The Consumer Packaged Goods (CPG) industry plays a pivotal role in the U.S. economy, contributing a staggering $2.5 trillion, which accounts for nearly 10% of the nation's GDP. This contribution surpasses the entire GDP of Canada for 2023. The industry supports approximately 22.3 million jobs, which is three times the population of New York City. Notably, the labor income generated by this sector amounts to $1.5 trillion, including $195.2 billion in direct wages, reflecting a significant 30% increase over the past five years. Genna Gent from the Consumer Brands Association emphasizes the human-driven nature of the CPG industry and advocates for policies that foster job growth and innovation within the sector. As the industry continues to evolve, it remains essential for policymakers to recognize its impact on the economy and support initiatives that enhance its growth potential.
In a related economic context, the global beer industry has also made significant contributions, pouring an impressive $878 billion into global GDP in 2023, according to a report by the World Brewing Alliance (WBA) and Oxford Economics. This study, which covers 185 countries, highlights that the beer sector supports 33 million jobs worldwide. Of these, brewers directly employ 620,000 individuals, while 11.3 million jobs are supported within the supply chain and 21.2 million in the downstream value chain. The report reveals that every $1 million generated in GDP from brewing results in an additional $8 million in GDP. Furthermore, brewers contributed $98 billion in direct GDP and $376 billion in taxes, with 86% of supplier spending being local. The economic impact is particularly pronounced in low-income countries, where brewing has led to a 27% boost in GDP and a GDP per worker of $117,000. WBA president Justin Kissinger emphasized the local economic impact and community responsibility of the brewing industry. [491025ab]