Fastest Growing Industries by Exports in the UK in 2023

1. Office & Shop Furniture Manufacturing in the UK

Growth in Exports for 2023: 87.9%

Over the five years through 2023-24, office and shop furniture manufacturing revenue is forecast to contract at a compound annual rate of 4% to £2.1 billion. Economic uncertainty caused by the Brexit vote encouraged businesses to manage spending budgets with greater caution, restricting sales of office and shop furniture. Similarly, commercial construction activity weakened, reducing the number of commercial premises needing to be furnished. These uncertainties were worsened by the COVID-19 pandemic, as businesses prioritised cashflow, causing spending to be reduced and investments or projects to be postponed or even cancelled.

During 2023-24, revenue is forecast to grow by 4.1%. Business... Learn More

2. Railway Equipment Manufacturing in the UK

Growth in Exports for 2023: 56.5%

Rolling stock manufacturers rely heavily on long-term rolling stock replacement contracts. These contracts have long lead times and involve periodic payments throughout the manufacturing process, followed by a balloon payment when the project reaches completion, creating a high level of revenue and profit volatility. The industry's performance is heavily dependent on the performance of Alstom Transport and Hitachi Rail, with both companies holding 55.3% of market share. Revenue is forecast to drop at a compound annual rate of 8.1% over the five years through 2023-24 to £2 billion, including an expansion of 0.5% in 2023-24.

In 2020-21, revenue dropped fell by... Learn More

3. Petroleum Refining in the UK

Growth in Exports for 2023: 45.0%

A number of petroleum refiners have altered their production to focus on diesel as the new primary fuel. Diesel is more fuel efficient than petrol and until recently was considered more environmentally friendly. Nevertheless, both petrol and diesel face rising competition from alternatively fuelled vehicles due to their reduced emissions, lowering demand for industry products.

Industry revenue is expected to grow at a compound annual rate of 2.7% over the five years through 2023-24 to £55.5 billion, including forecast growth of 4.1% in 2023-24. The COVID-19 pandemic led to significant contraction in demand for fuel. Global border and travel restrictions took... Learn More

4. Sanitary Product Manufacturing in the UK

Growth in Exports for 2023: 44.0%

The Sanitary Product Manufacturing industry is challenged by companies restructuring their operations and moving production overseas to take advantage of lower production costs. Stronger brands face competition from low-cost alternatives and higher input costs, putting pressure on prices and squeezing profitability. Despite a temporary surge in sales toilet paper, tissues and other personal-care items when COVID-19 hit (UK consumers stockpiled goods as they feared shortages), revenue dipped in 2020-21, with lockdown measures cutting into demand from businesses. Industry revenue will fall at a compound annual rate of 1.6% over the five years through 2022-23 to £2.7 billion, including a 3.5%... Learn More

5. Butter & Cheese Production in the UK

Growth in Exports for 2023: 39.8%

The Butter and Cheese Production industry has expanded in recent years, supported by increasing farm-gate milk prices over the period. Fluctuations in global milk supply cause volatility in the domestic price of milk, which makes industry revenue volatile. The persistent popularity of cheddar cheese and ongoing product innovation has been the principal source of revenue for the past couple of decades. The provenance of food has played an important factor in consumer purchasing habits, with artisan cheese producers growing in popularity.

Industry revenue is forecast to climb at a compound annual rate of 5.1% over the five years through 2022-23, including... Learn More

6. Whisky Production in the UK

Growth in Exports for 2023: 38.6%

The Whisky Production industry is dominated by the production of Scotch single malt and Scotch blended whisky. Scotch whisky can only be produced in Scotland according to strict regulatory standards, which restricts the supply of Scotch whisky and increases premiumisation. growing popularity of whisky has enticed a number of new distillers into the market recently, making the industry more fragmented, though the largest distillers – notably Diageo and Chivas Brothers – still hold big shares of the market,

Over the five years through 2023-24, industry revenue is expected to grow at a compound annual rate of 2.3% to £4.9 billion, including... Learn More

7. Jewellery Manufacturing in the UK

Growth in Exports for 2023: 37.8%

Jewellery manufacturing revenue is forecast to contract at a compound annual rate of 5.8% over the five years through 2023-24 to £954.7 million. Before COVID19 hit, falling unemployment and rising disposable incomes supported jewellery sales. However, the pandemic sent shockwaves through the industry, wreaking havoc on commodity prices and prompting the introduction of lockdown restrictions, resulting in the decimation of downstream markets. Jewellery manufacturers revenue was supported, though, by the weak pound bolstering export markets and helping to keep imports at bay.

As the COVID-19 pandemic started to wind down, inflationary pressures were compounded by the Russia-Ukraine conflict, causing inflation to... Learn More

8. Grain Milling in the UK

Growth in Exports for 2023: 37.3%

Grain milling is an advanced, modern industry with highly specialised automated production processes. The industry's revenue performance depends on several highly variable factors that impact growing conditions, like climate, pests and grain prices. Wheat, the industry's primary input, is one of the world's most important agricultural commodities and essential for producing several staple foods. Volatile wheat prices have contributed to revenue fluctuations over the past few years. Over the five years through 2023-24, industry revenue is forecast to contract at a compound annual rate of 2.3% to £2.1 billion, including an expected drop of 1.1% in 2023-24, driven by lower... Learn More

9. Gin Production in the UK

Growth in Exports for 2023: 35.0%

The UK's gin boom has spurred exceptional growth in gin production revenue in recent years, with an influx of craft distillers capitalising on a resurgence in the popularity of gin among consumers prior to the pandemic. Consumers were attracted by the healthier perception of gin compared with some other alcoholic drinks, as well as several new flavours and premium brands hitting shelves. The UK's strong reputation for gin production has ensured strong export demand in recent years, bolstered by favourable exchange-rate fluctuations in the aftermath of the Brexit-vote.

Gin Production revenue is forecast to contract at a compound annual rate of... Learn More

10. Agricultural & Forestry Machinery Manufacturing in the UK

Growth in Exports for 2023: 31.4%

The Agricultural and Forestry Machinery Manufacturing industry produces equipment like tractors, harvesting machinery, agricultural trailers, lawnmowers and other gardening equipment. During 2020-21, COVID-19 disruptions negatively impacted the industry's complex supply chains and vital downstream markets, which limited manufacturing capacity and lowered order volumes. However, after these disruptions dissipated in 2021-22, downstream agricultural income surged, dragging up industry revenue by 34%. In 2023-24, industry revenue is expected to drop by 9.6% because of weak real household disposable income and lower capital spending in crucial downstream markets.

Over the five years through 2023-24, the agricultural & forestry machinery manufacturing industry is expected to... Learn More