A spokesman for the Baxter family, famous for its soups, confirmed that he had died on Friday surrounded by family.
He said: "Mr Baxter became an iconic Scottish business figure during his tenure of the world famous Fochabers-based family business. He passed over control to his daughter Audrey Baxter, the fourth generation to run the business, in 1992.
"Over the years, with his brother Ian and their wives they worked tirelessly to build the foundations of a business that grew over many years achieving great success."
There will be a private family funeral later this week and a memorial service later in the year in the village of Fochabers.
The company now commands an estimated £130million in sales annually and employs more than 1000.
Mr Baxter, who was married to Ena, was awarded a CBE in 2010 in recognition of his services to business and charity in the north-east of Scotland.
The Baxters Foundation has distributed around £1m to the likes of community halls, the Archie Foundation children's medical charity, local heritage societies and Elgin Youth Cafe.