Consumer Trends: Study Shows Food Industry Growth for 2014
Upper Saddle River, NJ — The Food Institute is once again proud to partner with WeiserMazars LLP, a leading accounting, tax and advisory services firm, today to release the 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 surveyed a selection of companies across the food and beverage industry. Major findings include an increase of 13 percent in average sales from 2012 to 2013, and a 17 percent increase in average net profits. Median labor costs and commodity prices both grew by 4 percent over 2012, with median fuel and energy costs increasing 9 percent. Despite these costs increase, 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, Association of Food Industries and Stagnito Business Information, to probe 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 gain insights into potential food industry drivers in 2014.
According to respondents, 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 predict increased sales 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.
For the entire study, click: WeiserMazars Food & Beverage Industry Study
To discover food industry trends for this week, visit www.foodinstitute.com
About The Food Institute
The Food Institute delivers industry-wide insight to our members daily. This association is a premier source for reliable data that covers the entire food industry, from farm to fork. Since 1928, leaders have turned to us for trusted insight that they can apply immediately to marketing strategies and growth plans. The Food Institute reports on the intersection of industry, policy, consumer and commodity trends in Today in Food alerts and the weekly Food Institute Report. Our website hosts expert-led webinars and online information tools that strengthen the food business.