Over three quarters (76%) of chief executives surveyed by Love Irish Food believe the food and drinks industry in Ireland is inadequately prepared for the impact of Brexit.
The survey, which gathered the views of Love Irish Food member brand CEOs, also found that 89% food and drinks business leaders had already felt an impact of Brexit, with 33% noting that the impact had been “significant” to date.
Love Irish Food, which boasts member brands including Cadbury and Tic Tac, aims to safeguard the future of the branded food and drink manufacturing sectors in Ireland. Its members employ more than 15,000 people in Ireland in food and allied businesses.
In what may be seen as an affirmation of the Irish food and drinks industry’s commitment to Europe, 93% of the CEOs surveyed do not believe there will be a so-called ‘Ire-Exit’.
Launching the survey, economist and Love Irish Food chairman Jim Power said: “There can be no doubt that Brexit has had and will continue to have a significant impact on the food and drinks industry in Ireland – the views of some the sectors’ most senior business leaders surveyed by Love Irish Food clearly attest to that.
“The food sector is undoubtedly the most exposed sector of the economy to negative Brexit outcomes. Given this, there should be no surprise that the vast majority of those surveyed do not believe there will be an Ire-Exit. This is a clear affirmation of the Irish food and drinks industry’s commitment to Europe.”
Colin Gordon, CEO of Glanbia Consumer Foods, a Love Irish Food member brand, said: “There is no hiding the risks of Brexit to the food and drinks industry in Ireland, particularly with regard to currency and profitability.
“Something the Love Irish Food CEO survey has highlighted is the need for businesses within the food and drink sector in Ireland to safeguard themselves against the risks of Brexit. All stakeholders should take up this opportunity and need to ensure the least amount of risk to the most important industry in Ireland.”
On a positive note, almost half (45%) of CEOs surveyed insist that Britain’s exit from the European Union could create positive opportunities for the food and drinks sector in Ireland and 93% do not expect their Irish revenues to decrease during Brexit.
© FoodBev Media Ltd 2020
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