Dairy Processing - January/February 2023 - 52

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With the peak of the pandemic
behind us, food and beverage
executives are eyeing the future. "
Louis Biscotti, Marcum
and beverage companies, " said Louis Biscotti, national leader of Marcum's
food and beverage group. " This was a bit surprising ... considering the many
challenges facing the industry. "
Nearly 70% of food and beverage executives cited inflation, rising
commodities and other costs as a top challenge for 2022 and 2023.
When asked how their companies plan to address inflation in the year
ahead, 62% of food and beverage executives said they plan to reduce costs
and 57% said they plan to raise prices. Of those surveyed, 35% said they are
renegotiating with suppliers to address inflation. Roughly the same amount
said they are changing their approach to inventory, avoiding the purchase of
excess products or raw materials.
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Managing supply chain relationships also is top of mind for food and
beverage executives. Forty percent of respondents cited it as a top challenge
for 2022 and 2023. They singled out a range of ways that supply chain
issues are impacting their businesses, including shipping delays (66%), cost
control (56%), production delays (49%), finding new suppliers (47%) and raw
material sourcing (40%). More than a quarter of respondents said supply
chain diversification, including onshoring, is a top business strategy for the
year ahead.
" With the peak of the pandemic behind us, food and beverage executives
are eyeing the future, " Biscotti said. " It's a watershed moment for the industry
with companies and customer habits changing, sourcing becoming more
flexible, data becoming a driver of efficiency, M&A going strong and efforts to
innovate and boost margins as competition sharpens. "
©Andrey Popov-stock.adobe.com
http://www.ifpc.com

Dairy Processing - January/February 2023

Table of Contents for the Digital Edition of Dairy Processing - January/February 2023

Dairy Processing - January/February 2023 - Intro
Dairy Processing - January/February 2023 - 1
Dairy Processing - January/February 2023 - 2
Dairy Processing - January/February 2023 - 3
Dairy Processing - January/February 2023 - 4
Dairy Processing - January/February 2023 - 5
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