Based on the data provided, the number of employees in the UK bakery products sector stood at 88.14 thousand in 2023. The sector witnessed a gradual decline from 98.33 thousand employees in 2013. Over the last two years, the sector has seen slight negative variations with a year-on-year decrease of approximately 0.75% from 2022 to 2023.
In terms of longer-term trends, the Compound Annual Growth Rate (CAGR) from 2018 to 2023 indicated a contraction of about 0.64% annually. For the forecast period up to 2028, this trend is expected to continue with a forecast 5-year CAGR declining by 0.64% annually, projecting an overall reduction in workforce by around 3.16% during this period.
Future Trends to Watch For:
- Automation and technological advancements may further reduce the demand for labor.
- Potential changes in consumer preferences, including a shift towards healthier options, could impact employment needs.
- Regulatory changes and economic factors such as inflation, Brexit, and supply chain disruptions might influence the sector's labor dynamics.