According to a new study by the Consumer Brands Association, the CPG industry continues to fuel the U.S. economy, contributing $2.5 trillion and supporting 22.3 million jobs. Conducted by PwC, the report highlights the consumer packaged goods sector as the nation’s largest manufacturing employer.
Economic Backbone of the Nation
The CPG industry’s $2.5 trillion contribution represents nearly 10% of the U.S. GDP, surpassing Canada’s 2023 total GDP. The sector employs 22.3 million people, roughly three times the population of New York City.
“As one of the nation’s top job creators, the makers of the products consumers choose and the brands they trust play a crucial role in our national economy,” said Genna Gent, Consumer Brands’ executive vice president of industry engagement.
Gent emphasized the human-driven nature of the industry, from scientists ensuring product safety to truckers delivering goods. “It’s clear the human-powered CPG industry has a massive impact on the economy,” she said.
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Key Findings of the CPG Industry Study
PwC’s study examined the CPG industry’s contributions across employment, labor income, and economic value at national, state, and local levels in 2022. The findings underscored the industry’s pivotal role:
- 22.3 million jobs: Accounting for 10.5% of total U.S. employment.
- $1.5 trillion in labor income: Including $195.2 billion in direct wages, reflecting a 30% increase over five years.
- $2.5 trillion in GDP: Representing nearly 10% of the national economy.
“Each one of the 22.3 million jobs the CPG industry supports is part of a greater purpose,” Gent said. “These jobs contribute to the industry’s commitment to delivering for consumers every day.”
Call for Policy Support
The report also stressed the need for policies encouraging job growth, fostering innovation, and building consumer trust.
Gent urged policymakers to recognize the industry’s essential role. “The findings in this report reinforce the need for federal and state policies that facilitate job creation, spur innovation, and ensure the industry can continue to deliver for consumers,” she said.
The Role of the CPG Industry in Daily Life
From food products on dinner tables to personal care items in bathrooms, the CPG industry touches nearly every household in America. Its economic impact and job creation ripple through supply chains, including farmers, scientists, and retailers.
The study highlights how the industry’s growth intertwines consumers’ daily lives and the nation’s economic health.