NEW YORK, July 12, 2021 /PRNewswire/ -- As the restaurant industry recovers from the pandemic, a new report by Mazars, a leading audit, tax, and advisory firm in the US, found that 80% of survey respondents expect increased sales, employment, profit, and product line growth this year. The survey also found significant industry shifts toward health, wellness and sustainability, with a growing focus on adopting new technology solutions that enhance customer experience.
"The food and beverage industry has had to overcome many challenges over the past 18 months, but it's clear from the data that it is on a fast trajectory toward recovery," said Kristen Walters, Mazars Food & Beverage Practice Co-Leader. "Business leaders are looking to innovate and keep pace with the changing expectations of consumers for more sustainable, healthier options, and are adopting data and technology solutions to develop in a more informed way."
A Movement Toward Sustainability and Healthier Options
20% of respondents reported implementing sustainability reporting and nearly half plan to follow suit this year.
The vast majority (91%) of respondents also stated that health and wellness is somewhat or very important when introducing new products. 44% anticipate that plant-based options will have a positive impact on sales, and 39% said that "better-for-you foods" would perform similarly.
Technology, Data, Robotics and AI
While respondents noted that technology solutions that enhance customer experience were the most popular response to COVID-19 (39%), data and technology were also important to many food and beverage companies, with the majority (62%) of respondents already having implemented data analytics or planning to do so. One in five participants have already implemented, or are planning to implement, robotics and artificial intelligence, with 17% considering adopting this technology.
Continued Concerns and the COVID-19 Effect
When considering internal factors that could impact business, restaurant and beverage companies said they were very concerned about increasing sales (41%), increasing product customer profitability (34%), and the COVID-19 effect (31%). Respondents also noted being very concerned about external factors, including rising commodity and other costs (25% and delivery costs, including the last mile (28%).
The Mazars Food & Beverage Industry Outlook was developed to seek the views of industry leaders and decision makers. This report is meant to explore industry trends and build a knowledge base of the challenges, opportunities, best practices, and critical factors shaping the future of the Food & Beverage industry.
The full report can be downloaded here.
About Mazars in the US
Mazars USA LLP is an independent member firm of Mazars Group, an international audit, tax and advisory organization with operations in over 90 countries. With roots going back to 1921 in the US, the firm has significant national presence in strategic geographies, providing seamless access to 26,000+ professionals around the world. Our industry specialists deliver tailored services to a wide range of clients across sectors, including individuals, high-growth emerging companies, privately-owned businesses and large enterprises.
For more information, visit us at www.mazars.us.
SOURCE Mazars USA