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Many of these brands are in the Brazilian shopping cart without anyone linking the name to Ceará. Only the top three in the ranking, all linked to health and pharmaceutical retail, already account for more than half of the revenue of the top ten. The survey is by Exame magazine, based on the results of 2024.
Ceará companies earn billions of reais and dominate the Brazilian market without many people realizing their origin. Giants born in the state, such as Hapvida, Pague Menos, M. Dias Branco, and Três Corações, are present in the daily lives of millions of Brazilians and, together with the others at the top of the ranking, totaled almost R$ 104 billion in revenue in 2024 alone, according to a survey by Exame magazine.
The data are from Exame’s Best and Biggest ranking, one of the most traditional in the Brazilian economy, in the 2025 edition based on the results of 2024. According to the survey, the ten largest companies in Ceará totaled around R$ 103.9 billion in net revenue during the period, a number that helps explain why the state has been consolidating as one of the most relevant business hubs in the country, going far beyond the image associated only with tourism.
A state that became a business powerhouse
What stands out the most, however, is the number of large companies that were born and developed within the state itself, genuinely Ceará companies that grew, gained scale, and won consumers throughout Brazil, often without the public associating the brand with its homeland.
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This regional strength is clearly evident when observing the diversity of sectors among the largest Ceará companies. From health to food, through energy, pharmaceutical retail, beverages, and footwear, the state shows a diversified and mature economy. Next, meet the main companies that make Ceará a cradle of billion-dollar businesses, in the order presented by the Exame ranking.
From the Footwear Industry to Food
Opening the list of the top ten is Vulcabras, one of the major industries established in the state, with a strong presence in the footwear sector and brands known throughout Brazil, generating thousands of jobs. Next is J. Macedo, traditional in the food sector and owner of flour, pasta, and mix brands present in many Brazilian kitchens, reinforcing the importance of the food industry in the state.
The presence of Ceará in the beverage sector also stands out with Solar Coca-Cola, known as Norsa, responsible for distributing Coca-Cola products in much of the Northeast, with a significant impact on regional retail. These names show how the industry and distribution from Ceará have gained national relevance, occupying important positions in a ranking that gathers the largest companies in the country.
Energy, Banking, and the Food Giants
Also among the largest is Banco do Nordeste, headquartered in Fortaleza, one of the most important financial institutions in the region, which finances agriculture, industry, and small businesses in several states and is a reference for northeastern development. In the energy sector, Enel Distribuição Ceará, formerly Coelce, is responsible for supplying electricity to millions of people in Ceará and is essential for the functioning of the local economy.
Among the food giants, M. Dias Branco holds a prominent position. Born in Ceará and headquartered in Eusébio, the company has become one of the largest in the sector in Brazil, owning famous brands of cookies, pasta, and flour, such as Vitarella, Piraquê, and Adria, present in practically every supermarket in the country. Meanwhile, Três Corações, known for Brazil’s most popular coffee, also has a strong presence in the state and has expanded its products into various categories.
The Podium: Health and Pharmacy at the Top
The podium of the largest companies in Ceará is dominated by the health and pharmaceutical retail sectors. In third place is Pague Menos, a pharmacy chain created in Fortaleza that has become one of the largest in the country, present in practically all Brazilian states and still expanding. The company is a clear example of a Ceará brand that has gone national and is part of the daily routine of consumers from north to south.
In the first two places are companies linked to the Hapvida group. In second place is Hapvida Assistência Médica, and in the absolute lead, Hapvida, created in Fortaleza and now one of the largest health operators in Latin America, especially after the merger with NotreDame Intermédica. According to Exame, Hapvida leads by a wide margin, and the top three in the ranking, all linked to health and pharmacy, together account for more than half of the revenue of the group of the top ten.
Why the numbers vary according to the ranking
An important point for those following these surveys is to understand that revenue figures can vary significantly from one ranking to another. This happens because each publication uses different criteria, such as net or gross revenue, different base years, and their own calculation methodologies. Therefore, it is always advisable to observe the source and reference period before comparing company figures.
In the case of this report, the data follows the Exame’s Best and Biggest ranking, based on the 2024 results, which considers accounting and financial indicators such as return on equity, return on capital employed, liquidity, and leverage to define the positions. Adopting a single consistent source avoids mixing numbers calculated in different ways, which could distort the real size of each company.
Ceará companies prove that the state goes far beyond beaches and tourism: it is an entrepreneurial, industrial, and service hub, with brands that have conquered the entire country. Many were born locally, in Fortaleza and the region, and today move billions of reais, generate thousands of jobs, and help transform the economy of the Northeast. It is a portrait of how regional entrepreneurship can reach national and even international scale.
And you, which of these Ceará companies were you already familiar with and which surprised you the most for having originated in Ceará? Did you imagine that brands so present in your daily life originated in the state? Leave your comment, tell us which of these companies are part of your routine, and share the article with those who like to discover Brazil’s business powerhouses.
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