The 2023 edition of the World Cooperative Monitor (WCM) was released on January 25, 2024. The report contains the Top 300 rankings of the world’s largest cooperatives and mutuals (CMEs) and a special focus on member’s benefits.

Jeroen Douglas, Director General of the ICA said “The Top 300 rankings and sectoral analyses featured in this report showcase the diversity and magnitude of cooperative impact. From agriculture to finance, healthcare to energy, cooperatives are transforming industries, putting people before profits, and creating sustainable models for the benefit of all. In a world facing numerous challenges, from economic uncertainties to social inequalities, the cooperative model emerges as a beacon of hope, demonstrating its unique ability to foster inclusive growth, shared prosperity, and community resilience.”

The 2023 Top 300 CMEs in the world report a total turnover of around 2.4 trillion USD, based on 2021 financial data. These organizations operate in various economic sectors, with Agriculture (105 enterprises) and Insurance (96 enterprises) leading the list. Wholesale and Retail Trade represent the third biggest economic sector (57 enterprises) in the ranking.

The top 300 rankings based on turnover feature 40 cooperatives from 8 countries across Asia and Pacific – Japan (21), New Zealand (5), the Republic of Korea (4), Australia (3), India (3), Singapore (2), Malaysia (1), and Saudi Arabia (1). The top 300 rankings, based on the ratio of turnover over gross domestic product (GDP) per capita, feature a total of 54 cooperatives from 8 countries across the AP region – Japan (23), India (15), New Zealand (5), the Republic of Korea (4), Australia (3), Singapore (2), Malaysia (1), and Saudi Arabia (1).

The top 10 based on turnover include Nonghyup (National Agricultural Cooperative Federation - NACF) from the Republic of Korea at the fourth position and Nippon Life from Japan at the tenth position.

The top 10 based on turnover/ GDP per capita include two Indian cooperatives at the first and second positions – the Indian Farmers Fertiliser Cooperative (IFFCO) and Gujarat Cooperative Milk Marketing Federation (GCMMF) Limited, Nonghyup at the sixth position and Nippon Life at the tenth position.

Many cooperatives from the region have been featured in the top 10 sector rankings based on turnover and turnover/ GDP per capita. Read the full report here.

The summary and recording of the launch webinar can be accessed here.