Ireland’s food processing sector is expected to see an explosion in growth. A recent survey by Investec Europe showed that CFOs, business owners and decision makers in the sector believe they have strong prospects for growth.
In fact, 76% of those surveyed believed that their businesses are likely to grow in the next 12 months.
Furthermore, 37% of respondents said that they saw the most sales growth coming from Ireland over the next year, compared to 37% from the UK and 26% from the rest of the world. Almost 65% of respondents are looking to export either to the UK or to the rest of the world.
A whopping 83% of respondents plan to pursue organic growth strategies, and a significant number looking to drive growth through mergers or takeovers.
However, not all is rosy on the emerald island. Instability in trade, especially through tariffs from the US, could still have a negative impact on business growth.
Furthermore, foreign exchange volatility or regulation could also impact business growth.
“It is encouraging to see such a strong expectation of growth among businesses in the food processing sector,” said Investec head of business development for TRS Mark O’Brien.
“This optimism is a testament to the resilience and determination of companies to thrive in a competitive environment. Irish producers have already adapted to the realities of Brexit and have a lot of experience in managing the new trading environment it has created.”