The majority of Irish food companies remain confident about growth this year – despite being threatened by rising input cost and inflationary pressures.

That’s according to the 2023 Love Irish Food and PwC SME Food Barometer which revealed that 95% of Irish food businesses confident about growth prospects despite challenges – but 50% of food producers list labour shortages as a continuing threat.

Indeed rising input costs and inflationary pressures area top threat for 70% of Irish food businesses, according to the research published this week.

Nonetheless, Irish food companies are positive about the economy’ 74% of respondents are of the view that economic growth will either improve or stay the same in the year ahead. Of these respondents, 33% believe it will improve, up from 24% last year.

The survey signals that Irish food SMEs believe that they have strengthened their business models with enhanced measures to control costs.

Other top challenges mentioned in the survey are greater economic volatility at 56%, down from 86% last year and supply chain issues at 51%. Half also said that labour shortages are a key threat for future business growth.

For more, read this week’s Connacht Tribune.

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