NEW YORK—Senior executives in the food and beverage industry are optimistic they will see improved revenue, profitability and a better jobs picture in 2010, Reuters reported.
The survey, conducted by KPMG, showed that 72 percent of executives said they expect business conditions to improve in 2010 ; 72 percent expect stronger revenue; and 65 percent expect improved profitability. Fewer than half (48 percent) of those surveyed believe the economy could take as long as 2011 or later to recover.
Almost two-thirds (63 percent) of the respondents said their strategic focus was on investing for growth,while 37 percent said they were focused on cutting costs.
"These survey results show a cautiously optimistic outlook from industry execs, even as the underlying volatility in the food and beverage sector--based on companies wrestling with the sting of higher costs, shrinking consumer spending, and working capital constraint--continues to develop," said Patrick Dolan, KPMG LLP national line of business leader - Consumer Markets, and U.S. sector leader - Food, Drink and Consumer Goods. "With the food and beverage industry in the midst of potentially disruptive change--led by accelerating technological, social, and economic shifts--the executives surveyed are still upbeat about their future, though much hard work remains."
