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Food & Drink Looking Good for 2023

A recent study by Marcum LLP indicates that over two-thirds of executives in the food and beverage industry maintain a positive outlook for 2023.

Executives in food manufacturers, eateries, distributors, retailers, and agriculturists were asked about the various issues facing their work and businesses. With close to 70% of respondents pointing to an increase in revenue (when compared to 2021), there were additional factors explaining the positivity.

Forty-five percent of food and beverage executives reported having expanded their employee pool by 5% or more during 2022; 20% said they hired more than 10%. This kind of enhancement points directly to the intentional growth of the businesses and plans for continued and/or expanded operations.

While most executives stated that inflation, up-trending commodities, and additional operational costs as their primary challenges for the past and the coming year, there is still optimism about the industry’s potential given changing consumer habits in the post-pandemic economy. More people are eating out. The restaurants they eat in will need to hire staff, buy ingredients and dining supplies, and develop recipes. Innovation and product development in the food and beverage space is also giving executives hope for 2023. As clients and consumers are savvier, relying on a multitude of information before making any decisions– including those involving food– the industry recognizes the investment needed in the field of public opinion, social networks, and online marketing.

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