Baking & Snack - February 2024 - 35

investments: 55% plan to increase spending, 30% plan to
maintain spending and 15% plan to decrease spending.
Bakers were also asked to report how they're actual
spending for 2023 compared to 2022. When compared
to those numbers, Ms. Hellmer pointed out a common
phenomenon. When it came to actual capital investments
in 2023 compared to 2022, 66% reported investments increased,
28% reported they were the same and only 6%
reported they decreased. Equipment investments tracked
similarly: 67% reported an increase in investments, 27%
reported they remained the same and 6% decreased.
" Bakers tend to underestimate whether they will increase
their spending, sometimes by as much as 10
points, and we see that reflected in these data points
when we compare 2023 actuals to projections for 2024, "
she explained. " They would rather play it safe and stay
in the 'same' category, which is smaller than the 'increase'
category, just another indicator of the health of
the industry. "
The trending data for actual capital spending since
2020 also could point to 2023 being the peak of increasCapital
investment plans
compared to previous year
2024 compared to 2023 (projected)
54%
2023 compared to 2022 (actual)
66%
Increase
Same
Decrease
Percentage of annual revenue
designated for capital spending
2024
projected
2023
2022
2021
2020
2019
33%
28%
13%
6%
14%
13%
12.8%
10.8%
8.4%
7.3%
Quality flour begins with quality wheat. Our mills are located in
America's Heartland. We use locally-grown wheat. Wheat grown by
people we know and trust.
For over 138 years, we have shared community with local farmers.
We have partnered with them to constantly improve wheat production
and quality, through intensive management and sustainable practices.
because every
kernel matters.
siemermilling.com
217.857.3131
TEUTOPOLIS, IL | HOPKINSVILLE, KY | WEST HARRISON, IN
www.bakingbusiness.com / February 2024 Baking & Snack 35
http://www.siemermilling.com

Baking & Snack - February 2024

Table of Contents for the Digital Edition of Baking & Snack - February 2024

Baking & Snack - February 2024 - Intro
Baking & Snack - February 2024 - 1
Baking & Snack - February 2024 - 2
Baking & Snack - February 2024 - 3
Baking & Snack - February 2024 - 4
Baking & Snack - February 2024 - 5
Baking & Snack - February 2024 - 6
Baking & Snack - February 2024 - 7
Baking & Snack - February 2024 - 8
Baking & Snack - February 2024 - 9
Baking & Snack - February 2024 - 10
Baking & Snack - February 2024 - 11
Baking & Snack - February 2024 - 12
Baking & Snack - February 2024 - 13
Baking & Snack - February 2024 - 14
Baking & Snack - February 2024 - 15
Baking & Snack - February 2024 - 16
Baking & Snack - February 2024 - 17
Baking & Snack - February 2024 - 18
Baking & Snack - February 2024 - 19
Baking & Snack - February 2024 - 20
Baking & Snack - February 2024 - 21
Baking & Snack - February 2024 - 22
Baking & Snack - February 2024 - 23
Baking & Snack - February 2024 - 24
Baking & Snack - February 2024 - 25
Baking & Snack - February 2024 - 26
Baking & Snack - February 2024 - 27
Baking & Snack - February 2024 - 28
Baking & Snack - February 2024 - 29
Baking & Snack - February 2024 - 30
Baking & Snack - February 2024 - 31
Baking & Snack - February 2024 - 32
Baking & Snack - February 2024 - 33
Baking & Snack - February 2024 - 34
Baking & Snack - February 2024 - 35
Baking & Snack - February 2024 - 36
Baking & Snack - February 2024 - 37
Baking & Snack - February 2024 - 38
Baking & Snack - February 2024 - 39
Baking & Snack - February 2024 - 40
Baking & Snack - February 2024 - 41
Baking & Snack - February 2024 - 42
Baking & Snack - February 2024 - 43
Baking & Snack - February 2024 - 44
Baking & Snack - February 2024 - 45
Baking & Snack - February 2024 - 46
Baking & Snack - February 2024 - 47
Baking & Snack - February 2024 - 48
Baking & Snack - February 2024 - 49
Baking & Snack - February 2024 - 50
Baking & Snack - February 2024 - 51
Baking & Snack - February 2024 - 52
Baking & Snack - February 2024 - 53
Baking & Snack - February 2024 - 54
Baking & Snack - February 2024 - 55
Baking & Snack - February 2024 - 56
Baking & Snack - February 2024 - 57
Baking & Snack - February 2024 - 58
Baking & Snack - February 2024 - 59
Baking & Snack - February 2024 - 60
Baking & Snack - February 2024 - 61
Baking & Snack - February 2024 - 62
Baking & Snack - February 2024 - 63
Baking & Snack - February 2024 - 64
Baking & Snack - February 2024 - 65
Baking & Snack - February 2024 - 66
Baking & Snack - February 2024 - 67
Baking & Snack - February 2024 - 68
Baking & Snack - February 2024 - 69
Baking & Snack - February 2024 - 70
Baking & Snack - February 2024 - 71
Baking & Snack - February 2024 - 72
Baking & Snack - February 2024 - 73
Baking & Snack - February 2024 - 74
Baking & Snack - February 2024 - 75
Baking & Snack - February 2024 - 76
Baking & Snack - February 2024 - 77
Baking & Snack - February 2024 - 78
Baking & Snack - February 2024 - 79
Baking & Snack - February 2024 - 80
Baking & Snack - February 2024 - 81
Baking & Snack - February 2024 - 82
Baking & Snack - February 2024 - 83
Baking & Snack - February 2024 - 84
Baking & Snack - February 2024 - 85
Baking & Snack - February 2024 - 86
Baking & Snack - February 2024 - 87
Baking & Snack - February 2024 - 88
Baking & Snack - February 2024 - 89
Baking & Snack - February 2024 - 90
Baking & Snack - February 2024 - 91
Baking & Snack - February 2024 - 92
Baking & Snack - February 2024 - 93
Baking & Snack - February 2024 - 94
Baking & Snack - February 2024 - 95
Baking & Snack - February 2024 - 96
Baking & Snack - February 2024 - 97
Baking & Snack - February 2024 - 98
Baking & Snack - February 2024 - 99
Baking & Snack - February 2024 - 100
Baking & Snack - February 2024 - 101
Baking & Snack - February 2024 - 102
Baking & Snack - February 2024 - 103
Baking & Snack - February 2024 - 104
Baking & Snack - February 2024 - 105
Baking & Snack - February 2024 - 106
Baking & Snack - February 2024 - 107
Baking & Snack - February 2024 - 108
Baking & Snack - February 2024 - 109
Baking & Snack - February 2024 - 110
Baking & Snack - February 2024 - 111
Baking & Snack - February 2024 - 112
Baking & Snack - February 2024 - 113
Baking & Snack - February 2024 - 114
Baking & Snack - February 2024 - 115
Baking & Snack - February 2024 - 116
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