Recent surveys of the UK’s food and drink sector from Lloyd’s Bank and Bank of Scotland shows a positive outlook for the industry over the next five years.
Lloyd’s Bank’s Food and Drink Sector Survey has forecasted a 19% growth in England and Wales by 2021, and the creation of an extra 75,000 jobs. The outlook in Scotland is similarly positive according to the results of a Bank of Scotland survey, which predicts 14,000 additional jobs in the same period.
Growth Through Investment and Export
As well as creating new jobs, the sector plans to grow investment, continue to seek overseas expansion, and increase turnover. Lloyd’s survey shows that 30% of food producers plan to focus on overseas growth, with Western Europe remaining the top target for the sector.
95% of companies surveyed by Lloyd’s Bank are forecasting growth over the next five years, whilst Scotland’s industry expects to see an increase in turnover of 24%.
New product development is an area firms are focusing on, with many recognising the opportunities available from collaboration on product development and moving to new markets.
This positivity is good news for the UK economy as a whole, as the food and drink sector contributes almost £22 billion to the economy annually, making it the largest manufacturing sector.
“As a supplier to some of the UK’s largest food producers, we welcome the news of a positive outlook for this sector. It’s also encouraging to see collaboration emerging as a key trend in the research. It’s an approach we believe in here at Quinn Packaging, as demonstrated by our experience in collaborating with some of the largest UK food processing companies in product development and new market entry.
Mark McKenna, General Manager, Quinn Packaging