Marcum LLP Releases Comprehensive Annual Report on the Food & Beverage Industry, Unveiling Critical Insights and Industry Projections

APRIL 9, 2024 (New York, NY) – Marcum LLP has published its annual Food & Beverage Industry Annual Report, offering critical insights and projections that paint a vivid picture of the sector’s current state and future trajectory.

The report’s findings suggest a buoyant mood within the industry, with 68% of industry experts expressing optimism and readiness to harness post-pandemic growth opportunities. Further highlights include the transformative effect of AI and software on supply chains, shifting consumer habits towards convenience, private-label brands, and a rising preference for wellness-oriented and eco-friendly products.

Industry Resilience Through Innovation

The report sheds light on the sector’s remarkable fortitude amid adversity, highlighting strategic innovation as industry frontrunners contend with inflation and supply chain hurdles. Advanced tax strategies, including underutilized R&D credits, are detailed, offering businesses tools to boost financial outcomes.

Embracing Optimism and Growth Potential

A significant majority of industry experts, about 68%, express an upbeat stance, and are poised to capitalize on post-pandemic growth. The report covers pivotal shifts, including the increasing role of AI and software in fine-tuning supply chains, changing consumer preferences, and an uptick in demand for wellness and sustainability-focused products.

E-Commerce and Market Strength

The evolution of consumer habits is underscored, with U.S. household food expenditure climbing. E-commerce emerges as a game-changer in distribution, while the food service industry is forecasted to generate an impressive $997 billion in 2023 sales, underscoring a thriving economic landscape.

Workforce Dynamics and Robust Investments

Labor data indicates a national unemployment rate of 3.7% at the year’s close, with an array of anticipated workforce expansions. The report spotlights vibrant mergers and acquisitions activity and noteworthy investments in foodtech and sustainable initiatives. “We are witnessing a remarkable transition fueled by innovation and resilience,” said Louis Biscotti, Marcum’s National Food & Beverage Leader. “Our comprehensive annual report not only reflects the industry’s pulse but also offers a clear vision of the road ahead, equipping businesses with the insights to embrace growth and navigate the complexities of a post-pandemic market. Proactively adopting advanced technologies, strategic tax planning, and a deep understanding of evolving consumer preferences are key to remaining competitive. We’re excited to see industry players use our findings to spearhead strategic developments.”

Exclusive Download Available

Industry players seeking a competitive advantage will find the Marcum Food & Beverage Annual Report an indispensable resource. The full report is available for download, offering a trove of actionable insights to support informed decision-making and strategic navigation of the F&B domain.

Download the Food & Beverage Industry Annual Report

Key data highlights from the report include:

• An increase in sector spending, with 41% of companies projecting a revenue upswing of 10% or more.
• A pronounced boost in the importance of affordability, with consumer interest in affordable products surging by 70%.
• The tenacious rise of private labels and convenience food options catering to a shift in cultural norms.
• The burgeoning popularity of plant-based alternatives, with U.S. sales hitting $8 billion in 2022 and about 70% of the U.S. population partaking in plant-based diets.
• Workforce management strategies, with nearly 40% of companies planning labor force expansion in the coming year, including hiring and retention trends like increasing wages and enhancing work-life balance.
• A dynamic M&A landscape and significant venture capital influx, with the U.S. attracting $4 billion for foodtech startups in 2023, signaling a hotbed of innovation and growth.

The Marcum Annual Report not only maps out the current challenges and opportunities but also serves as a guide for industry players through a transformative period marked by cautious optimism, technological advancements, and a persistent push toward sustainability.

Download the Food & Beverage Industry Annual Report

About Marcum LLP
Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Marcum’s industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies, and nonprofit and social sector organizations. The Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations. #AskMarcum.