NEW YORK, June 14, 2016 (PRNewswire) — According to the 2016 annual U.S. Food & Beverage Industry Study, released Tuesday by WeiserMazars LLP, a leading accounting, tax and advisory services firm; most food and beverage companies anticipate a significant increase in sales this year.
Survey participants — which were drawn from over 200 companies across the food and beverage industry — are confident sales will increase 14% compared to 2015 and project net profits will rise by 10%. Respondents attributed this growth prediction to secular industry trends currently favoring both private label and healthy/nutritious foods.
However, these gains are weighed against the rising costs in labor and healthcare, which are anticipated to rise by 5% and 11%, respectively. Both large and small companies also identified new regulations related to The FDA Food Safety Modernization Act as a top external concern.
"The dynamic nature of the food & beverage industry continues to challenge organizations looking for growth," said Louis J. Biscotti, Partner, who leads the Food & 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 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. Where applicable, responses were sorted by firm size, providing more nuanced insights into industry trends. Survey participants included manufacturers and wholesalers/distributors which represents a range of annual sales volumes from $1 million or less to more than $500 million.
The WeiserMazars Annual U.S. Food & Beverage Industry Study illuminates the ways that companies remain competitive and approach challenges, providing a valuable resource for all members of the industry. To see the entire study, click on WeiserMazars' 2016 Food & Beverage Industry Study or visit www.WeiserMazars.com.