NEW YORK — 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 and Beverage Industry Study Results Report.
Released by Mazars USA, a leading accounting, tax and consulting services firm, the report surveyed a group drawn from more than 200 companies across the food and beverage industry. Participants said they were confident sales would increase by 21% compared with 2016, and projected net profits would rise by 16%, based on secular industry trends currently favoring both private label and healthy and 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 areas such as performance, planning and challenges that food and beverage companies are facing. It also addressed how companies are adapting to changing consumer trends, proposed government regulations, competitors entering the field and new product and service offerings. Responses were sorted by firm size in an attempt to provide even more nuanced insights into industry trends where applicable. Survey participants included manufacturers, wholesalers and distributors, restaurateurs and retailers and supermarkets that represent a range of annual sales volumes from $1 million or less to more than $500 million.
The Mazars 2017 Food and Beverage Industry Study Results Report aims to illuminate the ways that companies can remain competitive and approach challenges, providing a valuable resource for all members of the industry.