Agrifood growth:  From uncertainty to opportunity

Covid-19 and Brexit are shaping up to be a perfect storm but the agribusiness sector is showing resilience

Businesses supplying hotels and restaurants suffered more during lockdown. Picture: SkitterPhoto/Pexels

The IFAC Food and AgriBusiness Optimism Index is at a three-year low, down from a high of 74% in 2018 to a low of 55% this year. Revenue has decreased for over half of businesses and more than six in 10 have availed of Covid-19 supports.

On a positive note, the findings of our annual report on the state of Irish food and agribusiness SMEs show that there is real resilience in the sector. We see this in the proactive steps businesses took to deal with the pandemic. Reducing costs, completing a cash flow, managing debtors, and investing in technology, including online trading, were the key actions taken.