Grassi and NJFPA Reveal Findings of 2023 Food Manufacturers Survey
Atlantic City, N.J. – March 17, 2023 – 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 that promotes industry growth throughout the Garden State, have announced the results of their third annual benchmarking survey of food manufacturers and distributors in New York and New Jersey.
The survey, which elicited candid feedback from professionals in every sector of the food and beverage industry, was fielded by Crain Communications in January 2023. The survey was designed to assess the state of the industry in New York and New Jersey, identify trends over the past 12 months and gather the key industry opportunities and challenges for 2023.
The survey findings were revealed today in an authoritative benchmarking report at NJFPA’s 2023 Annual Spring Conference in Atlantic City, N.J. Key takeaways from the report include:
- 67% of respondents said their revenues increased in 2022.
- 82% of respondents are optimistic that their revenues will increase this year.
- The three most common distribution strategies companies are using to overcome challenges are: improving customer service (52%); increasing the use of analytics to optimize production, distribution or customer service (40%); targeting new distribution channels (40%); and increasing sales force (34%).
- Despite inflation challenges, 69% of respondents plan to increase capital spending this year.
“This year’s survey findings show rising growth and profits across the industry, despite pricing and inflationary pressures,” said Sam Pipitone III, NJFPA President and Vice President of F&S Fresh Foods. “Just as importantly, it reveals the innovation and strategies companies are using to sustain this upward trajectory.”
“We are 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. “These insights into industry-wide trends, such as shifting consumer demands, supply chain disruption and inflation, bring unique opportunities for businesses to evaluate their own positions and plan for strategic growth.”
For more information on the trends and outlooks uncovered by the 2023 NJ Food Manufacturers Survey, a copy of the full survey report can be downloaded here.
To speak with a Grassi Manufacturing & Distribution professional or an NJFPA leader about the survey findings, please contact us here.
About Grassi Advisors & Accountants
As the 56th largest accounting firm in the nation, Grassi is a leading provider of business advisory, tax and accounting services. Grassi’s Manufacturing & Distribution (M&D) practice specializes in providing business consulting, audit, tax and technology services to businesses across the industry, with a focus on the food & beverage, aerospace and defense, transportation and shipping, pharmaceutical, and building materials sub-sectors. The firm’s M&D advisors are highly experienced in domestic and international operations, lean principles, inventory management, technology, succession planning and industry-specific tax strategies. With offices in New York, New Jersey, Massachusetts and Florida, the firm has the depth of knowledge and experience to work effectively alongside clients across the East Coast and throughout the United States, as well as internationally through its membership in Moore Global.
About The New Jersey Food Processors Association
The New Jersey Food Processors Association (NJFPA), a community of food and beverage companies, suppliers and service organizations that promotes industry growth throughout the Garden State region through education, resource sharing and strong member partnerships. NJFPA members have access to the resources necessary to strengthen their companies, are able to network at a number of association events and can participate in different committees where they can learn about best practices in their areas of expertise. For more details on the many benefits of membership, click here.
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