This industry group comprises establishments primarily engaged in growing fruit and/or tree nut crops. The crops included in this industry group are generally not grown from seeds and have a perennial life cycle.
The Fruit and Tree Nut Farming industry (NAICS 1113) is experiencing several key qualitative trends. One prominent trend is the growing consumer preference for organic and sustainably grown produce. As health awareness increases, more consumers are willing to pay premium prices for organic fruits and nuts, driving farmers to adopt organic farming practices and obtain relevant certifications. Additionally, technological advancements such as precision agriculture are gaining traction, allowing for more efficient resource use and better crop management.
Climate change remains a significant concern, influencing farming practices and crop yields. Farmers are increasingly investing in climate-resilient crop varieties and exploring innovative irrigation techniques to mitigate the impact of unpredictable weather patterns. Furthermore, the industry is seeing a rise in direct-to-consumer sales through online platforms and farmers' markets, as consumers seek fresh, locally sourced products.
Forecasts for the near future suggest that these trends will continue to shape the industry. Demand for organic and sustainably produced fruits and nuts is expected to grow, prompting more farmers to transition to organic farming. The adoption of advanced agricultural technologies will likely increase, enhancing productivity and sustainability. However, the industry must remain adaptable to ongoing climate challenges and evolving consumer preferences to sustain growth.
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.