Marcum Releases First Annual Food & Beverage Survey: Two-thirds of F&B Executives have Positive Outlook going into 2023
DECEMBER 15, 2022 (New York City, NY) – Marcum LLP today released its inaugural survey of food and beverage industry executives, who revealed strong optimism in their outlook, with more than two-thirds projecting increased revenues in the coming year.
Conducted by Marcum’s national Food & Beverage Services group, the survey polled executives at food manufacturers, restaurant facilities, distributors, retailers, and agriculture/aquaculture producers on almost a dozen topics integral to the health of the industry, including:
- Labor Pains
- Lingering Pandemic Effects
- Supply Chain Matters
- Diversification in Product Offerings
- Technology’s Time
- Safeguarding Against Cyberattacks in the F&B Industry
- The Urge to Merge
- Tax Incentives
- The Power of the R&D Tax Credit
- The Future of F&B
Among the survey’s key findings:
- 69% project revenue rising over the next 12 months.
- 64% have a positive/very positive outlook for the industry over the next year.
- 69% anticipate inflation, rising commodity and other costs among the industry’s greatest challenges.
- 72% place product/service expansion and innovation as their top business strategy.
- 35% place geographic expansion as their top business strategy.
- 63% say the pandemic permanently changed the way they manage their supply chain.
- 55% are not confident that their technology is protected from cyber threats.
“With the peak of the pandemic behind us, food and beverage executives are eyeing the future. It’s a watershed moment for the industry with companies and customer habits changing, sourcing becoming more flexible, data becoming a driver of efficiency, M&A going strong, and efforts to innovate and boost margins as competition sharpens,” said Louis Biscotti, national leader of Marcum’s F&B group. “There are nuances and issues for every subsector of the industry. Companies must take advantage of every available tool to drive growth and capitalize on market opportunities, and this requires an integrated approach with customers, suppliers, and employees.”
A complete copy of the survey report is available for download here.
About Marcum’s Food & Beverage Group
Marcum’s Food & Beverage Services Group helps clients improve growth and profitability, guiding their development from small emerging entities into national and international organizations. Services range from supply chain logistics, transaction advisory services, and profitability analyses to cost segregation studies, financial reviews and audits, structuring, succession planning, and more.
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.