Majority of Irish food companies confident about growth despite inflationary pressures

Rising input costs and inflationary pressures are a top threat for 70% of Irish food businesses, according to new research published by Love Irish Food and PwC. The 2023 SME Food

Barometer reveals that despite the challenges, 95% of Irish food businesses are feeling optimistic about their growth prospects.

74% of respondents are of the view that economic growth will either improve or stay the same 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.

Irish food companies are taking action to tackle the challenges head on. Achieving operational efficiencies (63%) is a number one area for investment in the year ahead, followed by launching new products and services (51%), building people skills (49%) together with building brand trust (49%). However, respondents are predicting very low levels of investment in cybersecurity

FSAI and Healthy Ireland host food reformulation event

The Food Reformulation Task Force – a partnership between the Food Safety Authority of Ireland (FSAI) and Healthy Ireland – recently hosted a workshop in Cork on food reformulation for food manufacturers, retailers, and the foodservice sector

“The collaboration between the FSAI Reformulation Task Force and the food industry is fundamental in the reduction of saturated fat, sugar, and salt in commonly consumed processed food products in Ireland,” said Minister of State for Public Health, Wellbeing and National Drugs Strategy, Hildegarde Naughton.

Minister Naughton welcomed the progress made by the Task Force in the past year alongside stakeholders to deliver on the Food Reformulation Roadmap, under ‘Ireland’s Obesity Policy and Action Plan 2016-2025’.

The workshop will help “pave the way for Irish consumers to access better quality food,” Minister Naughton said. ■