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2024 U.S. Industry Statistics & Market Forecast - Spice and Extract Manufacturing
Market Size & Industry Statistics
The total U.S. industry market size for Spice and Extract 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
The Spice & Extract Manufacturing Industry is affected by several key trends currently. Firstly, there is an increasing demand for natural and organic products in the market. Consumers are becoming more health-conscious, and this has driven the industry to introduce organic and natural products that are free from added preservatives and artificial colors. Some companies are even investing in biodynamic farming methods to produce spices that are both organic and sustainable.Secondly, there is a growing demand for ethnic cuisine in western markets. As more people travel and explore foreign cultures, they acquire a taste for exotic and diverse flavors that they want to replicate at home. This has led to an increase in demand for spices and extracts from Africa, Asia, and the Middle East. This trend has also fueled the growth of specialist spice retailers and online spice sellers in recent years.
Thirdly, there is a significant shift towards sustainable and fair trade practices in the spice and extract industry. Consumers want to know that their purchasing decisions are not harming people or the environment, and companies are responding by investing in sustainable sourcing and supporting small and local producers. This has also led to an increase in transparency in the supply chain, with companies providing detailed information on the origin, quality, and safety of their products.
Finally, advances in technology are also impacting the Spice & Extract Manufacturing Industry. The use of automation and digital systems is reducing production costs and improving consistency in quality and safety. Companies are also investing in research and development to explore new extraction techniques and improve flavor profiles. Overall, these trends are shaping the future of the Spice & Extract Manufacturing Industry and presenting opportunities for businesses to evolve and meet the changing needs of consumers.
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 |
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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 | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Spice and Extract 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 Spice and Extract Manufacturing industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| 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). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Spice and Extract Manufacturing measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| 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. |
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| 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 | 5% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 2% | |||
| Office and Administrative Support Occupations | 7% | |||
| Installation, Maintenance, and Repair Occupations | 6% | |||
| Production Occupations | 44% | |||
| Food Processing Workers | 18% | |||
| Miscellaneous Food Processing Workers | 18% | |||
| Food Batchmakers | 11% | |||
| Other Production Occupations | 21% | |||
| Packaging and Filling Machine Operators and Tenders | 13% | |||
| Packaging and Filling Machine Operators and Tenders | 13% | |||
| Transportation and Material Moving Occupations | 21% | |||
| Material Moving Workers | 18% | |||
| Laborers and Material Movers | 14% | |||
| Packers and Packagers, Hand | 5% | |||
Spice and Extract Manufacturing Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Spice and Extract 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 Spice and Extract 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 Spice and Extract Manufacturing industry. |
Source:
Innovation News
- Dec 29, 2023: Ispice trademarks "SPICECO HERBS & SPICES" - Spices, seasonings, dried herbs, pumpkin pie spice, curry powder, hot pepper dust, periperi seasoning, ZA'ATAR spice blend, harissa for use as condiments, gravy mixes
- Dec 27, 2023: Seco Spice LTD trademarks "SECO SPICE" - Fresh peppers
- Jul 25, 2023: Goldstein & Burton trademarks "NUSPICE" - SPICES, SEASONINGS, AND SEASONING BLENDS
- Mar 16, 2023: Spiceologist raises $4 million in funding.
- Nov 29, 2022: Spiceologist raises $3 million in funding.
- May 06, 2022: Spiceologist raises $10 million in funding.
Recent Federal Contracts for Spice and Extract Manufacturing- Apr 01, 2024: H SCHRIER & CO INC (Brooklyn, NY) awarded $26,111
- Apr 01, 2024: H SCHRIER & CO INC (Brooklyn, NY) awarded $26,111
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