Food Manufacturing Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 5/6/2024
SIC Codes: 201 , 202 , 203 , 204 , 205 , 206 , 207 , 2087, 2091, 2092, 2095, 2096, 2098, 2099
NAICS Codes: 311
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Food Manufacturing Industry Profile

Companies in this industry manufacture and process a wide variety of foods, including meats, seafood, dairy products, fruits and vegetables, milled grains and oilseeds, baked goods, and candy. Major companies include ADM, Conagra Brands, Frito-Lay, General Mills, Kellogg Company, Kraft Heinz, Mondelez International, and Tyson Foods (all based in the US); along with COFCO (China), Danone (France), Fonterra (New Zealand), Grupo Bimbo (Mexico), JBS (Brazil), Maruha Nichiro (Japan), Nestlé (Switzerland), and Unilever (UK).

The global food market amounts to about $9 trillion in 2023 and is expected to grow annually by 6.7% from the 2023-2028 forecast period, according to Statista. Global industry revenue is increasing, but economic slowdowns in key emerging markets have curbed growth in recent years.

The US food manufacturing industry consists of about 27,000 establishments (single-location companies and branches of multi-location companies) with combined annual revenue of about $780 billion.


Food consumption drives demand, and this depends on population growth. The profitability of individual companies depends on efficient operations because products are commodities subject to intense price competition. Companies compete largely based on cost and their ability to distribute the finished product. Large companies have economies of scale in purchasing and distribution. Small companies can compete effectively in local or regional markets and by developing popular products. The industry is concentrated: the 50 largest companies account for about 50% of industry revenue.

The US exports processed foods mainly ...

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