Marcum Food & Beverage Industry Annual Report

Key Findings

Industry Outlook and Revenue

68%   Positive outlook on the sector in 2023, increased from 64%.

12%   Negative sentiment, decreased from 16%.

74%   Anticipate revenue increase in the next 12 months, up from 70%.

41%   Companies expecting revenue growth of 10%+ in 2023, down from 48%.

$997B   Forecast for food service industry sales in 2023.

Consumer Spending and Preferences

12.8%   Food sector's share of U.S. household spending, up from 12.4%.

5.2%   Restaurant CPI rise as of December 2023.

70%   Rise in consumer interest in affordability.

70%   U.S. population consuming plant-based foods.

$60B   Annual revenues for Costco's Kirkland brand.

$27B   Value of Walmart's Great Value brand in 2023.

Workforce Trends

3.7%   National unemployment rate at end of 2023.

30%   of companies expanded their workforce, down from 45%.

40%   Plan workforce expansion in the next 12 months, down from 46%.

Investment and Financial Activity

$3T   M&A across all sectors in 2023.

37,300   Deals recorded, the third most on record.

$4B   U.S. funding for foodtech startups in 2023.

$800M+   UK funding for foodtech startups.

$900M+   VC in sustainable packaging.

$400M   VC in food waste tech.

$8B   U.S. retail plant-based alternatives sales in 2022.

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