Aptean, a provider of mission-critical enterprise software solutions, has announced the publication of its Food and Beverage 2024 Trends and Outlook Report for North America. Surveying food processors, manufacturers and distributors in North America, the research includes findings on how the industry’s top challenges are driving new trends and impacting business growth trajectories.
Rising inflation and material prices are rated top concerns by 42% of food and beverage companies. Automation of tasks and processes through digital transformation is emerging as a critical path to protect growth in the face of rising costs and for those choosing to automate; the average rate of growth was 20% higher than those relying on manual processes. The benefits of automation will continue to drive growth as 48% of companies plan to automate more processes in 2024.
The study further found that cloud adoption in the food and beverage industry has increased threefold in recent years, from 7% in 2021 to 24% in 2023. As businesses moved to the cloud, they also reported higher revenue growth in 2022 and predict higher revenue and profit growth in the future. The cloud also features prominently in the future of those who have yet to adopt as the number of companies with no cloud migration plan fell from 62% in 2021 to 16% in 2023.
The research was conducted by Aptean and B2B International in August 2023. Responses came from 200 business decision makers at food processing, manufacturing and distribution companies in North America. The study identified six key trends that will shape the food industry in 2024 and these (along with the full research findings) are now available in a new report, Aptean’s Food and Beverage 2024 Trends and Outlook Report for North America.
“The food and beverage industry has experienced unprecedented disruption in recent years and 2023 has been no exception,” says Sean Nappo, general manager for Americas process business, Aptean. “As food companies continue to navigate inflation, rising materials prices and higher operating costs, they must adapt to remain competitive. Automation and cloud adoption are critical transformation steps to drive growth in today’s market conditions.”
In addition to the impact of automation and cloud adoption, the research also explored:
- How food companies are optimizing activities to overcome supply chain disruptions
- Why economic goals are creating a business case for sustainability
- What steps food companies are taking to build their future workforce
Copies of the Food and Beverage 2024 Trends and Outlook Report for North America are now available for download.
