The employment in the food and beverages industry in the US has demonstrated a consistent upward trend from 2013 to 2023, rising from 1.59 million FTEs to 1.89 million FTEs. Over the last two years, the year-on-year variation has remained stable with slight increases of 0.91% in 2022 and 0.85% in 2023. The five-year Compound Annual Growth Rate (CAGR) leading up to 2023 is 0.98%, indicating a steady albeit modest growth trajectory.
Bullet points:
- Employment in 2023: 1.89 million FTEs
- Year-on-year growth in 2023: 0.85%
- Five-year CAGR up to 2023: 0.98%
Looking ahead, the forecasted data from 2024 to 2028 shows a continuous increase, with employment expected to reach 1.97 million FTEs by 2028. The anticipated five-year CAGR through 2028 is projected at 0.64%, suggesting a deceleration in growth. Future trends to watch for include technological advancements in food production, potential labor market challenges, and shifts in consumer preferences toward sustainable and health-conscious products.
