The vast majority (84 per cent) of Irish food companies expect to grow both revenue and profit next year according to Grant Thornton’s ‘Hunger for Growth’ report.
The Irish responses were matched by similar positive forecasts across all other countries surveyed revenue to increase by 90 per cent, profit to grow by 82 per cent), suggesting that the wider global economic recovery is benefiting food producers. Employment in the sector in Ireland is expected to grow significantly, with 60 per cent of companies expecting to hire more staff in 2014 (57 per cent increase internationally). Irish food businesses showed an encouraging level of support for government
regulations on food traceability, with 60 per cent saying regulations had a positive effect on their business. The trend towards locally sourced food is also viewed as positive by 64 per cent of respondents. Commenting on the report Ciara Jackson, Head of Food at Grant Thornton said: “Businesses have emerged from the recession as stronger and better structured. They have weathered the storm and are changing from a ‘what we have we hold’ strategy to focusing on growth. Irish food companies that embrace a lean culture are now ready to invest in leveraging technology and new product development to successfully navigate the challenges and opportunities presented by the global supply chain.”