Food and beverage processors remain positive in the final months of 2022
MELFORT, Sask. – Economic conditions have shifted since the start of the year, and food and beverage processors remains positive.
Farm Credit Canada (FCC) released its mid-year update. The report featured insights and analysis on grain and oilseed milling; dairy, meat, sugar, confectionery, bakery, and tortilla products; seafood preparation; and fruit, vegetable, and specialty foods, soft drinks, breweries, wineries, and distilleries.
FCC Chief Economist J.P. Gervais said the report showed year-over-year sales growth is expected to slow in the second half of the year to six per cent from 12 per cent in the first half.
“As inflation eases and global economic growth moderates, Canadian consumers are paying attention to the price of food and their own limited savings compared to a year ago. Food and beverage manufacturers are reckoning with high costs and shifting consumer food patterns, but profitability is projected to improve in the months ahead,” Gervais said.