The results of a recent Cypress Research Survey predominantly directed to broiler producers showed that an overwhelming majority of respondents (88 percent) considered that their company outlook is positive for 2024 with 76 percent optimistic for the industry as a whole in the coming year.  This response is weighted by concerns over high raw material costs, lower consumer demand and difficulties in recruiting and retaining labor. 

The projection of capital spending is a measure of positive sentiment, with an estimate of 40 percent reporting higher levels over the previous year.  The ratio of capital expenditure to sales will increase from 10.9 percent in 2023 to 11.4 percent in 2024.  Most of the capital expenditure will involve new processing equipment, system integration and automation with a specific emphasis on packaging.

Labor recruitment and retention was cited as a concern by 70 percent of respondents, raw material cost increases by 61 percent but food safety was ranked sixth among concerns at a level of 40 percent.  Despite recent reports of cybercrime, security was ranked at a low level, cited by 24 percent of respondents suggesting possible misplaced optimism with regard to security.