Grassi Release Findings of NJ Food Manufacturers Survey
PARK RIDGE, N.J./MOORESTOWN, N.J. – May 20, 2021 – Grassi, a leading provider of business advisory and accounting services, and New Jersey Food Processors Association (NJFPA), a community of food and beverage companies and service providers that promotes industry growth throughout the Garden State, have announced the results of a joint benchmarking survey of New Jersey’s food manufacturers.
The survey elicited candid feedback on industry trends, outlooks and challenges from professionals in every sector of the food and beverage industry. The findings were revealed in an authoritative benchmarking report at the NJFPA’s 2021 Annual Spring Conference.
Key takeaways from the survey point to the resiliency and agility of the industry over the past 12 months:
- Only one in six respondents reported a significant reduction in customer demand.
- Thirty-six percent of respondents saw revenues rise despite pandemic challenges.
- Thirty-three percent of respondents revamped production to become nimbler to changing demand.
- Only four percent downsized their workforce.
The biggest challenges reported by respondents were supply chain disruptions; delayed or cancelled new product launches; plant closures caused by COVID-19 outbreaks; and a growing shortage of skilled workers. Despite these challenges, the survey points to a positive overall outlook, with most respondents anticipating a recovery in the food manufacturing sector in the third quarter of 2021 or sooner.
The Rutgers Food Innovation Center and the New Jersey Economic Development Authority (NJEDA) contributed to the development of the survey, which was fielded by an independent research firm.
For more information on the trends and outlooks uncovered by the 2021 NJ Food Manufacturers Survey, a copy of the full survey report can be downloaded here.
To speak with a Grassi Manufacturing & Distribution professional or an NJFPA leader about the survey findings, please contact us here.
