Beverage Brand: 3-Year Financial Plan

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What revenue growth should a beverage brand expect over the next three years?

Beverage brands typically project 8-12% compound annual growth rate (CAGR) over three years, with performance varying significantly by product line and distribution channel.

For product segmentation, premium and functional beverage lines often outperform value-oriented products. The functional beverage market is growing at 8.17% CAGR through 2030, while ready-to-drink beverages show particularly strong momentum with 6% annual growth in major markets. Core product lines typically maintain steady 6-8% growth, while premium offerings can achieve 10-15% expansion as consumers seek healthier, innovative options.

Distribution channel performance reveals digital commerce as the fastest-growing segment. E-commerce beverage sales are expanding at 10.05% CAGR globally, significantly outpacing traditional retail. Direct-to-consumer channels capture higher margins (typically 40-60% gross margin) compared to wholesale distribution (30-40% margin). Retail partnerships through convenience stores and supermarkets provide volume but operate on tighter margins of 25-35%.

Geography matters substantially in growth projections. North American beverage markets show modest 3.7% annual growth, while Asia-Pacific markets demonstrate robust 8.56% CAGR through 2030. Emerging markets in India, Southeast Asia, and Latin America present the highest growth potential, with compound annual rates exceeding 10% due to expanding middle-class populations and increasing urbanization.

You'll find detailed market insights in our beverage brand business plan, updated every quarter.

How will cost of goods sold and gross margins evolve with scale?

Beverage brands typically start with gross margins of 30-50% in year one, improving by 1-2 percentage points annually as production volume increases and supplier relationships strengthen.

Initial COGS for beverage brands includes raw materials (ingredients, water, sweeteners), packaging (bottles, cans, labels), production labor, and manufacturing overhead. For a new brand, these costs might represent 50-70% of retail price. As you scale from 50,000 units in year one to 200,000 units by year three, bulk purchasing power reduces ingredient costs by 8-15% and packaging expenses by 10-18%.

Production efficiency gains come through automation and process optimization. Manual bottling operations costing $0.50 per unit can drop to $0.25-$0.35 per unit with semi-automated equipment by year two. Co-packing partnerships initially cost 30-40% more than self-production but eliminate capital expenditure, making them attractive for brands under 100,000 units annually. Once production exceeds this threshold, investing in owned equipment typically improves margins by 5-8 percentage points.

Supplier diversification protects against price volatility while enabling better negotiation leverage. Brands working with 2-3 ingredient suppliers rather than single-source relationships report 12-20% lower procurement costs over three years. Long-term contracts (12-24 months) lock in pricing but require accurate demand forecasting. Container and freight costs, which spiked 40-60% during recent supply chain disruptions, should be hedged through advance purchasing or alternative logistics routes.

Industry-specific margin benchmarks show significant variation: premium craft beverages maintain 45-60% gross margins, functional drinks achieve 40-55%, while value-oriented products operate at 25-35%. These margins improve as production scales, with established beverage brands eventually reaching 50-65% gross margins for premium lines and 35-45% for mainstream products.

What pricing strategy works best for beverage brands, and how sensitive are sales to price changes?

Effective beverage pricing combines value-based positioning with competitive analysis, using price pack architecture to serve different customer segments while maintaining 15-25% net margins.

Value-based pricing focuses on what customers will pay for perceived benefits rather than cost-plus formulas. Functional beverages with health claims command $3.50-$5.50 per unit, while standard refreshment drinks price at $1.50-$3.00. Premium positioning with organic ingredients, sustainable packaging, or unique flavors justifies 25-40% price premiums over conventional alternatives. Your pricing should reflect brand positioning: entry-level accessibility versus premium differentiation.

Price pack architecture segments your portfolio across price points. A three-tier structure works well: value packs (multi-packs at $1.25-$1.75 per unit), standard singles ($2.50-$3.50), and premium limited editions ($4.50-$6.50). This captures different purchase occasions—bulk buying for home consumption, impulse single purchases, and premium gifting or special occasions. Approximately 60% of revenue typically comes from mid-tier pricing, 25% from value, and 15% from premium.

Price sensitivity varies dramatically by product category and customer segment. Energy and functional beverages show low elasticity (0.3-0.6), meaning a 10% price increase reduces volume by only 3-6%. Standard sodas and waters demonstrate higher elasticity (0.8-1.2), where 10% price increases can decrease sales 8-12%. Premium craft beverages targeting affluent consumers show elasticity below 0.5, indicating pricing power and customer loyalty.

Dynamic pricing tools using AI algorithms now enable real-time adjustments based on demand signals, inventory levels, and competitive pricing. Brands using these systems report 3-8% margin improvement compared to static pricing. However, frequent price changes risk eroding brand trust, so limit adjustments to 2-3 times annually except for promotional periods.

This is one of the strategies explained in our beverage brand business plan.

How much should beverage brands invest in marketing and sales annually?

Beverage brands should allocate 8-12% of total revenue to marketing and sales in the growth phase, with higher percentages (12-15%) in year one declining to 8-10% by year three as brand awareness solidifies.

Digital marketing now represents 55-70% of beverage brand marketing budgets, overtaking traditional channels. Social media advertising (Instagram, TikTok, Facebook) delivers the highest ROI for beverage brands, with customer acquisition costs of $15-$35 depending on targeting precision. Influencer partnerships generate authentic engagement, with micro-influencers (10,000-50,000 followers) costing $500-$2,000 per campaign and delivering 3-7% conversion rates on tracked links.

Retail media networks—advertising on retailer websites and apps—are expanding rapidly, with spending forecast to surpass traditional TV advertising by 2028. Allocating 15-25% of marketing budget to retail media (Amazon Ads, Walmart Connect, Instacart Ads) drives sales directly at the point of purchase. These platforms report 4-6x return on ad spend for beverage brands with optimized campaigns.

Sampling and experiential marketing remain crucial for beverage brands despite digital growth. In-store sampling programs cost $8,000-$25,000 per major retail chain but convert 12-20% of samplers to purchasers. Event sponsorships and festival activations, budgeted at $25,000-$100,000 annually, build brand awareness and create user-generated content that amplifies digital presence.

Sales team investments vary by distribution model. Direct-to-retailer sales require 2-4 sales representatives at $60,000-$85,000 each plus 5-8% commission. Distributor relationships reduce fixed costs but take 18-28% margin. E-commerce platforms charge 8-15% fulfillment fees but provide immediate national reach without sales staff. A balanced approach typically dedicates 40% of budget to digital marketing, 30% to trade marketing and promotions, 20% to sales team and distribution, and 10% to brand building and PR.

What are the projected operating expenses for a beverage brand over three years?

Operating expenses for beverage brands typically start at 60-75% of revenue in year one, declining to 45-55% by year three as scale efficiencies take hold.

Logistics optimization delivers the most significant cost reductions. Centralized distribution centers reduce freight costs by 15-25% compared to multiple small warehouses. Third-party logistics (3PL) providers charge 10-18% of order value but eliminate facility overhead. By year three, efficient beverage brands negotiate volume discounts reducing logistics costs from 15% to 8-10% of revenue. Route optimization software cuts delivery costs 12-20% by consolidating orders and reducing fuel consumption.

Staffing costs decline as a percentage of revenue through productivity gains and automation. Initial teams of 8-15 people (production: 3-6, sales: 2-3, admin: 2-4, leadership: 1-2) expand to 20-35 by year three, but revenue grows faster. Automated inventory systems reduce warehouse labor by 30-40%. Digital customer service tools handle 60-70% of inquiries without human intervention, allowing smaller customer support teams.

Administrative expense control comes from digital transformation and strategic outsourcing. Cloud-based accounting systems ($150-$500/month) replace expensive in-house bookkeeping. Remote work arrangements cut facility costs 40-60%. Legal expenses, initially $15,000-$35,000 annually for compliance and trademark registration, stabilize at $8,000-$15,000 by year three. Insurance costs (product liability, business interruption, property) start at 2-3% of revenue, declining to 1-2% with improved safety records and scale.

We cover this exact topic in the beverage brand business plan.

What capital expenditures does a beverage brand need over three years?

Capital expenditure requirements for beverage brands typically total $275,000-$900,000 over three years, with 50-60% invested in year one for production setup and infrastructure.

Year one capital investments focus on production capability and basic infrastructure. Co-packing arrangements minimize upfront equipment costs but still require $50,000-$150,000 for specialized molds, testing equipment, and initial inventory. Brands choosing in-house production need $200,000-$500,000 for bottling lines, mixing equipment, quality control systems, and FDA-compliant facilities. Technology infrastructure—e-commerce platform, ERP system, inventory management—requires $25,000-$75,000. Cold storage equipment for perishable ingredients adds $30,000-$80,000. Delivery vehicles (if self-distributing) cost $40,000-$120,000 for 2-3 refrigerated vans.

Year two capital expenditures shift toward scaling and optimization, typically $75,000-$250,000. Automation upgrades (automated labeling, case packing) improve efficiency and cost $60,000-$150,000. Additional production lines to meet growing demand require $50,000-$100,000. Warehouse expansion or new distribution center setup costs $40,000-$120,000. Customer relationship management (CRM) and marketing automation tools add $15,000-$35,000. Quality assurance and testing equipment upgrades total $20,000-$50,000.

Year three investments focus on maintenance, efficiency, and strategic expansion at $50,000-$150,000. Equipment maintenance and replacement typically runs 8-12% of original equipment value annually. Market expansion into new regions may require additional cold storage ($25,000-$60,000) or regional distribution centers ($50,000-$150,000). Advanced analytics and AI-powered demand forecasting systems cost $20,000-$50,000. Sustainability investments—solar panels, water recycling systems—range from $40,000-$100,000 but reduce operating costs 15-25% annually.

Financing these capital expenditures typically combines equipment leasing (covering 40-50% of equipment needs at 6-12% interest), SBA loans or term loans (30-40% at 8-14% interest), and retained earnings or fresh equity (20-30%). Equipment leasing preserves cash flow but costs 15-25% more over the asset's life compared to direct purchase. Strategic phasing of capital investments to match revenue growth prevents over-investment and maintains adequate working capital.

What financing will a beverage brand need, and how should it be structured?

Beverage brands typically require $400,000-$1.5 million in total financing over three years, structured as 30-40% equity, 40-50% debt, and 20-30% reinvested profits.

Initial equity investment covers pre-revenue expenses and provides cushion for early losses. Founders typically contribute $100,000-$300,000, supplemented by friends and family rounds ($50,000-$150,000) and angel investors ($150,000-$500,000). Angel investors in beverage brands typically expect 15-25% equity stakes and 3-5x returns within 5-7 years. Venture capital becomes relevant at $2-5 million annual revenue, with investors seeking 20-35% equity for $500,000-$2 million investments.

Debt financing provides capital without diluting ownership but requires regular payments regardless of profitability. SBA 7(a) loans offer $50,000-$500,000 at 8-13% interest with 7-10 year terms, requiring 10-20% down payment and personal guarantees. Equipment financing specifically for production machinery provides $100,000-$750,000 at 6-12% interest, using the equipment itself as collateral. Revenue-based financing, increasingly popular for e-commerce beverage brands, advances $50,000-$500,000 repaid as 3-8% of monthly revenue until 1.3-1.6x the advance is repaid.

Working capital lines of credit ($50,000-$250,000 at 8-16% interest) bridge gaps between production costs and customer payments. Beverage brands with 60-90 day payment terms from retailers need these credit lines to maintain cash flow. Inventory financing allows borrowing 50-70% of inventory value to fund production of seasonal products or large retail orders.

Reinvested profits become the primary funding source by year two or three. Conservative financial planning assumes zero profit reinvestment in year one (covering losses), 20-40% reinvestment in year two (rest distributed or held as buffer), and 50-70% reinvestment in year three to fuel continued expansion. This progression reduces dependence on external capital and maintains founder control while funding sustainable growth.

Strategic timing of financing rounds matters significantly. Raising equity after achieving initial traction (first $500,000 revenue) commands 40-60% higher valuations than pre-revenue raises. Securing debt financing when showing positive cash flow qualifies for 2-4% lower interest rates compared to early-stage borrowing.

What cash flow should a beverage brand project, and how much liquidity is needed?

Beverage brands should maintain liquidity buffers of 2-3 months operating expenses in year one, increasing to 4-5 months by year three, with monthly cash flow projections revealing seasonal patterns and capital needs.

Monthly cash flow projections must account for timing mismatches between expenses and revenue. Production costs occur 30-60 days before product reaches customers. Retailers pay on 30-90 day terms, creating cash gaps of 60-150 days from production to payment receipt. A brand with $100,000 monthly revenue on 60-day payment terms needs $200,000-$250,000 working capital to bridge this gap while funding ongoing production.

Seasonal demand patterns significantly impact cash requirements. Summer months typically drive 40-60% higher beverage sales than winter, requiring inventory buildup in Q1-Q2. Brands must secure additional credit lines or hold cash reserves of $75,000-$200,000 to fund this seasonal inventory. Holiday seasons create similar demand spikes requiring 25-40% increased working capital. Conservative planning assumes 20-30% demand variability and maintains cash buffers accordingly.

Operating expense coverage ratios guide minimum liquidity needs. The standard benchmark maintains cash equal to 3-4 months of fixed expenses (rent, salaries, insurance, minimum utilities). For a beverage brand with $50,000 monthly fixed costs, this means holding $150,000-$200,000 in accessible cash or credit lines. This buffer protects against demand shocks, delayed receivables, or unexpected expenses without disrupting operations.

Cash conversion cycle—the time between paying suppliers and receiving customer payments—determines working capital efficiency. Excellent beverage brands achieve 45-60 day cycles through 30-day supplier terms, 15-20 day inventory turns, and 30-40 day receivables. Average brands operate on 75-90 day cycles. Reducing this cycle by 15 days frees 12-18% of working capital for growth investments rather than financing operations.

Rolling 13-week cash flow forecasts updated weekly provide early warning of shortfalls. Beverage brands tracking weekly cash positions identify problems 4-8 weeks before they become critical, allowing time to secure additional financing, adjust production schedules, or accelerate collection efforts. Scenario planning (best case, expected, worst case) helps prepare contingency responses for different demand outcomes.

Which KPIs should beverage brands monitor quarterly?

Beverage brands should track 8-12 core KPIs quarterly, focusing on revenue growth, margin trends, operational efficiency, customer metrics, and market position.

• Revenue Growth by Segment: Track total revenue growth (target: 8-12% quarterly in growth phase) plus growth rates for each product line, distribution channel, and geographic market. Identify which segments drive growth and which underperform. Premium products should grow 10-15% quarterly, while value lines maintain 5-8% growth. E-commerce channels typically expand 12-18% quarterly versus 4-8% for traditional retail.
• Gross Margin and COGS Trends: Monitor gross margin percentage (target: improving 0.3-0.5% quarterly) and absolute gross profit dollars. Break down COGS by ingredient costs, packaging, labor, and overhead to identify cost inflation or efficiency gains. Flag any margin compression early—supplier price increases or production inefficiencies eroding margins require immediate corrective action.
• Operating Expense Ratio: Calculate total operating expenses as percentage of revenue (target: declining 1-2% quarterly). Track major expense categories—marketing, logistics, personnel, administration—separately. Benchmark against 45-55% operating expense ratio for mature beverage brands, with new brands starting at 70-85% in year one.
• Cash Conversion Cycle: Measure days between paying suppliers and receiving customer payments (target: 45-75 days). Calculate as Days Inventory Outstanding + Days Sales Outstanding - Days Payables Outstanding. Reducing this metric by 5-10 days quarterly frees significant working capital. Monitor weekly to prevent cash crunches.
• Customer Acquisition Cost (CAC) and Lifetime Value (LTV): Track total marketing and sales expenses divided by new customers acquired (target CAC: $15-$45 depending on channel). Calculate LTV as average order value × purchase frequency × customer lifespan (target: 3-5x CAC). E-commerce allows precise tracking; retail distribution requires survey-based estimation. Maintain LTV:CAC ratio above 3:1 for healthy unit economics.
• Market Share and Distribution Points: Monitor share of category sales in tracked retail channels (Nielsen, SPINS data) with targets of 0.2-0.5% quarterly share gains. Track number of retail doors carrying products (target: 15-25% quarterly growth in year one, 8-12% in years two-three). Distribution point growth drives revenue but watch for adequate inventory and support per location.
• Return on Marketing Investment (ROMI): Calculate incremental revenue generated per marketing dollar spent (target: $3-$6 revenue per $1 marketing spend). Digital campaigns should deliver higher returns ($4-$8) than traditional advertising ($2-$4). Adjust budget allocation quarterly toward highest-performing channels. Track by campaign type—social ads, influencer, sampling, trade promotions—to optimize mix.
• Inventory Turns and Days on Hand: Monitor how many times inventory sells and replenishes annually (target: 8-15 turns for shelf-stable beverages, 15-25 for fresh products). Calculate as Cost of Goods Sold / Average Inventory. Excess inventory ties up cash and risks expiration; insufficient inventory creates stockouts and lost sales. Maintain 30-45 days inventory on hand as baseline, adjusting for seasonal demand.

It's a key part of what we outline in the beverage brand business plan.

How do beverage brand profitability targets compare to industry benchmarks?

Beverage brand profitability benchmarks vary by segment: functional beverages achieve 15-25% net margins, craft and premium brands reach 12-20%, while value-oriented products operate at 8-15% net margins.

Leading public beverage companies provide concrete benchmarks. Coca-Cola maintains gross margins of 60-62% and net margins of 23-26%. PepsiCo operates at 55-58% gross margins with 10-12% net margins due to broader product portfolio. Monster Beverage achieves exceptional 53-56% gross margins and 25-28% net margins through premium energy drink positioning. These established players benefit from massive scale advantages—your new brand should target margins 8-15 percentage points lower until achieving similar scale.

Emerging beverage brands hitting $5-20 million annual revenue typically operate at 35-45% gross margins and 5-12% net margins. Breakout brands reaching $20-50 million demonstrate 40-50% gross margins and 10-18% net margins. The scaling phase from $5 million to $20 million revenue proves most challenging—fixed costs remain high while pricing power develops slowly. Brands that survive this phase and reach $20 million+ revenue achieve margins approaching industry leaders.

Direct-to-consumer beverage brands using subscription models achieve higher margins (45-60% gross, 18-28% net) than wholesale-focused competitors (32-42% gross, 8-15% net) due to eliminating distributor and retailer margins. However, DTC customer acquisition costs run 40-70% higher, requiring strong customer lifetime value to achieve superior profitability. Hybrid models combining DTC and wholesale distribution optimize margin potential while building scale.

Return on invested capital (ROIC) benchmarks guide capital efficiency expectations. Top-quartile beverage brands generate 15-25% ROIC by year three, meaning each dollar invested produces $0.15-$0.25 annual profit. Average performers achieve 8-15% ROIC, while underperformers fall below 5%. Your three-year plan should target 12-18% ROIC by year three, demonstrating efficient capital deployment and attractive returns for investors.

What risks could derail beverage brand revenue or costs, and what contingencies address them?

Beverage brands face four major risk categories—supply chain disruption, demand volatility, regulatory changes, and competitive pressure—each requiring specific contingency measures.

Supply chain risks threaten both costs and continuity. Ingredient price inflation, particularly for sweeteners, fruits, and specialty inputs, can spike 15-40% during agricultural disruptions or geopolitical events. Packaging material costs—aluminum cans increased 35% in 2021-2022—directly impact COGS and margins. Container shipping delays or port congestion add 8-16 weeks to delivery timelines and increase freight costs 50-120%. Contingencies include dual-sourcing all critical ingredients (primary plus backup supplier for 80% availability), maintaining 45-60 days safety stock for key materials (versus normal 30 days), and hedging commodity prices through 6-12 month forward contracts. Pre-negotiated pricing agreements with suppliers lock in costs but require accurate demand forecasting.

Demand volatility creates cash flow stress and potential inventory write-offs. Consumer preferences shift rapidly—the 20% annual growth in non-alcoholic beverages creates opportunities but also strands conventional product inventory. Economic downturns reduce discretionary beverage spending 12-25%, with premium products hit hardest. Seasonal demand swings of 40-60% strain production capacity and working capital. Contingencies include flexible co-packing agreements allowing 20-30% volume adjustments with 4-6 week notice, maintaining product formulations adaptable to trending ingredients with 8-12 week reformulation capability, and conservative inventory management carrying 30-40% lower stock than forecasted peak demand to minimize obsolescence risk. Dynamic pricing during low-demand periods (10-25% discounts) helps clear inventory without destroying brand positioning.

Regulatory changes impact formulation, labeling, and market access. Sugar taxes implemented in 45+ global jurisdictions add $0.20-$0.50 per liter to retail prices, shifting demand toward zero-sugar alternatives. FDA's 2028 "Healthy" label requirements restrict added sugars and sodium, requiring reformulation for 30-50% of current products. State-level regulations on ingredients, recycling mandates, or labeling requirements vary across markets, adding compliance complexity. Contingencies include regulatory monitoring through industry associations and compliance consultants ($8,000-$18,000 annual investment), pre-emptive reformulation toward cleaner labels anticipating regulation (removing artificial colors, reducing sugars 15-30%), and maintaining flexible formulations allowing rapid adjustments without full production line changes. Buffer $25,000-$60,000 annually for regulatory compliance and reformulation costs.

Competitive pressure from new entrants and established brands threatens pricing power and market share. Major CPG companies launching competing products leverage 10-50x marketing budgets, securing prime retail shelf space. Direct-to-consumer upstarts bypass traditional distribution, capturing online sales at lower prices. Private label beverages from retailers undercut branded products by 20-35% while matching quality. Contingencies include differentiation through proprietary formulations or unique ingredients difficult to replicate (patent protection where possible), building direct customer relationships through subscription models (40-60% of revenue from recurring customers reduces retail dependence), and focusing on specialty retail and independent channels where major brands under-invest (natural food stores, fitness centers, specialty online retailers). Strategic partnerships with complementary brands or retailers (exclusive products or co-marketing) create competitive moats.

When should a beverage brand reach profitability, and how is progress communicated?

Most beverage brands target break-even by months 18-24 and positive net margins of 15-25% by year three, with quarterly stakeholder updates tracking progress against financial and operational milestones.

The profitability timeline follows a predictable pattern for successful brands. Year one typically generates losses of 15-35% of revenue as brands invest heavily in production setup, initial inventory, and market entry. Gross margins of 30-45% cannot cover operating expenses of 70-95% during the launch phase. Months 12-18 bring operational break-even as revenue reaches $800,000-$1.5 million annually and operating efficiencies reduce expense ratios below 60%. Net profitability at 5-10% margins emerges in months 18-24 as revenue crosses $1.5-$3 million and gross margins improve to 38-50% while operating expenses decline to 45-55% of revenue. Year three delivers net margins of 15-25% as the brand achieves scale advantages and brand recognition reduces customer acquisition costs.

Accelerating profitability requires strategic choices. Premium positioning allows higher gross margins (45-60% versus 30-40% for value brands), reaching break-even 4-8 months faster. Direct-to-consumer models achieve profitability 6-12 months earlier than wholesale-dependent brands due to higher margins, though require larger upfront marketing investments. Co-packing delays profitability 3-6 months versus owned production due to 30-40% production cost premium but eliminates capital expenditure risk. Conservative financial planning assumes the longer timeline in each scenario.

Stakeholder communication follows quarterly cadence aligned with board meetings and investor updates. Quarterly reports include financial statements (P&L, balance sheet, cash flow), KPI dashboards tracking 8-12 core metrics (discussed earlier), variance analysis explaining actual versus projected performance (revenue, margins, expenses), and forward-looking guidance updating next-quarter expectations based on current trends. Monthly flash reports provide abbreviated updates on revenue, cash position, and critical issues requiring immediate attention, keeping stakeholders informed between formal quarters.

Transparency about challenges builds stakeholder trust and secures support during difficulties. When missing projections, communicate early (don't wait for quarter-end), explain root causes specifically (demand shortfall, supply chain delays, competitive pressure), present revised forecasts with realistic assumptions, and outline corrective actions with clear accountability and timelines. Stakeholders accept setbacks when informed promptly and presented with credible recovery plans—surprises destroy confidence and complicate fundraising or partnership discussions.

Milestone-based communication highlights achievements beyond financial metrics. Securing major retail partnerships (national chain, regional expansion), reaching production capacity milestones (1 million units, new production line), achieving product development goals (new flavor launches, reformulations), and earning industry recognition (awards, media coverage) demonstrate progress even when financial results lag projections. Balanced scorecards including financial, operational, customer, and strategic metrics provide comprehensive performance visibility.

Get expert guidance and actionable steps inside our beverage brand business plan.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are encouraged to consult with a qualified professional before making any investment decisions. We accept no liability for any actions taken based on the information provided.

Sources

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7. Vena Solutions - Industry Benchmarks of Profit Margins
8. FlavoryDishes - What is a Good Margin on Beverages
9. Starter Story - How Profitable Is A Beverage Company
10. BusinessDojo - How profitable is a beverage brand