How Strategic Sourcing Reduces Spend in the Food and Beverage Industry
The food and beverage industry is a massive one, especially in North America. According to the United States Department of Agriculture (USDA), in 2019, U.S. consumers, businesses, and government agencies spent $1.77 trillion on food and beverages in grocery stores and other retailers. Generally speaking, food and beverage prices remain fairly stable, increasing just 2.3% per year over the past decade. Consumers are resistant to big hikes in food prices. At the same time, the food and beverage sector tends to operate on razor-thin margins.