A new report published by ifac has found that 41% of Irish food companies see exporting as key to growth in 2024, with more than two-thirds of Irish agribusinesses now exporting.
'Getting your business fit for export' is Ireland’s only annual temperature check of food and agribusiness SMEs and contains insights from industry leaders in over 120 food and agribusinesses.
ifac is an Irish farming, food and agribusiness specialist professional services firm.
'Significant Impact Internationally'
"Exporting has always been important for our large food companies and co-operatives; some agri-engineering companies have also made a significant impact internationally," said David Leydon, head of agribusiness at ifac.
"Already, two-thirds of respondents to our survey are exporting with many more eager to follow their lead.
"However, there is now a need to accelerate exporting efforts, especially for small and medium companies."
Rising Costs
The survey shows that 64% of Irish food and agribusiness SMEs are optimistic about 2024 despite rising costs (up 10% compared to 2022).
Of those surveyed, 80% have maintained or increased their turnover in the past year.
The biggest challenges to growth include the cost and availability of inputs (63%) and the cost of finance (23%).
Cashflow Issues
Eighty one percent of the business owners surveyed reported an increase in costs.
Meanwhile, 38% say they are facing cashflow issues.
Climate Action
The survey found that 90% of Irish food companies are taking climate action as global expansion becomes a priority.
Additionally, 75% have set or are setting sustainability goals.
'Central Focus'
“Sustainability remains a central focus for the sector," said John Donoghue, CEO at ifac.
"The reduction of energy use and waste are the strongest initiatives."
