Grassi, the New York-based accounting firm with a major presence in New Jersey, together with the New Jersey Food Processors Association, on Friday announced the results of their second annual benchmarking survey of food manufacturers.
This year’s survey, which elicited candid feedback from professionals in every sector of the
food and beverage industry, was expanded to include industry professionals from both New Jersey and New York. It was fielded 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 gathers the key industry opportunities
and challenges for 2022.
Key takeaways from the report include:
- Respondents were more than twice as likely to report that revenues increased in
2021, rather than decreased;
- Three-quarters of respondents expect revenue to grow this year, while only 3%
foresee a decline;
- Even among companies with flat or declining revenues, 51% plan to target new
distribution channels as a growth strategy;
- Respondents reported that the greatest challenges in 2021 were COVID
outbreaks among workforce (59%), supply chain disruption (53%), staff recruiting
and retention (47%) and logistics/transportation disruptions (47%);
- The majority of companies responded to these challenges by improving customer
relationships (68%), enhancing workplace safety (59%), focusing on online/digital
platforms (59%) and developing new products and services (55%).
“The survey results point to a resilient industry that is embracing opportunities to
improve their businesses, even in the face of ongoing business disruption,” said Michele
Von Deak, executive director at NJFPA. “The insights uncovered by the survey paint a
vivid picture of the health of the food and beverage sector in the region and offer key
recommendations for its continued growth.”
“We were 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. “The findings are consistent with what we are seeing
among our high-growth clients as we help them overcome challenges through
streamlining processes, diversifying supply chains, expanding into new channels and
other innovative strategies.”
For more information on the trends and outlooks uncovered by the 2022 NJ Food
Manufacturers Survey, a copy of the full survey report can be downloaded here.