WeiserMazars LLP, a accounting, tax and advisory services firm, recently released its second annual U.S. Food & Beverage Industry Study, which found that sector decision-makers anticipate growth in sales, profit and employment for 2014.
The study is based on a survey of a selection of companies across the food and beverage industry. Major findings include an increase of 13% in average sales from 2012 to 2013, and a 17% increase in average net profits. Median labor costs and commodity prices both grew by 4% over 2012, with median fuel and energy costs increasing by 9%. Despite this modest increase in costs, respondents to the survey stated that 2014 will mark a period of anticipated growth due to a larger spike in sales.
This year’s study was a joint effort by WeiserMazars, The Food Institute, AFI and Stagnito Business Information, probing food and beverage industry trends, challenges, company performance, and future plans. The study offers important benchmark data that allows food and beverage companies to assess 2013 performance, best practices, and insights into potential drivers for the industry in 2014.
“The annual study continues to provide executives with comprehensive insight into the state of the overall food and beverage industry,” said Louis J. Biscotti, Partner & National Director of WeiserMazars’ Food & Beverage Practice.
Survey respondents predicted that the most important industry factors influencing sales growth in 2014 will be new customers (39%), improved sales performance (21%) and new products (17%). A majority of participants also believe that increased sales will primarily be in the areas of healthy nutritious foods (31%), private labeled foods (22%), organic foods (14%), and locally grown/produced foods (13%).
Survey participants included manufacturers and wholesalers/distributors representing a range of annual sales volumes from $10 million or less to more than $100 million, examining the ways these companies are adapting to changing consumer trends, proposed government regulations, new companies entering the field, and new product and service offerings.
To see the entire study, click on http://www.weisermazars.com/images/Food_Beverage_Survey_2014.pdf
About WeiserMazars LLP
Since 1921,WeiserMazars LLPhas provided a unique combination of foresight and experience when fulfilling client needs in accounting, tax and advisory services. WeiserMazars’ team of over 100 partners and approximately 650 professionals is based out of eight U.S. offices, Israel and the Cayman Islands. As the independent U.S. member firm of the Mazars Group– a prominent international accounting, audit, tax and advisory services organization with nearly 14,000 professionals in more than 70 countries on six continents – WeiserMazars represents clients of all types, including owner-managed businesses, complex, multi-national organizations and high net worth individuals in a multitude of industries.