NEW YORK /PRNewswire/ — According to the Mazars 2018 Food & Beverage Industry Study Results Report, released by Mazars USA LLP, a leading accounting, tax and consulting services firm, most food and beverage companies anticipate a significant increase in sales this year, for the third consecutive year.
2018 was projected to be a very strong year of growth for the Food & Beverage industry, with 90% of survey respondents expecting growth in sales, 84% in profit and 69% in employment. The factors most likely to influence sales growth were new customers, improved sales performance, and new products, which remain virtually unchanged from 2017. The top trends predicted to drive sales growth are private label foods, healthy/nutritious foods and organic foods. The top internal concern for participants was increasing sales, with the top external concerns being rising commodity costs, food safety/traceability, and quality assurance.
“The dynamic nature of the food & beverage industry continues to challenge organizations looking for growth,” said Howard P. Dorman, Partner, who leads the Food & Beverage Practice. “Through this survey, we’re pleased to provide executives with comprehensive insight into potential industry drivers and best practices to stay ahead of the competition.”
The survey delved into performance, planning, and challenges facing food and beverage companies, as well as addressing how they are adapting to changing consumer trends, tax changes, new companies entering the field, and new product and service offerings. Responses were sorted by organization size, providing more nuanced insights. Survey participants included manufacturers, wholesalers/distributors, restaurateurs and retailers/supermarkets representing a range of annual sales volumes from $1 million or less to more than $500 million.
The Mazars 2018 Food & Beverage Industry Study Results Report illuminates the ways that companies remain competitive and approach challenges, providing a valuable resource for all members of the industry.
About Mazars USA
Mazars USA LLP is a high-performing accounting, tax and consulting firm with significant national presence in strategic US geographies. Since 1921, our dedicated professionals have leveraged technical industry expertise to develop customized solutions for clients, create value, and Optimize their performance. We offer a broad array of industry specialists providing services to growth-oriented enterprises and individuals. As the independent US member firm of Mazars Group, we deliver seamless access to the expertise of 20,000 professionals in 86 countries.
At local and global levels, we are proud of our value-added services, building lasting relationships with our clients and communities. For more information, visit us at www.mazarsusa.com.
For more information, contact:
Mazars USA LLP
Beth More, 732-205-2012
Ben Jaffe, 212-508-9646
SOURCE PR Newswire