Prairie Industry Perspective - Food & Beverage - December 2022

Prairie Industry Perspective – Food & Beverage Industry June 2024

Prairie Industry Perspective - Food & Beverage - December 2022

Food and beverage manufacturers experienced heightened demand for their products in the months following the onset of the COVID-19 pandemic. Subsequently, manufacturers began to implement a series of substantial price increases, insisting they were necessary to recoup rising input costs. In turn, the percentage of income that the average U.S. consumer spent on food—both at the grocery store and in restaurants—began to rise substantially. A February 15, 2024, report by Sally Lyons Wyatt, global executive vice president and chief advisor for market research firm Circana’s consumer goods and foodservice insights division, indicates that prices for consumer packaged goods (“CPG”)—which include products such as food, beverages and cleaning products—were 30.0% higher at the time of her report than they were in 2019. Meanwhile, the U.S. Department of Labor indicates that, in March 2024, prices at fast food restaurants were 33.0% higher than in 2019, while grocery store prices had risen 26.0%.

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