There is a sense of optimism in Food and Drink despite the challenges facing the industry.
81% of business leaders polled in our 2023 Food and Drink manufacturing survey are feeling positive about the prospects for the sector, up from 69% in our 2022 survey. This demonstrates the growing awareness of the sector’s resilience, especially after many businesses have endured Brexit, Covid-19, supply chain challenges and the cost-of-living crisis.
However, 70% of respondents said they were positive about the future of their own business, down from 78% in last years’ survey, indicating that leaders are more worried about their own businesses than the sector as a whole.
In the latest Food and Drink Report we assess the sentiment of Food and Drink manufacturers in the UK, identifying the key challenges they are facing and the key drivers for growth. The report also addresses how the industry is dealing with the struggle to recruit staff, implement technologies, defend against growing cyber threats and adjust to changing consumer preferences while focusing on sustainability.
Key stats from the report:
- 78% of Food and Drink respondents are positive about the prospects for their business
- 50% are experiencing difficulties in recruiting the people they need
- 24% are seeking additional finance to counter inflation
- 30% say new product development will offer sales growth opportunities for their business
- 65% say the conflict in Ukraine is still having an impact on their business
If you would like to discuss any issues or topics raised in this report, please don't hesitate to contact Cindy Hrkalovic, Head of Food and Drink or your usual BDO Manufacturing advisor.