Recent analysis by the Institute of Grocery Distribution shows that the food industry is responsible for one in eight jobs in the UK and accounts for 40% of all retail sales in the country.
“Powering the Everyday Economy- the role of the food system” shows that in manufacturing terms, the food and drink sector stands out as the largest, reaching an annual value of £25 billion. The report notes that consumer spending remains restrained due to financial pressures, particularly among lower income families. Around 46% of these households are expected to cut back on their food and grocery expenditure in the near future.
IGD’s economics and public policy manager, Matt Stoughton-Harris, emphasises the importance for businesses to adapt to evolving legislative requirements, particularly in areas such as waste and resource management. To promote resilience, growth, and carbon emission reduction, businesses are advised to concentrate on attracting a skilled workforce and implementing sustainable packaging solutions.
For further information, visit https://www.igd.com/Social-impact/Economics/Viewpoint-Powering-the-everyday-economy