2024 State of Food & Beverage Manufacturing in NJ and NY

Grassi and the New Jersey Food Processors Association are pleased to share the 2024 State of Food & Beverage Manufacturing results in New Jersey and New York. This benchmarking survey of 122 food and beverage manufacturing executives across every sector shows that despite some inflation and cost-related struggles, 2023 was a strong year.

Industry leaders are optimistic, with 84% indicating they expect revenue and profit to increase in 2024 as they focus on increased capital spending, improved operations, expanding into new markets, implementing new technologies, and more.

Several key takeaways from the report include:

  • 71% saw revenue increase in 2023, averaging a growth rate of 16%.
  • 60% cited increased profits in 2023, averaging 11% growth. Companies with profit growth in 2023 focused on improving operations and cutting costs instead of raising prices.
  • The top three distribution strategies in 2023 were improving customer service (46%), increasing sales force (41%) and targeting new distribution channels (41%).
  • 80% expect to increase capital spending in 2024, an increase of 11% over the year prior.

Click here or below to access the full report.

Robert E. Grote Robert E. Grote is a partner at Grassi and leader of the firm’s Manufacturing & Distribution Practice. With more than 30 years of experience in public accounting, tax planning and management consulting services for the M&D industry, Rob has grown the practice to become the second largest industry group in the firm. In his role as M&D Practice Leader, Rob leads a team of... Read full bio

Jeffrey G. Cohen Jeffrey G. Cohen, CPA is the Partner-in-Charge of Tax Services at Grassi. With over 30 years of experience, Jeff specializes in serving companies within the Manufacturing and Distribution Industry, with an emphasis on the Food & Beverage and Pharmaceutical sectors. A leading tax expert in the New York Metropolitan area, Jeff has enabled his clients to realize significant tax savings through proper Income and... Read full bio

Joseph Carnevale Joseph Carnevale is a Partner at Grassi and brings over 15 years of public accounting experience to the firm. He provides tax and accounting services for clients in various industries, with a specialization in closely held and family-owned businesses in real estate, manufacturing and distribution, and professional services. Prior to the firm merging with Grassi, Joseph was a Director at Gramkow, Carnevale, Seifert &... Read full bio

James McIntosh James McIntosh is an Audit Partner at Grassi and a key member of the firm’s Manufacturing & Distribution practice. He possesses more than 13 years of accounting experience, specializing in audits, reviews and consulting for public and private companies. He has particular expertise in serving the unique needs of businesses operating in the Food & Beverage sector. James’s clients range from start-ups to Fortune... Read full bio

Categories: Advisory