F&N's Food & Beverage ("F&B") division produces, markets and sells soft drinks, dairies and ice cream. This division consists principally of its investment in a Malaysia-listed entity, Fraser & Neave Holdings Bhd, as well as an unlisted soft drinks and dairies business in Singapore, and the ice cream businesses in Singapore, Malaysia and Thailand. 

 
F&N has a 55.6% interest in Fraser & Neave Holdings Bhd ("F&NHB"), a leading non-alcoholic F&B player in Malaysia which is listed on the Kuala Lumpur Stock Exchange. F&NHB's principal activities are in the manufacturing, distribution, marketing and selling of soft drinks and dairy products in Malaysia and Thailand. It is also involved in property development activities. 

As a licensee of F&N, F&NHB's Soft Drinks portfolio offers carbonated soft drinks under the F&N brand, isotonic beverage under the 100PLUS brand, non-carbonated drinks under F&N NUTRISOY, F&N SEASONS and F&N FRUIT TREE brands, and water under F&N ICE MOUNTAIN brand. Today, most of these brands are leaders in their respective segments in Malaysia.

F&NHB's Dairies portfolio comprises many leading brands in Malaysia and Thailand, including F&N, GOLD COIN and TEA POT sweetened condensed milk and evaporated milk, as well as third-party licensed brands namely CARNATION, BEAR BRAND, IDEAL and MILKMAID. It also includes liquid milk products under F&N MAGNOLIA and FARMHOUSE brands. Other products in the pasteurised segment include juices under the F&N FRUIT TREE FRESH and licensed SUNKIST  brands.

In 2010, F&NHB acquired a 23.08% equity interest in Cocoaland Holdings Berhad, whose principal activities includes the manufacture, trading and distribution of food and food-related products and beverages. 

F&B Singapore comprises F&N's soft drinks and dairies businesses, as well as ice cream businesses in Singapore, Malaysia (excludes F&NHB) and Thailand. These are wholly-owned subsidiaries, with the exception of F&N United Ltd (manufacturer and distributor of ice cream products in Thailand) which is 95% owned. 

In 2010, F&N expanded its existing ice cream business by completing the acquisition of 100% of equity interest in King's Creameries (S) Pte Ltd, an ice cream player in Singapore and Malaysia, and consolidated its ice cream businesses under the new entity F&N Creameries.

Today, F&B Singapore’s portfolio features reputable brands, including:
- Soft Drinks: F&N, 100PLUS, F&N NUTRISOY, F&N SEASONS and F&N ICE MOUNTAIN
- Dairies: F&N MAGNOLIA, FARMHOUSE, F&N DAISY and F&N FRUIT TREE FRESH
- Ice Cream: F&N MAGNOLIA, KING’S and JWEL 

In addition, the Group owns Yoke Food Industries Sdn Bhd, a Malaysia-based company that manufactures, markets and distributes canned beverages in Malaysia and exports to Singapore, Indonesia and Indochina. It also has an 19.5% equity interest in Vietnam Dairy Products Joint Stock Company ("Vinamilk"), a leading dairy player in Vietnam. Founded in 1976, Vinamilk's principal activities are the manufacture and sale of milk and dairy products in Vietnam and internationally.