Food & Drink Industry Report 2017

Date: 06-09-2017

Tagged as: ArticleGrowthInvestmentInternational Trade

 

Food and drink firms have upgraded their growth forecasts with an increasing number looking to target new international customers, according to our latest survey of the sector.

The report found that, despite the short term challenges brought about by the UK’s planned exit from the EU, firms have more ambitious growth plans than this time last year, and plan to grow by developing new products, growing sales in the UK and creating new jobs.

The number of firms investing to secure new international customers has increased year-on-year and businesses plan to enter new markets both inside and outside the EU.

Lloyds Bank’s fourth annual study is part of a wider survey of 200 businesses across the UK. This report surveyed English and Welsh producers and manufacturers of alcohol, fresh produce and food and drink products, and is produced to support the industry with insight into the opportunities and challenges faced by the nation’s food and drink sector.

Key findings include:

Over the next 5 years:

  • Firms are forecasting turnover growth of 21% up from 19% last year
  • 95,000 new jobs are expected to be created
  • 28% plan to export for the first time
  • 48% of firms say rising labour costs are the biggest challenge for the sector.
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