Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Fastest Growing Industries by Imports in the UK in 2024
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View a list of the Top 25 fastest growing industries by importsGrowth in Imports for 2024: 28.7%
The Potato Crisps and Snacks Production industry has grown in popularity since 2017-18, with potato product makers adapting to new consumer tastes. Premium crisps have been growing in popularity - brands like Kettle Foods and Tyrrells have benefitted most from this, resulting in KP Snacks acquiring Tyrrells in 2018. However, potato product makers have also come under growing competition from healthier snack alternatives, as many potato products are rich in salt and saturated fats. Over the five years through 2023-24, industry revenue is forecast to fall at a compound annual rate of 0.5% to reach £2.6 billion.
Volatile weather conditions and... Learn More
Growth in Imports for 2024: 28.7%
The chocolate and confectionery industry is divided into three categories: cocoa products, sugar confectionery products and chewing gum. These productions have faced numerous challenges such as rising health consciousness, fluctuating input costs and increased competition from imported goods, all contributing to reduced revenue. The growing popularity of organic and fairtrade practices stems from a marked increase in health awareness, leading consumers towards healthier alternatives. Consequently, manufacturers have started producing low-sugar versions of classic chocolate bars. This strategy has expanded niche markets and chocolate manufacturers' wider production of vegan and reduced-sugar products.
Industry revenue is expected to decline at a compound annual... Learn More
Growth in Imports for 2024: 22.8%
Motorcycle manufacturers produce motorcycles, mopeds and cycles fitted with an auxiliary engine. They also produce engines, sidecars and motorcycle parts and accessories. Manufacturers mainly provide final goods to dealers, both domestic and international, although other motorcycle manufacturers and parts resellers are also important markets. Motorcycle manufacturing in the UK is declining – the only major player, Triumph Motorcycles, has relocated mass manufacturing to its three production facilities in Thailand. Intense import penetration has reduced output. Revenue has decreased at a compound annual rate of 1.6% to £596 million over the five years through 2022-23. This includes growth of 2.6% in... Learn More
Growth in Imports for 2024: 19.8%
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 Imports for 2024: 18.1%
Most of the malt produced in the UK is derived from malting barley and is sourced from domestic farmers that are located in the eastern regions of the UK. The UK Malt Manufacturing industry is in decline due to facing some pandemic- and inflation-related turbulence. Growing demand for craft beer and Scotch whisky across the globe is driving demand for malted barley, supporting industry performance.
Industry revenue is falling at a compound annual rate of 2.2% over the five years through 2022-23 to approximately £626.6 million, including a contraction of 1.7% in 2022-23. The temporary closures of the UK hospitality sector... Learn More
Growth in Imports for 2024: 17.0%
Over the five years through 2022-23, revenue is projected to dip at a compound annual rate of 5.4% to £5.9 billion. Efforts to decarbonise the global supply chain have supported the demand for energy-efficient turbines. In 2021, the UK led the installation of new wind turbines in Europe, with 2,317 new offshore wind installations and 328 new onshore wind installations, indicating strong sales in renewable energy markets. Yet, import penetration has remained high and hindered manufacturing performance. Challenging trading conditions in global industrial markets have resulted in substantial revenue volatility.
In 2022-23, revenue is anticipated to balloon by 7.7% thanks to... Learn More
Growth in Imports for 2024: 15.4%
Electronic components are ubiquitous in modern life. A vast range of appliances, from computers and mobile phones to TVs and cars, use electronic components. They are present in infrastructure, like traffic lights and alarm systems, and in medical equipment, industrial machinery and solar panels. Although UK companies design a considerable number of new electronic components, the UK industry is not considered to be a global market leader. There has been a tendency to outsource manufacturing away from the UK and, in some cases, to stop physical manufacturing altogether. Instead, there's focus on the production and sale of intellectual property in... Learn More
Growth in Imports for 2024: 14.4%
The Ceramic Household and Ornamental Article Manufacturing industry experienced moderate growth up until the onset of the pandemic when manufacturers faced enormous challenges, with supply chain disruptions and lockdown restrictions taking a toll on major downstream markets. Over the five years through 2023-24, revenue is anticipated to decline at a compound annual rate of 2.7% to £492.5 million, including a projected growth of 1.9% in the current year.
The industry receives a high level of assistance in the form of anti-dumping tariffs on Chinese ceramics imports and government policies aimed at boosting the innovative capacity of the wider manufacturing sector. Rising... Learn More
Growth in Imports for 2024: 13.4%
The market has ballooned in recent years, driven by premiumisation amid surging demand for products made with high-quality natural ingredients, and spurred on by inflationary price hikes since 2021-22. The rise of pet parenting, where pets are treated as part of the family, has fuelled the penetration of premium pet foods, with consumers becoming more concerned about the benefits of providing a nutritious diet for their pets and willing to purchase premium products that are marketed with organic and healthy ingredients. This has mitigated the effects of a potentially challenging operating environment amid falling disposable incomes and unwelcome pet population... Learn More
Growth in Imports for 2024: 13.1%
The abrasive product manufacturing industry is dominated by four large companies, Saint-Gobain High Performance Solutions UK, 3M United Kingdom, Washington Mills Electro Minerals and Sia Abrasives, alongside a number of small players. Demand for abrasive products is largely determined by the level of demand from manufacturing and construction firms.
Over the five years through 2023-24, revenue is expected to decline at a compound annual rate of 1.3% to £182.5 million, including growth of 2.9%. With the industry's main clients in the manufacturing and construction sectors enduring tough operating conditions in recent years, demand for abrasive products has deteriorated. The depreciation of... Learn More
Based on the expert analysis and our database of 440+ UK industries, IBISWorld 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, IBISWorld presents a list of the Biggest Industries By Revenue in the UK in 2024
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