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Survey was conducted by Marcum’s national Food & Beverage Services group

Powder Bulk Solids Staff

December 15, 2022

2 Min Read
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Marcum released first annual food & beverage survey.Image courtesy of Marcum

Marcum LLP released its inaugural survey of food and beverage industry executives, who revealed strong optimism in their outlook, with more than two-thirds projecting increased revenues in the coming year.

Conducted by Marcum’s national Food & Beverage Services group, the survey polled executives at food manufacturers, restaurant facilities, distributors, retailers, and agriculture/aquaculture producers on 11 topics integral to the health of the industry, including:  

* Labor Pains
* Lingering Pandemic Effects
* Supply Chain Matters
* Diversification in Product Offerings
* Technology’s Time
* Safeguarding Against Cyberattacks in the F&B Industry
* The Urge to Merge
* Tax Incentives
* The Power of the R&D Tax Credit
* Innovation
* The Future of F&B 

Findings

Among the survey’s key findings: 

* 69% project revenue rising over the next 12 months.
* 64% have a positive/very positive outlook for the industry over the next year.
* 69% anticipate inflation, rising commodity, and other costs among the industry’s greatest challenges.
* 72% place product/service expansion and innovation as their top business strategy.
* 35% place geographic expansion as their top business strategy
* 63% say the pandemic permanently changed the way they manage their supply chain.
* 55% are not confident that their technology is protected from cyber threats. 

“With the peak of the pandemic behind us, food and beverage executives are eyeing the future,” said Louis Biscotti, national food & beverage services leader, Marcum LLP. “It’s a watershed moment for the industry with companies and customer habits changing, sourcing becoming more flexible, data becoming a driver of efficiency, M&A going strong, and efforts to innovate and boost margins as competition sharpens. There are nuances and issues for every subsector of the industry. Companies must take advantage of every available tool to drive growth and capitalize on market opportunities, and this requires an integrated approach with customers, suppliers, and employees.” 

Read the complete survey report   

 

About the Author(s)

Powder Bulk Solids Staff

Established in 1983, Powder & Bulk Solids (PBS) serves industries that process, handle, and package dry particulate matter, including the food, chemical, and pharmaceutical markets.

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