancock Agriculture pastoral and feedlot beef enterprise, which has been in the news of late as she prepares to sell 2.4m hectares of S. Kidman and Company pastoral country in northern Australia bought in 2016.
Australia's richest person, whose wealth last year was calculated by rich list analysts at about $34b, achieved an 11.7pc revenue lift from Hancock's operations to $19b in 2021-22.
In total, Australia's top 500 private companies recorded $277b in revenue - up 11pc on the previous year - and averaged about $596m each.
More than three quarters of businesses on the list enjoyed revenue growth last year, up from 60pc in 2020-21.
While WA's biggest private companies continued to grow bigger, NSW and Victorian firms accounted for 63pc of all the revenue generated by the top 500.
Meaty performers
Meat processors were notable performers in 2022, with South Australian-based Thomas Foods International rating as our 15th biggest private business after lifting revenue 9.5pc to an estimated $2.48b, just ahead of Brisbane's Teys Australia at $2.43b.
However, Teys' performance bucked the growth trend, with revenue down almost 20pc on the previous year.
Victoria's Midfield Group placed 42nd after a 12pc revenue lift to almost $1.4b and WA's farmer-owned lamb processor, WAMMCO, generated almost $500m after a 27pc revenue rise to 137th spot, while another prominent WA meat processing and seafood name, Craig Mostyn Group, placed 237th.
Other red meat processors and traders to make the list included Melbourne's Australian Lamb Company (157th), Ausfine Foods International (376th) and Pacific Meat Holdings (473th).
Interestingly, farmer levy-backed peak marketing and research body Meat and Livestock Australia scored an entry on the top 500 list, too, in 272nd spot with revenue of $258m - down about 1pc.
Sydney-based poultry meat giant, Baiada, chalked up almost $2b in estimated revenue to be 29th; Victoria's Turosi placed 87th; Hazeldene's Chicken Farms, 192th, and big Queensland egg producer, Sunny Queen Farms 160th.
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Aside from Norco, private dairy companies in the top 500 included Victoria's Australian Consolidated Milk, placed 145th after a 7pc revenue fall to $461m; Australia's largest supplier of dairy ingredients to the industrial market, MPD Dairy (180th), and big Central West NSW-based farming operation, Moxey Farms (258th), which had an estimated 8pc revenue rise to $282m.
Victorian dairy powder, cheese and cream products trader and animal nutrition products brand, Maxum Foods, placed 367th after a 13pc revenue rise to $194m.
Prominent processed food and beverage names on the list included San Remo (211th), SPC Global (267th), Brisbane's Lean Cuisine maker, Vesco Foods (284th), Bertocchi Smallgoods (358th), Coopers Brewery (267th) and De Bortoli Wines (445th).
Wool market players, Techwool Trading and Australian Merino Exports, both based in Victoria, placed 149th and 169th respectively.
Australia's largest export sugar marketer, Queensland Sugar, claimed spot 65 with revenue of $905m.
Strong horticulture performers included Melbourne-based Perfection Fresh Group in 67th place with revenue of $837m; the NSW-Queensland Marquis Macadamia company, at 282nd spot, with revenue estimated at 247m after a 12pc rise on the prior year, and 311th placed SA grower-owned, Almondco, following a 12pc revenue slip to $220m.
Just making it on the top 500 list, in the final spot, was Australian and US olive products producer and processor, Cobram Estate, with revenue of $140m.
While farm and food sector companies generally fared well, it proved a tougher year for Australia's private or member-owned banks and credit unions which as a group lost revenue by an average 8pc.
Regional banks slip
Regional Queensland-based lender, Heritage Bank, which is about to merge with SA's People's Choice, slipped to 281st spot on the list after a 20pc revenue slump to $250m.
People's Choice, which also suffered a slight 3pc revenue dip to an estimated $307m, placed 231st, while the best performer in the sector, Credit Union Australia, at position 142, also lost 14pc in revenue to $472m.
Other intending marriage partners, the Hunter Valley-based Newcastle Permanent and Greater Bank placed at 241 and 319 respectively on IBISWorld's list, after losing 11pc and 8pc in revenue to about $303m and $215m.
IBISWorld's annual list of private companies was derived from data which is either publicly available or directly sourced from the companies themselves, but was not independently audited for verification.
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