The global food and beverage industry is highly optimistic according to a new report, A Hunger for Growth: Food and Beverage Looks to the Future just released by Grant Thornton International Ltd.
May through July 2013, 248 food and beverage senior executives participated in the study, with the largest participants from Canada (21%). The new study indicates that business leaders are anticipating growth and increased investment within the next 12 months.
Approximately 90% of Canadian respondents predict revenues will increase and approximately 82% that profitability will rise.¹ The top five key growth drivers in Canadian food and beverage manufacturing is access to a skilled workforce (75%), new technology (64%), quality of suppliers (52%), exports (50%) and new equipment (39%).²
With rising optimism in growth comes rising investment. Approximately 90% of Canadian firms expect a rise in equipment investments, 84% plan to increase their product development investment and 64% expect that investment in plant and facilities will increase.³
In 2014, Canadian food and beverage manufactures will have to choose the right growth opportunities, while minimizing the risks and maximizing returns on their new investments.
How will your organization seize growth?