Most food and beverage companies anticipate a significant increase in sales this year for the second consecutive year, according to the annual Mazars 2017 Food & Beverage Industry Study Results Report, released by Mazars USA LLP, an accounting, tax and consulting services firm.
Survey participants are confident sales will increase 21 percent compared to 2016 and project net profits will rise by 16 percent. Respondents — which were drawn from over 200 companies across the food and beverage industry — attributed this growth prediction to secular industry trends currently favoring both private label and healthy/nutritious foods.
“The dynamic nature of the food and beverage industry continues to challenge organizations looking for growth,” said Louis J. Biscotti, partner, who leads the food and beverage practice. “Through this survey, we’re pleased to provide executives with comprehensive insight into potential industry drivers and best practices to stay ahead of the competition.”
The survey delved into various areas, including performance, planning and challenges facing food and beverage companies. In addition, the survey addressed how they are adapting to changing consumer trends, proposed government regulations, new companies entering the field, and new product and service offerings.
Responses were sorted by firm size, providing even more nuanced insights into industry trends where applicable. Survey participants included manufacturers, wholesalers/distributors, restaurateurs and retailers/supermarkets that represent a range of annual sales volumes from $1 million or less to more than $500 million.
Source: Produce News