The latest edition of the World Cooperative Monitor reveals that the world’s top 300 co-ops and mutuals had a combined turnover of US$2.79tn in 2023, up 14% from $2.4tn in 2021.
In its 13th edition, the Monitor lists the top 300 alongside sector rankings and interviews with co-operative leaders curated by Co-op News.
Produced by the International Cooperative Alliance (ICA) with scientific and technical support from the European Research Institute on Cooperative and Social Enterprises (Euricse), the report is based on data from the fiscal year 2023.
“Launched one day before the World Social Summit kicks off in Doha, this year’s Monitor shows that co-operatives are not only vital to local economies but are key to addressing global challenges,” said ICA director general Jeroen Douglas. “Our new strategy for 2026–2030 – Practice, Promote, Protect – underscores our commitment to sustainability, social justice, and economic democracy.”
The top five organisations by turnover are Groupe Crédit Agricole (financial services, France, $107.4bn), State Farm (insurance and financial services, USA, $93.79bn), Rewe Group (retail, Germany, $90.81bn), Groupe BPCE (banking, France, $82.83bn), and Groupe Crédit Mutuel (banking, France, $69.15bn).
Overall, the agriculture (35.7%) and insurance (31.7%) sectors dominate the rankings by turnover, followed by wholesale and retail trade (18%).
In terms of ranking by turnover relative to GDP per capita, the top five co-ops are Gujarat Cooperative Milk Marketing Federation (Amul) from India, Indian Farmers Fertilisers Cooperative (Iffco) from India, Nonghyup (National Agricultural Cooperative Federation – NACF) from the Republic of Korea, sugar and ethanol business Copersucar SA from Brazil and National Federation of Agricultural Cooperative Associations – Zen-Noh from Japan.
For sector rankings based on turnover, the top co-ops are Nonghyup (agriculture), Denmark’s Andel Group (industry and utilities), Rewe (retail), State Farm (finance), Cooperative Financial Network Germany – BVR, Brazil’s Sistema Unimed (education, health and social work), and Norway’s Obos BBL (other services).
For sector rankings based on turnover/GDP, the top co-ops are Amul (agriculture), Spain’s Mondragon Corporation (industry and utilities), Rewe, Japan’s Nippon Life (insurance), Groupe Crédit Agricole (banking), Sistema Unimed (health) and Obos BBL (other services.
“The monitor is a document that inspires and teaches”, said ICA president Ariel Guarco said at the launch of the monitor in Doha.
“In a time of ecological and digital transition, co-operatives demonstrate that it is possible to innovate without losing sight of fairness, inclusion, and democratic governance,” said Gianluca Salvatori, secretary general of Euricse. “This makes their contribution not only socially relevant, but strategically essential for a sustainable economy”.
Salvatori added that while many businesses had struggled or contracted over the period covered by the Monitor, large co-operatives stayed resilient.
“These figures tell you something about the resilience of this system, and this is not an accident,” he said. “It is the natural result of a model rooted in member engagement, long-term planning and shared responsibility. So, these results give you a clear narrative, which are the points of strength of the co-operative movement. This strength comes from being accountable not to speculative capital, but to people, farmers, workers, consumers, communities.”
The 2025 edition also includes interviews with leaders from the ICA’s Cooperatives and Mutuals Leadership Circle (CM50) curated by Co-op News, which explore their co-operatives’ impact on members, employees and wider communities.
“The number in the monitor are absolutely staggering but number only tell half the story,” said Co-op News executive editor Rebecca Harvey, who interviewed 20 co-op leaders whose organisations are featured in the monitor or are members of the CM50.
“In this International Year of Cooperatives, the facts and the figures need a little bit more context,” she said, highlighting the importance of storytelling.
The full report, featuring the top 300 rankings and CM50 interviews, is available at monitor.coop.
The results were presented during an event in Doha featuring over 100 co-op leaders, UN representatives and government leaders. The event also featured the launch of the ICA’s 2026-2030 strategy and the CM50 manifesto.
Main picture: Rebecca Harvey, Jeroen Douglas, Gianluca Salvatori, Thomas Blondeel of Icett and Ariel Guarco at the launch (image: ICA)
