On Mar 21, 2022
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, have announced the results of their second annual benchmarking survey of food manufacturers. This year’s survey was expanded to include industry professionals from both New Jersey and New York.
The survey, which elicited candid feedback from professionals in every sector of the food and beverage industry, was fielded by Crain Communications in January 2022. The survey was designed to assess the state of the industry in New Jersey and New York, identify trends over the past 12 months and gather the key industry opportunities and challenges for 2022.
The survey findings were revealed today in an authoritative benchmarking report at NJFPA’s 2022 Annual Spring Conference in Atlantic City Key takeaways from the report include:
- Respondents were more than twice as likely to report that revenues increased in 2021, rather than decreased.
- Three quarters of respondents expect revenue to grow this year, while only 3% foresee a decline.
- Even among companies with flat or declining revenues, 51% plan to target new distribution channels as a growth strategy.
- Respondents reported that the greatest challenges in 2021 were COVID outbreaks among workforce (59%), supply chain disruption (53%), staff recruiting and retention (47%) and logistics/transportation disruptions (47%).
- The majority of companies responded to these challenges by improving customer relationships (68%), enhancing workplace safety (59%), focusing on online/digital platforms (59%) and developing new products and services (55%).
“The survey results point to a resilient industry that is embracing opportunities to improve their businesses even in the face of ongoing business disruption,” said Michele Von Deak, executive director at NJFPA. “The insights uncovered by the survey paint a vivid picture of the health of the food and beverage sector in the region and offer key recommendations for its continued growth.”
“We were thrilled to partner with NJFPA again this year to bring the food and beverage sector this valuable benchmarking tool,” said Robert Grote, Grassi’s Manufacturing & Distribution practice leader. “The findings are consistent with what we are seeing among our high-growth clients as we help them overcome challenges through streamlining processes, diversifying supply chains, expanding into new channels and other innovative strategies.”
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