Baking & Snack - February 2025 - 30
SPECIAL REPORT CAPITAL SPENDING STUDY
How have these factors impacted
2025 capital spending plans?
* Significant +
* Moderate +
* Moderate - * Significant -
Equipment/tech costs
7%
38%
38%
15%
Rising raw material costs
14%
30%
Lack of labor
9%
32%
49%
10%
Inflationary pressures
9%
31%
33%
23%
4%
Extended equipment lead times
13%
24%
51%
10%
Supply chain disruption
4%
22%
59%
Interest rates
2%
22%
55%
21%
0%
with attraction and retention. Increased raw material
costs remain in the No. 3 spot with 61%. The need for
greater automation remained in fifth at 44%.
" [Material costs] continues to be a real issue;
supply chain is flowing again, but materials are just
expensive, " Hellmer said.
From there, challenges and priorities shift from
2024. Food safety rose in prominence with 56% of
bakers reporting it as a challenge, up from 42% in
2024. Changing consumer attitudes/preferences also
rose from 22% to 27%, outpacing regulatory/legislative
concerns (26%), rising health care costs (25%), weaker
domestic economy and product sales (25%), trade
uncertainties (24%), and even cybersecurity (13%).
" Food safety is the biggest risk to the industry as
a whole because it affects everyone, " Miller explained.
30 Baking & Snack | february 2025 | bakingbusiness.com
13%
2%
2%
0%
26%
25%
5%
2%
* No impact
" The conversation around food safety has also
changed. The blinders have been taken off about the liabilities
around food safety, and it has upped the ante. "
Citing his conversations with food safety professionals,
Brown pointed out there's more quality control
available to baking companies than ever before.
" There is a new level of testing and data that's
available to bakers to really pinpoint the food safety
issues in their facilities, " he said.
Walking into the light
The positive company and industry outlooks, shifting
challenges and IBIE on the horizon are all having an
impact on capital investments for 2025, much of it
positive. Fifty percent of bakers expect their capital
investments to increase in 2025 compared to 2024,
while 38% expect investment to remain the same.
This is in line with previous Capital Spending Study
results, with 2023's study being an outlier with 66% of
bakers reporting capital investment would increase. In
2022 and 2021, 57% and 52% projected an increase in
investment for the coming year.
More bakers reported investments are staying the
same in 2025 compared to 2024 and only 12% plan to
decrease investments, compared to 16% in 2024. This
kind of fluctuation may be due to major projects that
were completed in 2024 and bakers turning to now
maintaining and optimizing those systems.
" The data are telling us that there is a larger share
that's going to hold their capital investments the same
looking ahead to 2025, and we do see that 'steady as
you go' approach reflected across the whole data set, "
Hellmer said. " Bakers aren't having to exponentially
invest to catch up to where they need to be from a
capital perspective. They're not having to spend so dramatically
as they had to coming out of the pandemic.
They're still investing, but it's not as frenetic. "
Since 2019, respondents to the Capital Spending
Survey have reported an increase in the share of their
company's annual revenue designated for capital
spending projects. In 2023, bakers reported that an
average of 13% of company revenue was going toward
capital spending, but there was a dip in 2024. In the
2023-24 Capital Spending Study, respondents expected
that percentage to increase again to an average
of 14.5%. However, in this year's study, respondents
reported their actual average percentage of company
revenue going to capital spending was 11.7% in 2024.
They project that to increase to 12.8% for 2025, on
average, though it still falls slightly short of 2023's
revenue share.
" 2024 started off stronger than it actually ended
up being, both because of the uncertainty around the
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Baking & Snack - February 2025
Table of Contents for the Digital Edition of Baking & Snack - February 2025
Baking & Snack - February 2025 - Intro
Baking & Snack - February 2025 - 1
Baking & Snack - February 2025 - 2
Baking & Snack - February 2025 - 3
Baking & Snack - February 2025 - 4
Baking & Snack - February 2025 - 5
Baking & Snack - February 2025 - 6
Baking & Snack - February 2025 - 7
Baking & Snack - February 2025 - 8
Baking & Snack - February 2025 - 9
Baking & Snack - February 2025 - 10
Baking & Snack - February 2025 - 11
Baking & Snack - February 2025 - 12
Baking & Snack - February 2025 - 13
Baking & Snack - February 2025 - 14
Baking & Snack - February 2025 - 15
Baking & Snack - February 2025 - 16
Baking & Snack - February 2025 - 17
Baking & Snack - February 2025 - 18
Baking & Snack - February 2025 - 19
Baking & Snack - February 2025 - 20
Baking & Snack - February 2025 - 21
Baking & Snack - February 2025 - 22
Baking & Snack - February 2025 - 23
Baking & Snack - February 2025 - 24
Baking & Snack - February 2025 - 25
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Baking & Snack - February 2025 - 27
Baking & Snack - February 2025 - 28
Baking & Snack - February 2025 - 29
Baking & Snack - February 2025 - 30
Baking & Snack - February 2025 - 31
Baking & Snack - February 2025 - 32
Baking & Snack - February 2025 - 33
Baking & Snack - February 2025 - 34
Baking & Snack - February 2025 - 35
Baking & Snack - February 2025 - 36
Baking & Snack - February 2025 - 37
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Baking & Snack - February 2025 - 42
Baking & Snack - February 2025 - 43
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Baking & Snack - February 2025 - 47
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Baking & Snack - February 2025 - 49
Baking & Snack - February 2025 - 50
Baking & Snack - February 2025 - 51
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Baking & Snack - February 2025 - 54
Baking & Snack - February 2025 - 55
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Baking & Snack - February 2025 - 57
Baking & Snack - February 2025 - 58
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Baking & Snack - February 2025 - 60
Baking & Snack - February 2025 - 61
Baking & Snack - February 2025 - 62
Baking & Snack - February 2025 - 63
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