Arkansas has an abundance of resources to help food processing companies succeed. The Arkansas Economic Development Commission works directly with food processing companies looking to start-up, expand or relocate. In addition, we assist companies with finding the best incentives so companies are able to make money quickly and efficiently.
There were 522 food and beverage companies in Arkansas at the end of 2022. These companies employed 55,130 people. Arkansas is home to Tyson Foods and numerous other food processing facilities, including Nestle, JBS USA, Kraft Heinz, Mars Inc., Cargill Inc., Hormel Foods Corp, Riceland Foods, Pilgrim’s Pride, ConAgra Brands Inc., Land O’ Frost and Frito-Lay, Inc.
Arkansas has the 5th largest percentage of food processing workers in the United States. The growth rate of the food and beverage industry from 2017 to 2022 was 6 percent in Arkansas.
The food processing industry is booming in Arkansas and continues to grow exponentially. Eight of the top 10 food and beverage companies by revenue in the world have manufacturing facilities in the state.
Arkansas is meeting the workforce needs for food processing companies. The state now has the second-largest number of food processing workers in the US and Arkansas has responded to industry growth by modernizing the workforce.
Governor Hutchinson attended the Venture Center’s annual Demo Day to urge Fintech Accelerator participants to set up shop in Arkansas to grow their startups. Hutchinson noted that Arkansas has become home to several of the firms that previously graduated from the accelerator. He encouraged the new cohort to take advantage of the financial and technical support that Arkansas offers technology companies.
Moments prior, FIS Chairman and CEO Gary Norcross announced that FIS would extend their sponsorship of the accelerator for another year. Norcross emphasized that FIS supports financial technology startups as the banking industry experiences a digital transformation.
Venture Center Executive Director Wayne Miller noted that this year’s cohort was selected from 225 applications from across the 32 countries.
Hutchinson and Norcross acknowledged the importance of accelerating into the future by investing in innovative companies. The ten startups that showcased their innovations at the Demo Day included:
“The state of Arkansas invests in this Fintech Accelerator because we want FIS to continue to be a global leader in financial technology,” Hutchinson said. “And, so we invest to support one of our home-growns that still has great roots here in the state. But we also invest because we want a return on the investment by building the technology sector here in this state.”
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