The food and beverage industry is the UK’s fastest growing export sector, according to new research.

Commissioned by Wyelands Bank, the research reveals that exports are expected to grow at 6.3% a year to 2021, ahead of the aerospace, precious metals, automotive and pharmaceuticals sectors respectively.

The UK food and beverage sector is the UK’s sixth largest export sector, and the second largest food and beverage exporter globally after the US.

Food and drink manufacturing businesses accounted for £243 billion in turnover and created more than 800,000 direct jobs in 2017.

In addition, the UK imports an estimated 48% of the food and drink it consumes. The UK is the second largest importer of food and beverage by value – second again to the US.

“Food and beverage businesses are important to the UK economy and the industry is a significant source of export growth over the next five years,” says Iain Hunter, CEO of Wyelands Bank. “ What’s more, we can see how important SMEs are to UK trade, given SMEs account for more than half of the businesses in the food and beverage industry.

“Smaller, more innovative companies – especially in manufacturing – play an important part in the UK’s foothold in global supply chains, as these food and drinks businesses demonstrate.”