FARM MARKET REPORT 2024 FARM MARKET REPORT Survey participants provided information on pricing strategies, labor, inflation impacts and other products that impact sales at farm markets. LABOR Have labor shortages affected your ability to staff your market? Yes (43%) NO (57%) PRICING STRATEGIES Farm markets are determining the price of crops from 28% Grower input Input costs SPECIALTY PRODUCT OFFERINGS Organic fruits and/or vegetables? Yes (24%) NO (76%) Percentage of overall sales the organic category represents 22% 39% 14% 7% 18% 10%-30% 30%-50% 50%+ Customers 0%-5% 5%-10% Costs Respondents ranked the importance of the three Cs of pricing on a scale of 1 to 5 (1 being the lowest, 5 being the highest) 1 2 3 4 5 Compare competitors' pricing Compare grocery prices Based upon profit margins Based upon a specific set of markups Availability All of the above 9% 39% 25% 40% 22% 51% 58% Baked goods offered? 34% Yes * 62% No Competition Best-seller = Doughnuts (54%) Majority charge $9.00-$15.99/dozen Whole pie prices 43% charge $18.00-$30.00 Cider top price ranges (one gallon) 25% charge $6.00-$8.00 18% charge $10.00-$12.00 4% charge $13.00-$15.00 Source: The Great American Media Services 2024 Farm Market Survey. * Percentages have been rounded to the nearest whole number. 16 | MAY/JUNE 2024 Do you charge more for specific varieties? Fruit1 Yes 59% 30% No 1 35% 52% Note that the majority (52%) said they charge 20% more. 2 Note that the majority (47%) said they charge 20% more. Vegetables2 Ways farm markets communicate " premium " to customers 35% 7% 29% 0% 10% 20% 30% 40% 50% 60% 29% Limited availability/high demand Organic offering Specialty/niche crop Type of variety