Fruit & Vegetable Manufacturers

Industry Profile Report

Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters

Industry Overview Industry Structure, How Firms Opertate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.

Call Preparation Quarterly Insight, Call Prep Questions, Industry Terms, and Weblinks.

Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.

Industry Profile Excerpts

Industry Overview

The 1,600 fruit and vegetable manufacturers in the US produce frozen foods and juices; canned fruits, vegetables and specialty foods; and dried and dehydrated foods and mixes. Canned foods account for about 46% of industry revenue, while frozen foods are 45%. The fruit and vegetable manufacturing industry is concentrated – the top 50 companies account for about 64% of industry revenue.

Stricter Food Labeling Requirements

Fruit and vegetable manufacturers must comply with a variety of food labeling regulations.

Variable Fruit And Vegetable Supply

The supply of fruit and vegetables available for processors varies by season and year-to-year due to changes in growing conditions and the number of acres harvested by growers.

Industry size & Structure

The average fruit and vegetable manufacturer operates a single location, employs 106 workers and generates $45-46 million in annual revenue.

    • The US fruit and vegetable manufacturing industry consists of about 1,600 companies that employ 168,800 workers and generate $72.5 billion in annual revenue.
    • About 550 companies produce frozen foods, 837 produce canned products, and 204 produce dried and dehydrated products.
    • Adults in the US consume about 1-2 cups of fruits and about 1-2 cups of vegetables per day. Annual per capita consumption is about 130 pounds for frozen, canned or dried fruits and 206 pounds for frozen, canned, or dried vegetables.
    • The fruit and vegetable manufacturing industry is concentrated - the top 50 companies account for about 64% of industry revenue.
    • Large US companies include Dole Food Company, Del Monte Corporation, The Schwan Food Company, Campbell Soup Company, JR Simplot, and Kraft Heinz Company.
                                  Industry Forecast
                                  Fruit & Vegetable Manufacturers Industry Growth
                                  Source: Vertical IQ and Inforum

                                  Coronavirus Update

                                  Apr 15, 2022 - Inflation Outpaces Price Hikes
                                  • The USDA expects the upward pricing trend to continue, predicting prices for fruits and vegetables to rise as much as 4.5% in 2022. With inflation outpacing price hikes, ConAgra, the maker of Birds Eye frozen vegetables, in April cut its outlook for 2022. Food producers are in a pinch as they look to cover rising costs while trying to avoid losing customers.
                                  • Fruit and vegetable manufacturers are charging higher prices to cover the rising cost of materials. The cost of fresh fruits and melons increased 18.5% year over year in March 2022. The cost of vegetables is traditionally volatile and was up 81.5% in March. Producers priced their processed fruits and vegetables up 9.2% in March. Retailers followed suit by passing their added cost to consumers. The consumer price of processed fruits and vegetables grew 9.5% in March 2022.
                                  • The FDA released a draft list of new food labeling guidelines at the end of January 2022 that could impact fruit and vegetable manufacturers. Items include labeling of plant-based alternatives to milk and animal derived foods, levels of lead and arsenic in juice, and preventions for foodborne illnesses. Labeling requirements that took effect were revisions that make the font for serving size and calories larger and bold. Some serving sizes and daily values were also updated and producers must list vitamin D, potassium, and added sugars along with their percent of daily value.
                                  • Employment for fruit and vegetable manufacturers rose 10.2% year over year in February 2022, reaching a high not seen in the month since 2002. The industry’s employment is seasonal with lows in January-March and spikes in August and September to process harvests and prepare for the fall and winter cooking seasons.
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