Food processing poised for continuing growth
Moy Park, Northern Ireland's biggest company, is included in a majorUK survey that projects a 3-4 per cent growth in food and drink
manufacturing and processing by 2018-19.
The study, from Research and Markets, one of the world's biggest
research operations, predicts that the food processing sector in theUK will reach a value of pound113 billion by this date. The survey also included Glanbia which has a cheese processing operation in
Northern Ireland.
It estimates the size of the sector at 8,000 companies across the UKmore than 85 per cent of which have fewer than 50 employees. The keysectors are bakery, meat processing and dairy enterprises.
The top five of UK food companies accounted for total turnover of
£?30 billion.
Moy Park, Northern Ireland's only ?1 billion business was included
in the survey, recently announced plans to boost production by 16
per cent with the introduction of new technology incubators.
The company, based at Craigavon in county Armagh, processes five
million birds annually and saw pre-tax profits rise by 39 per cent
last year.
It was sold earlier this year by Marfrig to JBS, another Brazilian
food business. Moy Park also heads the Top 100 Companies in NorthernIreland
Food and drink companies employs over half a million people and havea turnover in excess of &ppound70 billion in the United Kingdom
alone.
With the improved economic conditions of the BRICS population, more and more business opportunities continue to arise, the report adds.
It says the industry is benefiting from growing confidence that has encouraged significant capital investment.
manufacturing and processing by 2018-19.
The study, from Research and Markets, one of the world's biggest
research operations, predicts that the food processing sector in theUK will reach a value of pound113 billion by this date. The survey also included Glanbia which has a cheese processing operation in
Northern Ireland.
It estimates the size of the sector at 8,000 companies across the UKmore than 85 per cent of which have fewer than 50 employees. The keysectors are bakery, meat processing and dairy enterprises.
The top five of UK food companies accounted for total turnover of
£?30 billion.
Moy Park, Northern Ireland's only ?1 billion business was included
in the survey, recently announced plans to boost production by 16
per cent with the introduction of new technology incubators.
The company, based at Craigavon in county Armagh, processes five
million birds annually and saw pre-tax profits rise by 39 per cent
last year.
It was sold earlier this year by Marfrig to JBS, another Brazilian
food business. Moy Park also heads the Top 100 Companies in NorthernIreland
Food and drink companies employs over half a million people and havea turnover in excess of &ppound70 billion in the United Kingdom
alone.
With the improved economic conditions of the BRICS population, more and more business opportunities continue to arise, the report adds.
It says the industry is benefiting from growing confidence that has encouraged significant capital investment.