The production of food products in the UK has shown consistent growth from 2013 to 2023, starting at 74.27 billion pounds sterling in 2013 and reaching 88.69 billion pounds sterling in 2023. Over the last decade, this represents a compound annual growth rate (CAGR) of 1.61%. The trend was disrupted in 2020 by a 3.66% decline, likely due to the impacts of the COVID-19 pandemic. However, the market rebounded in 2021 with a significant 7.01% increase.
Year-on-year growth has varied, with notable increases in 2017 and 2018, both exceeding 4%. The growth rate slowed slightly in 2022 and 2023, with year-on-year growth rates of 1.6% and 1.55%, respectively.
Looking ahead to the forecasted data from 2024 to 2028, the production value is expected to continue increasing, reaching 95.74 billion pounds sterling by 2028. The anticipated CAGR for this period is 1.21%, indicating steady growth but at a moderated pace compared to previous years.
Future trends to watch for include:
- Impact of Brexit on food product trade and production regulations.
- Technological advancements and their adoption in food production to enhance efficiency.
- Shifting consumer preferences towards sustainable and locally sourced food products.
- Potential economic impacts of geopolitical events and global supply chain disruptions.