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Food and beverage sector decision-makers anticipate a substantial increase in sales, profit and employment for 2015, up considerably from last year’s performance.
That’s according to the latest survey of U.S. companies across the food and beverage industry by New York-based WeiserMazars LLP, a leading accounting, tax and advisory services firm.
The firm’s third annual U.S. Food & Beverage Industry Study, released today, cites new customers, sales performance improvements and new products as the major factors that are most likely to influence growth, with sales expected to increase an average of 18 percent in 2015 compared with a 13 percent increase in 2014.
The study was conducted in conjunction with The Food Institute, AFI and Stagnito Business Information, publisher of Progressive Grocer.
Profits, employment on the rise
Average net profits are also expected to increase 18 percent in 2015 compared with a 17 percent increase in 2014, while industry employment is predicted to post a 13 percent gain from 2014. Other key findings include an expected 7 percent average increase in labor costs, 12 percent average rise in overall health care costs and an 8 percent average growth in commodity costs.
“This year’s study reaffirms many of the trends we have seen emerge in the overall food and beverage industry over the last three years as companies continue to focus on new customers and improved sales performance to drive sales growth,” said Louis J. Biscotti, partner and national director of WeiserMazars’ Food & Beverage Practice. “At the same time, management has increased their efforts to improve both customer and product profitability by reducing costs, improving operations and introducing process improvements.”