Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Fastest Growing Industries by Imports in the UK in 2024
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View a list of the Top 25 fastest growing industries by importsGrowth in Imports for 2024: 46.9%
Lithium battery manufacturing is ramping up in the UK following substantial support from government-backed R&D investment. Manufacturers are increasingly focused on producing high-quality, low-volume batteries – often to spec – for the defence, medical and automotive industries. Business confidence is a key driver of investment in lithium battery manufacturing, which is driven by the state of the economy. Exports are a key source of revenue; the sustained weakness of the pound has made UK-manufactured batteries more competitively priced, helping to raise export levels. Over the five years through 2023-24, lithium battery manufacturers' revenue is forecast to grow at a compound... Learn More
Growth in Imports for 2024: 39.4%
The lion's share of demand for weapons and ammunition manufactured by UK companies comes from the UK Defence sector and allied militaries. Therefore, domestic and international defence budgets are the primary driver of revenue, typically increasing during geopolitical tension and conflict. Over the five years through 2023-24, weapon and ammunition manufacturers' revenue is forecast to grow at a compound annual rate of 2.1% to reach £3.6 billion, including a projected growth of 3.9% in 2023-24. Between 2011 and 2020, the Middle East was the main export destination for UK arms sales, followed by North America, according to the UK Defence... Learn More
Growth in Imports for 2024: 32.4%
Loaded electronic boards are the foundation for nearly all electronic products, ranging from consumer electronics such as mobile phones and personal computers, to sophisticated commercial equipment like data communications devices and computer servers. Although UK manufacturers make up just a small part of the global electronic goods manufacturing industry, UK companies have considerable strengths in electronics design. Due to high domestic labour and production costs, however, final electronic goods are increasingly manufactured in Asia, particularly in China, which is the world's largest producer of electronic goods.
Over the five years through 2023-24, loaded electronic board manufacturing revenue is expected to decline... Learn More
Growth in Imports for 2024: 28.7%
The Potato Crisps and Snacks Production industry has grown in popularity since 2017-18, with potato product makers adapting to new consumer tastes. Premium crisps have been growing in popularity - brands like Kettle Foods and Tyrrells have benefitted most from this, resulting in KP Snacks acquiring Tyrrells in 2018. However, potato product makers have also come under growing competition from healthier snack alternatives, as many potato products are rich in salt and saturated fats. Over the five years through 2023-24, industry revenue is forecast to fall at a compound annual rate of 0.5% to reach £2.6 billion.
Volatile weather conditions and... Learn More
Growth in Imports for 2024: 22.8%
Motorcycle manufacturers produce motorcycles, mopeds and cycles fitted with an auxiliary engine. They also produce engines, sidecars and motorcycle parts and accessories. Manufacturers mainly provide final goods to dealers, both domestic and international, although other motorcycle manufacturers and parts resellers are also important markets. Motorcycle manufacturing in the UK is declining – the only major player, Triumph Motorcycles, has relocated mass manufacturing to its three production facilities in Thailand. Intense import penetration has reduced output. Revenue has decreased at a compound annual rate of 1.6% to £596 million over the five years through 2022-23. This includes growth of 2.6% in... Learn More
Growth in Imports for 2024: 22.1%
Other electronic cable and wire manufacturers haven't fare so well recently. However, revenue is projected to rise at a compound annual rate of 1.2% over the five years through 2023-24 to £2.1 billion. An increase in the total value of construction has protected revenue, with government initiatives aimed at growing the UK's housing stock promoting residential construction and supporting demand from this market. Sales have been held back, though, by high import penetration. Sluggish manufacturing growth has also limited demand, while technological advancements in fibre-optic cables have largely mitigated the effects of increased demand from telecommunications companies.
During 2020-21, revenue plummeted... Learn More
Growth in Imports for 2024: 18.9%
The Biscuit Production industry makes a range of grain-based snack foods. Its main products are bakers' wares, biscuits, savoury snacks and preserved cakes. Demand from supermarkets, grocery wholesalers and bakery retailers is the predominant driver of the industry, which is underpinned by consumer demand. The industry is fairly fragmented, with only three companies holding more than 5% market share. Revenue is expected to decline at a compound annual rate of 1.3% over the five years through 2023-24 to £3.2 billion as the industry has suffered thanks to supermarket pricing pressures, rising competition and changing consumer preferences that caused many consumers... Learn More
Growth in Imports for 2024: 18.4%
The chocolate and confectionery industry is divided into three categories: cocoa products, sugar confectionery products and chewing gum. These productions have faced numerous challenges such as rising health consciousness, fluctuating input costs and increased competition from imported goods, all contributing to reduced revenue. The growing popularity of organic and fairtrade practices stems from a marked increase in health awareness, leading consumers towards healthier alternatives. Consequently, manufacturers have started producing low-sugar versions of classic chocolate bars. This strategy has expanded niche markets and chocolate manufacturers' wider production of vegan and reduced-sugar products.
Industry revenue is expected to decline at a compound annual... Learn More
Growth in Imports for 2024: 18.1%
Most of the malt produced in the UK is derived from malting barley and is sourced from domestic farmers that are located in the eastern regions of the UK. The UK Malt Manufacturing industry is in decline due to facing some pandemic- and inflation-related turbulence. Growing demand for craft beer and Scotch whisky across the globe is driving demand for malted barley, supporting industry performance.
Industry revenue is falling at a compound annual rate of 2.2% over the five years through 2022-23 to approximately £626.6 million, including a contraction of 1.7% in 2022-23. The temporary closures of the UK hospitality sector... Learn More
Growth in Imports for 2024: 17.0%
Over the five years through 2022-23, revenue is projected to dip at a compound annual rate of 5.4% to £5.9 billion. Efforts to decarbonise the global supply chain have supported the demand for energy-efficient turbines. In 2021, the UK led the installation of new wind turbines in Europe, with 2,317 new offshore wind installations and 328 new onshore wind installations, indicating strong sales in renewable energy markets. Yet, import penetration has remained high and hindered manufacturing performance. Challenging trading conditions in global industrial markets have resulted in substantial revenue volatility.
In 2022-23, revenue is anticipated to balloon by 7.7% thanks to... Learn More
Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries by Employment in the UK in 2024
VIEW ARTICLEBased on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries By Revenue in the UK in 2024
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