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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.

Charts and graphs can be copied to Microsoft Word and Powerpoint presentations.

Statistics        2019        2020        2021        2022        2023
Market Size
(Total Sales/Revenue)


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Total Firms
Total Employees
Average Revenue Per Firm
Average Employees Per Firm
Average Revenue Per Employee
Statistics Source: U.S. Census, AnythingResearch Analysis of Federal Data



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 (%)
Source: AnythingResearch Economic Analysis

Industry Insights

The food manufacturing industry continues to experience significant changes that affect both its operations and competitive landscape. The following are some of the key trends affecting the industry:

1. Health and Wellness: Consumers are increasingly focused on healthier food choices, which has led to an upsurge in demand for organic, natural, non-GMO, and clean-label products. As such, food manufacturing companies are developing new products and reformulating existing ones to appeal to this audience.

2. Sustainability: Companies are adopting more sustainable practices when sourcing raw materials and reducing waste, with a keen focus on reducing their carbon footprint. This trend is driven by climate change concerns, and companies that fail to adapt risk losing customers and potential penalties from regulatory bodies.

3. Technology: The industry is constantly undergoing technological transformations, including automation, AI, and robotics, improving the efficiency of their operations, and reducing labor costs. Companies are also leveraging technology to improve product quality and safety.

4. Personalization: Customization and personalization are becoming increasingly essential in the food industry as players strive to meet the diverse needs of different customers. Companies are leveraging technology to create personalized products, allowing for customization of ingredients and packaging.

5. Globalization: The food manufacturing industry is becoming more global, meaning competition is escalating rapidly. More and more players, particularly from emerging economies, are entering the market, increasing competition and driving innovation.

In conclusion, food manufacturing companies need to be aware of these key trends and seek innovative solutions to remain competitive in the face of these transformations.



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.

U.S. map by state

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 AveragePercent of Sales
(Industry Benchmark)
Total Revenue

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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
 
Source: AnythingResearch Analysis of U.S. federal statistics




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 RatiosIndustry 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 RatiosIndustry 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.
Quick Ratio (Acid Test)
Calculates liquid assets relative to liabilities, excluding inventories.


Efficiency Ratios - Key Performance IndicatorsIndustry 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.
Average Collection Period
Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover
Inventory Turnover
A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort.
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.



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.

TitlePercent of WorkforceBottom Quartile Average (Median) SalaryUpper Quartile
Management Occupations 4%

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Chief Executives0%
General and Operations Managers1%
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%
Source: Bureau of Labor Statistics


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:
IncFact




Innovation News



Recent Federal Contracts for Food Manufacturing

  • Feb 27, 2024: PRAIRIE FARMS DAIRY, INC. (Olney, IL) awarded $31,637
  • Feb 27, 2024: INTERAMERICAN FOODS CORPORATION (Cleburne, TX) awarded $2,909,130
  • Feb 27, 2024: WHOLESOME FOODS PRODUCTS LLC (Plantation, FL) awarded $70,956
  • Feb 27, 2024: WESCOTT AGRI PRODUCTS, INC (Elgin, MN) awarded $3,294,318
  • Feb 27, 2024: RAY ALDERMAN & SONS INC (Union Grove, WI) awarded $28,525
  • Feb 27, 2024: KINGSLAND PRIME MEATS, LLC (Woodland Park, NJ) awarded $9,975




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