Survey Says Two-Thirds of F&B Executives Have Positive Outlook Going Into 2023

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