Based on the provided data, the wages and salaries in the US food and beverage industry are forecasted to rise from 105.28 billion USD in 2024 to 112.93 billion USD in 2028. This represents a continuous annual growth over the five-year period, signaling an increase in labor costs and possibly reflecting higher demand for skilled labor, inflationary pressures, or policy changes affecting wage standards.
Key trends observed include:
- 2025: 1.87% increase from the previous year.
- 2026: 1.80% increase from the previous year.
- 2027: 1.73% increase from the previous year.
- 2028: 1.68% increase from the previous year.
The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is approximately 1.74%, reflecting a steady upward trend.
Future trends to watch in the sector include potential shifts due to technological advances that may require new skills, legislative changes impacting minimum wages, and evolving consumer preferences that might drive further changes in production processes and staffing requirements.