B.C. Food and Beverage say food manufacturers incurring 9.4 per cent net loss
June 5, 2024 | By MRO Staff
Food manufacturers incur a $6.38 loss in net income on a $100 basket of food, said a report and infographic released by B.C. Food and Beverage.
The industry association cited Statistics Canada data points to show that despite being paid $68.24 by grocery retailers for each $100 basket, expenses including $29.35 in input and supply chain costs, $21.99 in labour, and $23.28 for other costs like utilities, equipment repair, and more, led to this loss of income.
Grocery retailers, meanwhile, are making $4.29 in profit, accounting for additional costs and the markup of products, the infographic said.
The report said rising costs associated with operating, skilled labour, and finding appropriate buildings and land represented additional challenges for manufacturers.
