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2024 U.S. Industry Statistics & Market Forecast - Food Manufacturing
Market Size & Industry Statistics
The total U.S. industry market size for Food Manufacturing:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|
| Market Forecast ($ millions) | |||||
| Projected Industry Growth Rate (%) | |||||
Industry Insights
Major trends affect the Food Manufacturing industry include:- Increasing consumer demand for organic and natural products
- Shift towards plant-based and alternative proteins
- Enhanced focus on sustainability and reducing carbon footprint
- Adoption of automation and robotics technology
- Stringent food safety and quality regulations
- Growth in private label brands
- Expansion of clean label movements
- Rising costs of raw materials
- Utilization of big data and AI for supply chain optimization
- Growth in e-commerce and direct-to-consumer sales channels
- Consumer preference for convenient, ready-to-eat meals
- Increased investment in research and development for product innovation
- Emphasis on transparent sourcing and ethical practices
- Heightened awareness and concerns about allergens and dietary restrictions
- Challenges in workforce management and labor shortages
U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) |
|
|---|---|---|
| Total Revenue | Order at top of page |
|
| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Food Manufacturing company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Food Manufacturing industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
|
| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
|
| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Food Manufacturing measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
|
| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
|
| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 4% | Order at top of page |
||
| Chief Executives | 0% | |||
| General and Operations Managers | 1% | |||
| Food Preparation and Serving Related Occupations | 9% | |||
| Sales and Related Occupations | 15% | |||
| Retail Sales Workers | 13% | |||
| Cashiers | 6% | |||
| Cashiers | 6% | |||
| Retail Salespersons | 10% | |||
| Retail Salespersons | 10% | |||
| Office and Administrative Support Occupations | 6% | |||
| Installation, Maintenance, and Repair Occupations | 6% | |||
| Other Installation, Maintenance, and Repair Occupations | 5% | |||
| Industrial Machinery Installation, Repair, and Maintenance Workers | 6% | |||
| Industrial Machinery Mechanics | 5% | |||
| Production Occupations | 50% | |||
| Food Processing Workers | 27% | |||
| Bakers | 21% | |||
| Bakers | 21% | |||
| Butchers and Other Meat, Poultry, and Fish Processing Workers | 11% | |||
| Meat, Poultry, and Fish Cutters and Trimmers | 6% | |||
| Slaughterers and Meat Packers | 14% | |||
| Miscellaneous Food Processing Workers | 12% | |||
| Food Batchmakers | 8% | |||
| Other Production Occupations | 18% | |||
| Crushing, Grinding, Polishing, Mixing, and Blending Workers | 12% | |||
| Mixing and Blending Machine Setters, Operators, and Tenders | 11% | |||
| Packaging and Filling Machine Operators and Tenders | 9% | |||
| Packaging and Filling Machine Operators and Tenders | 9% | |||
| Transportation and Material Moving Occupations | 18% | |||
| Motor Vehicle Operators | 7% | |||
| Driver/Sales Workers and Truck Drivers | 7% | |||
| Heavy and Tractor-Trailer Truck Drivers | 6% | |||
| Material Moving Workers | 15% | |||
| Laborers and Material Movers | 12% | |||
| Laborers and Freight, Stock, and Material Movers, Hand | 6% | |||
| Packers and Packagers, Hand | 6% | |||
Food Manufacturing Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Food Manufacturing industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Food Manufacturing industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Food Manufacturing industry. |
Source:
Innovation News
- Jun 13, 2024: Peco Foods patents Lighting System For Poultry Houses
- Jun 13, 2024: Peco Foods patents Lighting System For Poultry Houses
- Jun 13, 2024: Fairlife patents Oat Fractionation Process And Beverages Produced Therefrom
- May 16, 2024: Tidal Vision Products raises $129 million in funding.
- Apr 30, 2024: Roar Beverages raises $10 million in funding.
- Apr 09, 2024: Zbiotics raises $22 million in funding.
- Jan 30, 2024: Rich Products trademarks "BAKEHOUSE FOODS" - pizza; fully finished pizzas; pizza crusts
- Jan 29, 2024: Biomatrix trademarks "PRO-TAURUX" - Animal feed supplements
- Jan 26, 2024: One World Ventures trademarks "TANNER'S PRIME BURGERS" - Restaurant, catering, and carry-out restaurant services; restaurant services
Recent Federal Contracts for Food Manufacturing
- Apr 02, 2024: EMA FOODS CO LLC (Tupelo, MS) awarded $18,900
- Apr 02, 2024: REDEMPTION ROAD FOODS INC (Flanders, NJ) awarded $10,200
- Apr 02, 2024: COMMERCIAL LYNKS INC (Alexandria, VA) awarded $93,730
- Apr 02, 2024: CORINTHIAN TRADING, INC. (Saint Simons Island, GA) awarded $25,523
- Apr 02, 2024: PRAIRIE FARMS DAIRY, INC. (Olney, IL) awarded $31,637
- Apr 02, 2024: INCOBRASA INDUSTRIES LTD (Gilman, IL) awarded $133,377
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