Packaged Foods: 2023 Brings Tough Revenue Comps, but with Margin Recovery

Packaged food companies will begin lapping price increases implemented over the past year. Most packaged food manufacturers have implemented multiple waves of price increases over the past year and a half, with some manufacturers currently in the process of implementing a fourth or fifth wave. This latest pricing wave, which we believe is probably the final major wave, is still smaller and more targeted than previous price increases.