Based on the expert analysis and our database of 440+ UK industries, ÃÛÌÒÊÓƵapp presents a list of the Fastest Growing Industries by Exports in the UK in 2024
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View a list of the Top 25 fastest growing industries by exportsGrowth in Exports for 2024: 28.5%
The Footwear Manufacturing industry's revenue is expected to contract at a compound annual rate of 1.3% to £616.3 million over the five years through 2023-24. Before the COVID-19 outbreak, expansion had been facilitated by various government policies targeting innovation within the broader textiles manufacturing sector and growing interest in high-quality British footwear. British independent cobblers have aimed to capitalise on heritage brands and expand their presence abroad.
The COVID-19 outbreak shook the industry in 2020-21. Footwear sales fell, as many retail stores and factories closed during nationwide lockdowns and social distancing measures limited footfall and output even when shops reopened. Revenue... Learn More
Growth in Exports for 2024: 25.5%
The range of products churned out by kitchen furniture manufacturers is fairly wide, covering flat-packs or bespoke kitchens, upholstered and un-upholstered chairs, among other things. Industry revenue is forecast to grow at a compound annual rate of 1.2% over the five years through 2022-23 to reach £2.8 billion. Growing residential construction activity propped up kitchen furniture sales prior to the COVID-19 pandemic, but then housebuilding activity came to a temporary standstill. Kitchen renovation were also halted, with builders unable to enter people's homes to carry out work – these factors ate into kitchen furniture sales in 2020-21. Alongside this, after... Learn More
Growth in Exports for 2024: 24.6%
The Juice Production industry revenue is expected to have shrunk at a compound annual rate of 2.7% over the five years through 2023-24 to £517 million, including a contraction of 2.9% in the current year. The industry has been dealt blow after blow to their supply chains – COVID-19 and related lockdowns restricted international trade for over a year and poor harvests, combined with the Russia-Ukraine war, have led to prices of imported fruit skyrocketing since 2020. Furthermore, criticisms over fruit juice and smoothie sugar contents have also damaged the industry's reputation for having healthy products.
Shocks to inputs are the... Learn More
Growth in Exports for 2024: 16.0%
Non-dairy milk sales are booming. Consumers are living by the health-is-wealth mantra and swapping traditional dairy milk with a high saturated fat content with plant-based alternatives. Plant-based beverages are hailed as more sustainable and appealing to the eco-warrior, using fewer resources (land, water, and energy) and emitting lower greenhouse gases than traditional cow's milk.
As more consumers have switched to non-dairy milk, producers are pouring money into research and development to come up with innovative flavours and ranges. Food processors have latched onto the plant-based trend, introducing vegan cheese, yoghurts, and spreads where non-dairy milk is the main ingredient. Enticed by... Learn More
Growth in Exports for 2024: 15.7%
The Radiator and Boiler Manufacturing industry' revenue is forecast to decline at a compound annual rate of 1.8% over the five years through 2023-24 to £1.6 billion. This includes expected growth of 0.7% in 2023-24. Boiler producers have been insulated from volatility in construction markets by the introduction of government subsidies and schemes encouraging appliance replacement, which bolstered industry sales. Tightening environmental regulations and rising energy prices boosted the appeal of these schemes to consumers, driving up sales. However, import competition is high, with construction companies favouring imported brands.
Residential and commercial activity tanked in 2020-21 because of the COVID-19 outbreak.... Learn More
Growth in Exports for 2024: 15.4%
Bearing and gear manufacturing companies produce a wide range of bearings, gearboxes, clutches and transmission shafts. Despite being artificially inflated by re-exports and intermediate imported goods, international trade is crucial to the industry. The UK bearing and manufacturing industry is small compared to the global industrial gears and bearing systems market. High import penetration has resulted in pricing pressure and foreign producers' quality and cost advantages have siphoned market share away from UK-bearing and gear manufacturers operating in the global market, like NSK Europe Ltd.
Over the five years through 2022-23, industry revenue is forecast to contract at a compound annual... Learn More
Growth in Exports for 2024: 15.3%
In recent years, demand has been supported by policies intended to boost housing construction. Continued policy support, like the extension of the Help to Buy scheme through March 2023, has continued to boost demand from the residential construction market. Building plaster product manufacturers have also benefited from the shift towards lightweight dry construction methods, aiding revenue growth. Demand for innovative building plastering products that are more insulating, sustainable, fire-resistant or lightweight has been particularly strong, which has benefited the industry.
The building plaster product manufacturing industry's performance tends to align with conditions in the construction sector. Industry revenue is expected to... Learn More
Growth in Exports for 2024: 13.6%
Pasta product manufacturing revenue is expected to rise at a compound annual rate of 3.5% over the five years through 2022-23 to reach £130.8 million. Industry growth has largely come from new product development and heightening demand for fresh pasta. The perceived superiority of Italian-made pasta and the fact that many Italian producers have firmly cemented themselves in the market limits sales for UK pasta product manufacturers, especially in the dried pasta market.
Although some manufacturers have adapted to changing consumer tastes for alternative flours, this shift has been fairly slow. Local manufacturers are being forced to compete with Italian producers... Learn More
Growth in Exports for 2024: 13.5%
The Bread and Bakery Goods Production industry proves susceptible to changes in consumer tastes and incomes, as well as global events. Over the five years through 2023-24, revenue is set to shrink at a compound annual rate of 1%; this has mostly been as a result of the COVID-19 pandemic slowing down demand, the war in Ukraine hitting wheat supplies and the cost-of-living crisis denting sales. As incomes fall, people cut back on their spending on luxuries, including many bakery goods such as pastries and cakes. The long-term effects of COVID-19 – like the shift to working from home –... Learn More
Growth in Exports for 2024: 13.4%
Industry revenue is expected to grow at a compound annual rate of 1% over the five years through 2022-23 to £1.2 billion. The price of inputs have a major influence on the performance of oil producers, as well as demand conditions. Falling input prices over the three years through 2019-20 had a knock-on effect on industry revenue, which declined over the three years through 2020-21. However, rising prices since the COVID-19 outbreak in March 2020 is has caused rapid growth, including 6.4% in the 2022-23.
Rising health consciousness has caused a shift in the market. Rapeseed oil has grown in popularity... Learn More
Based on the expert analysis and our database of 440+ UK industries, ÃÛÌÒÊÓƵapp presents a list of the Biggest Industries by Employment in the UK in 2024
VIEW ARTICLEBased on the expert analysis and our database of 440+ UK industries, ÃÛÌÒÊÓƵapp presents a list of the Biggest Industries By Revenue in the UK in 2024
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