Fast growing food and drink firms in Scotland could create up to 10,000 jobs in the next five years as the sector remains on track to double exports, a new report has found.
The report from Bank of Scotland found that food and drink firms, currently a £14billion industry, planned to ramp up investment and create new jobs to meet forecast growth up to 2019.
The report, which surveyed a broad range of more than 100 Scottish food and drink businesses found that two-thirds are expecting to increase their workforce by creating by creating almost 2,000 jobs between them by 2019. If replicated across the industry, this would result in the creation of 10,000 additional roles, the bank said.
Graham Blair, SME Area director for Bank of Scotland, said: “Scotland’s food and drink sector is already a key growth driver for Scotland’s economy, and this report gives a taste of how it will become even stronger. The sector has vastly outperformed the wider economy in recent years, growing strongly during the downturn but as global economic conditions continue to improve its growth is likely accelerate even further in the next five years.
“Our report also shows that Scotland’s reputation for providing iconic and high quality food and drink products is increasing the global appetite for our produce not just in Europe but in South East Asia and South America.
James Withers, Chief Executive of Scotland Food & Drink, said: “We are witnessing record growth levels in the Scottish food and drink industry, with the nation cementing its reputation at home and abroad as a Land of Food and Drink. We have moved from a position of static growth in 2007 to a 40% rise in the value of the sector since then.
“The industry and government are working in close partnership on a clear strategy and we have set a new growth target of £16.5 billion in turnover by 2017.
“We have a 10 year plan to double food and drink exports from Scotland and, with real momentum now, we’re right on track.”
SNP Spokesperson on Food and Drink, Richard Lochhead said the jobs boom would add to the 358,000 people already employed in the sector in almost 34,000 food and drink businesses nationwide.
“The expected growth is almost double the figure estimated in last year’s report and highlights tremendous confidence in our food and drink sector which has been experiencing phenomenal growth in recent years,” he said.