INSIGHT ARTICLE |
Food and beverage is a dynamic sector with an appetite for growth and innovation; however, as developing and vibrant as it is, the sector must also contend with business challenges such as constant consumer shifts, regulatory compliance demands and managing commodity risks. The 2014 McGladrey Manufacturing & Distribution Monitor survey identified the food and beverage sector's latest emerging trends, as well as key opportunities and insights decision makers should know for future planning and growth.
Key themes for food and beverage sector executives to be mindful of include:
- Focus on growth and expansion. With the overall improvement of the economy, the food and beverage sector will continue to grow in sales, product offerings and employment. Merger and acquisition activity will also increase.
- Innovation is key for F&B businesses' success, which include new product development, line extensions, new packaging and more.
- Social media usage will continue to grow as a way to not only promote products, but to forge and maintain rich and enduring relationships with customers. Technology spend will increase to improve processes as well. In addition, businesses should be mindful of security and privacy issues and have a plan to address potential breaches before they happen.
- Regulations and taxes will be a thorn in the side of F&B businesses, so companies should anticipate and proactively prepare for the compliance.
To learn more, access the full 2014 McGladrey Manufacturing & Distribution Monitor.