Grassithe New York-based accounting firm with a major presence in New Jersey, as well as the New Jersey Food Processors Associationannounced the results of their second annual benchmarking survey of food manufacturers on Friday.
This year’s survey, which elicited candid feedback from professionals across all sectors of the
the food and beverage industry, has expanded to include industry professionals from New Jersey and New York. He was lined up by Crain Communications in January 2022.
Designed to assess the state of the industry in New Jersey and New York, the survey identifies trends over the past 12 months and brings together key industry opportunities
and challenges for 2022.
Key takeaways from the report include:
- Respondents were more than twice as likely to report that income had increased in
2021, rather than decreased;
- Three-quarters of respondents expect revenue to increase this year, while only 3%
expect a decline;
- Even among companies with stable or declining revenues, 51% plan to target new
distribution channels as a growth strategy;
- Respondents indicated that the biggest challenges in 2021 were COVID
workforce outbreaks (59%), supply chain disruption (53%), staff recruitment
and detention (47%) and logistics/transport disruption (47%);
- The majority of companies have responded to these challenges by improving
relational (68%), improved workplace safety (59%), digital/online focus
platforms (59%) and the development of new products and services (55%).
“The survey results indicate a resilient industry that is seizing opportunities for
improve their business, even in the face of continued business disruption,” Michele said.
Von Deak, executive director of the NJFPA. “The information revealed by the investigation paints a
vivid picture of the health of the food and beverage sector in the region and key to the offer
recommendations for its continued growth.
“We were thrilled to partner with the NJFPA again this year to bring the food and beverage
industry this valuable benchmarking tool,” said Robert Grote, Manufacturing & Grassi
Responsible for distribution practice. “The results are consistent with what we see
among our high-growth customers as we help them overcome challenges through
streamline processes, diversify supply chains, develop new channels and
other innovative strategies.
For more information on the trends and insights uncovered by the NJ Food 2022
Manufacturers Survey, a copy of the full survey report can be downloaded here.