Yes, but we don't think about it like that. When I think about a product made by a specific company, I don't actually consider the whole manufacturing process. That company simply makes a food or drink. One particular company in the UK even uses the word in their famous tagline:
Mr Kipling - makes exceedingly good cakes.
That tagline definitely wouldn't have the same ring to it if it were "Mr Kipling manufactures exceedingly good cakes!"