Discover Marcum’s Insights on the Food & Beverage Industry’s Future

Welcome to the inaugural edition of Marcum’s Food & Beverage (F&B) Annual Report, which serves up essential insights and analyses for this dynamic sector. Crafted by our industry veterans, this report provides key takeaways from our annual F&B survey and illuminates the path forward with up-to-date data spanning the entirety of the F&B arena.

Are you interested in understanding the latest trends and opportunities in the Food & Beverage (F&B) industry? Marcum’s comprehensive annual report offers a wealth of information and analysis, providing valuable insights for industry professionals, investors, and anyone keen to understand the future of F&B.

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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FROM OUR RESPONDENTS

The F&B survey asked our respondents their thoughts on growth opportunities and greatest challenges. Here’s a snapshot of their thoughts.

Contacts

Louis J. Biscotti

Louis J. Biscotti

Food and Beverage Services Leader

  • Assurance
  • Melville, NY
James  Aspromonti

James Aspromonti

Partner

  • Assurance
  • Melville, NY
William J. Austin

William J. Austin

Director

  • Tax & Business
  • Boston, MA
Ilyssa  Blum

Ilyssa Blum

Partner

  • Assurance
  • Fort Lauderdale, FL
Michael  Buchheit

Michael Buchheit

Partner

  • Assurance
  • Philadelphia, PA
Timothy R. Croushore

Timothy R. Croushore

Valuation, Forensics & Litigation Leader
West Coast

  • Advisory
  • Los Angeles, CA
Daniel  Dowell

Daniel Dowell

Office Managing Partner

  • Assurance
  • Tampa, FL
Leonard  Gordon

Leonard Gordon

Partner

  • Assurance
  • Los Angeles, CA
Randy  Harrison

Randy Harrison

Partner

  • Tax & Business
  • New Haven, CT
Thomas E. Lisi

Thomas E. Lisi

Partner

  • Tax & Business
  • Providence, RI
Waqqas  Mahmood

Waqqas Mahmood

Director - Strategic IT Consulting

  • Marcum Technology
  • Rockville, MD
Alan  Markowitz

Alan Markowitz

Partner

  • Assurance
  • New York, NY
Patrick  O'Reilly

Patrick O'Reilly

Principal

  • Advisory
  • Portland, ME
Jeff  Pera

Jeff Pera

Regional Managing Partner

  • Tax & Business
  • San Francisco, CA
Natalie  Verbanac

Natalie Verbanac

Partner

  • Assurance
  • New York, NY