Revenue Breakdowns by NAICS Code

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Revenue Breakdowns by NAICS Code

The revenue generated under NAICS Code 3114 in 2019 was $72.5 billion, and the cost of labor, building, machinery & equipment, and inventory were $7.56 billion, $8.36 billion, and $3.08 billion, respectively.

Industry Overview

  • NAICS Code 3114 represents the Fruit & Vegetable Preserving & Specialty Food Manufacturing industry group. This industry comprises companies that (1) freeze food and (2) use pickling, canning, dehydrating, and other processes to preserve fruits and vegetables. The production processes of both company categories begin with vegetable or animal inputs.
  • NAICS Code 3114 has a total of 1,550 companies. It also has an estimated workforce size of 172,000 employees, with a gender distribution of 60.3% male (95,399 workers) and 39.7% female (62,744 workers). About 3.8% of employees in this industry group occupy managerial positions.
  • The industry had a 1% growth rate over the past three years and employee productivity of $474,766.
  • The top companies based on annual sales under this industry group include Kraft Heinz Company, Conagra Brands Inc, Campbell Soup Company, Stouffer Corporation, TSC Holdings Inc, Nestle Prepared Foods Company, Ocean Spray Cranberries Inc, SFC Global Supply Chain Inc, McCain USA Inc, and Del Monte Foods Inc.
  • This industry group is expected to grow by 1.5% over the next ten years.

NAICS Code 3114 — Revenue and Costs Breakdown

  • The Fruit & Vegetable Preserving & Specialty Food Manufacturing industry group generated revenues of $72.9 billion and $72.5 billion in 2018 and 2019, respectively, and incurred labor costs of $7.76 billion and $7.56 billion for the same respective years.
  • The breakdown of costs in this industry group includes employee expenses, material costs, building & rent, IT expenses, inventory costs, and miscellaneous expenses.
  • The estimated costs of labor, building, machinery & equipment, and inventory for NAICS Code 3114 in 2019 were $7.56 billion, $8.36 billion, and $3.08 billion, respectively.

Research Strategy

We obtained the revenue information for NAICS Code 3114, but no available precompiled information provided the industry group's cost breakdown. However, our search through market reports published by companies such as Anything Research, First Research, Inc, and Kentley Insights indicates that the requested data is available via paid sources. We obtained the metrics to define the cost breakdown for this industry group from Kentley Insights since the information was not publicly available. We sought to triangulate the same using the top companies in the requested industry group, as provided by NAICS Association, LLC. However, not all the companies listed provided their annual reports publicly, while some companies did not have recent financial information. We have provided our calculations for the cost breakdown for NAICS Code 3114 using the most consistent metrics across the top companies with recent annual reports. The financial information for Nestle Prepared Foods Company was only available in Swiss Francs. However, we converted the financial data to US dollars to allow for similar metrics of calculations.

Calculations

Considering the top companies, under NAICS Code 3114 — Conagra Brands Inc, Campbell Soup Company, Nestle Prepared Foods Company, and Del Monte Foods Inc, the following cost breakdowns calculations are presented as follows:

Building, Machinery & Equipment

  • The average cost of building, machinery & equipment for NAICS Code 3114 = cost for top companies / number of companies = ($4.01 billion + $4.94 billion + $24.13 billion + $0.37 billion) / 4 = $33.45 billion / 4 = $8.36 billion.
  • Thus, the cost of building, machinery & equipment for NAICS Code 3114 = $8.36 billion.

Inventory

  • Conagra Brands Inc = $1.57 billion.
  • Campbell Soup Company = $0.185 billion.
  • Nestle Prepared Foods Company = CHF 9.34 billion ($10.04 billion).
  • Del Monte Foods Inc = $0.54 billion.
  • The average cost of inventory for NAICS Code 3114 = cost for top companies / number of companies = ($1.57 billion + $0.185 billion + $10.04 billion + $0.54 billion) / 4 = $12.33 billion / 4 = $3.08 billion
  • Thus, the cost of inventory for NAICS Code 3114 = $3.08 billion.

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