The 2024 North American Food Sector Survey: Key Market Trends, Challenges, and Growth Opportunities
TORONTO, Nov. 26, 2024 /CNW/ - What's next for the North American Food & Beverage industry? In the 2024 North American Food Sector Survey by Richter, 125 executives from private companies across food manufacturing, distribution, and wholesaling were asked to weigh in on the future of the sector. The results reveal shifting trends, emerging challenges, and significant opportunities in the ever-evolving landscape.
Conducted as a double-blind survey, Richter gathered insights on macroeconomic conditions, growth projections, strategic priorities, and operational trends that will define the food and beverage industry over the next 1-3 years.
KEY FINDINGS:
- Growth: Overwhelmingly, 89% of survey participants anticipate growth over the next 12-18 months, signaling continued optimism in the sector despite global uncertainties.
- Diverging Economic Outlooks: While Canadians remain positive, US-based respondents are bracing for a potential economic recession or contraction in the near future.
- Inflation Response: Canadians are leading the way in agility – 30% of Canadian respondents have adapted to inflation, compared to just 14% of those in the US.
- Labour Market Recovery: A notable 48% of respondents report a positive labour market impact, a significant improvement from just 12% last year.
- Regional Supply Chain Resilience: 61% of Canadian respondents report being impacted positively by improving supply chain conditions, compared to only 37% of those in the US.
- Tech Investments on the Rise: 57% of companies intending to change their supply chain infrastructure are focusing on technology upgrades.
"We asked a broad range of questions, from the outlook on labour markets to future supply chain disruptions," says Michael Black, Partner at Richter. "The survey results paint a clear picture of the industry's evolving priorities and trends — which are sure to be key to successfully navigating the next few years."
Richter's 2024 North American Food Sector Survey offers invaluable data on the current state and future trajectory of the food and beverage industry in North America. For detailed findings, read the full report here.
ABOUT RICHTER
Richter is a Business | Family Office that provides strategic advice on business matters and on families' financial and personal objectives across generations. With close to 100 years of experience advising at the intersection of family and business, Richter has developed an integrated approach to help business owners find sustainable success. Whether business, personal, or both, Richter is uniquely positioned to address the needs of Canada's most successful entrepreneurs, private clients, business owners and business families and help them chart a clear path to shape their legacy for the future. Founded in 1926, Richter's 600-person multidisciplinary team continuously innovates to create value for our people, clients, and community in Canada and in the US.
SOURCE Richter