WeiserMazars LLP, an accounting, tax and advisory services firm, has published its second annual U.S. Food & Beverage Industry Study, which found that respondents anticipate growth in sales, profit and employment in 2014.
According to a news release, the study is based on a survey from company representatives in the food and beverage industry. Highlights include:
- There was an increase of 13 percent in average sales from 2012 to 2013.
- There was a 17 percent increase in average net profits from 2012 to 2013.
- Median labor costs and commodity prices both grew by 4 percent from 2012 to 2013.
- Median fuel and energy costs increased by 9 percent from 2012 to 2013.
Despite the modest increase in costs, survey respondents said 2014 will mark a period of anticipated growth due to a larger spike in sales, the release said.
Survey respondents also predicted that the most important industry factors influencing sales growth in 2014 will be new customers (39 percent), improved sales performance (21 percent) and new products (17 percent).
A majority of participants also believe that increased sales will primarily be in the areas of healthy/nutritious foods (31 percent), private labeled foods (22 percent), organic foods (14 percent), and locally grown/produced foods (13 percent).
Survey participants included manufacturers and wholesalers/distributors representing a range of annual sales volumes from $10 million or less to more than $100 million. This year’s study was a joint effort by WeiserMazars, The Food Institute, AFI and Stagnito Business Information.