2014 McGladrey Manufacturing & Distribution Monitor: Food and Beverage Report

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Jul 24, 2014, 07:45 ET

CHICAGO, July 24, 2014 /PRNewswire/ -- The food and beverage industry is a dynamic sector with an appetite for growth and innovation. As developing and vibrant as it is, however, the sector must also contend with business challenges such as constant consumer shifts, regulatory compliance demands and commodity risks. The 2014 McGladrey Manufacturing & Distribution Monitor: Food and Beverage Report identified the sector's latest emerging trends, as well as key opportunities and insights decision makers should know for future planning and growth.

The 2014 McGladrey Manufacturing & Distribution Monitor: Food and Beverage Report identified the sector's latest emerging trends, as well as key opportunities and insights decision makers should know for future planning and growth (PRNewsFoto/McGladrey)

Photo - http://photos.prnewswire.com/prnh/20140723/129900

Key themes for sector executives to be mindful of include:

Focus on growth and expansion. With the overall improvement of the economy, the food and beverage sector will continue to grow in sales, product offerings and employment. Merger and acquisition activity will also increase.
Innovation is key for food and beverage businesses' success. Areas of focus include new product development, line extensions, new packaging and more.
Social media use will continue to grow. Not only will social media be used to promote products, but to forge and maintain rich and enduring relationships with customers. Technology spend will increase to improve processes as well. In addition, businesses should be mindful of security and privacy issues and have a plan to address potential breaches before they happen.
Regulations and taxes will be a thorn in the side of food and beverage businesses. Companies should anticipate and proactively prepare for compliance.

To learn more, access the full 2014 McGladrey Manufacturing & Distribution Monitor.

SOURCE McGladrey