Grassi and the New Jersey Food Processors Association are pleased to share the 2024 State of Food & Beverage Manufacturing results in New Jersey and New York. This benchmarking survey of 122 food and beverage manufacturing executives across every sector shows that despite some inflation and cost-related struggles, 2023 was a strong year.
Industry leaders are optimistic, with 84% indicating they expect revenue and profit to increase in 2024 as they focus on increased capital spending, improved operations, expanding into new markets, implementing new technologies, and more.
Several key takeaways from the report include:
- 71% saw revenue increase in 2023, averaging a growth rate of 16%.
- 60% cited increased profits in 2023, averaging 11% growth. Companies with profit growth in 2023 focused on improving operations and cutting costs instead of raising prices.
- The top three distribution strategies in 2023 were improving customer service (46%), increasing sales force (41%) and targeting new distribution channels (41%).
- 80% expect to increase capital spending in 2024, an increase of 11% over the year prior.
Click here or below to access the full report.
