This year’s annual ifac food and agribusiness report paints something of a mixed picture for the industry.

The good news is that optimism among food and agribusiness is at 80%, the highest level in the history of survey.

That is tempered by the rising cost of doing business, coupled with uncertainty over trade measures and difficulty in finding staff.

The key findings of the report show:

  • 80% of food and agribusinesses are optimistic about the performance of their business over the next 12 months, a 25% increase on last year.
  • 44% of businesses have delayed investment due to uncertainty.
  • 80% of businesses report that input costs are still increasing, making those costs the number one concern for businesses.
  • 83% of survey respondents report receiving a similar or increased number of requests for sustainability data during the past 12 months.
  • The UK and EU remain key markets, with 89% of businesses maintaining or growing export sales in the last year.
  • Market entry and distribution are the key challenges for growing exports.
  • 70% of respondents are invoicing in currencies other then the euro, exposing them to foreign exchange risk.
  • 77% of business owners in the sector do not have a clear succession plan in place.

    • Group head of growth and agri-food consulting at ifac David Leydon said: “Even though business leaders are feeling positive, nearly half of them are holding back on investing because they are uncertain about the future.

    "Our report shows that the cost of doing business is a central concern and a persistent pain point - 80% of businesses cite increasing cost pressures.

    "For others, exploring opportunities to differentiate through sustainable practices is key. Sustainability is now a core part of operations.”

    See this week's Irish Farmers Journal for further analysis of the report findings.