The Impact of Brexit on the UK Catering Equipment Market
There are numerous ways that Brexit has influenced the UK Catering market and as a business in the food industry, ensuring you are aware of these challenges is vitally important. Fortunately, our experts here at Canmac are on hand today to help you understand more about how Brexit has influenced this market, including what this means for your business and how you could prevent this from becoming a challenge.
What Has the Impact of Brexit Been on the UK Catering Equipment Market?
Brexit has numerous impacts on the UK catering equipment market – some good, and others less so. With this thought in mind, keeping the following in mind could be important to help inform your business’s decisions going forward.
Supply Chain Disruptions
Even to this day, one of the major consequences of Brexit has been supply chain disruptions. Indeed, before Brexit came into effect, the free movement of goods within the EU resulted in much smoother trade. Nevertheless, the introduction of new border controls for brands trading internationally has undoubtedly caused delays and increased paperwork for many firms. While these challenges are possible to overcome, it no doubt means more work for manufacturers and longer waiting periods for customers.
Increased Prices on Products and Manufacturing
The Brexit regulations have no doubt made it harder for companies to trade in some cases, and this can sometimes lead to issues regarding pricing and sourcing goods at low prices. Indeed, previous low-price products and parts may have become less available or more costly following Brexit, which can mean that some appliances may be more expensive to make and purchase in the modern market.
Competition Changes
As a UK-based firm, one of the main things you may have noticed is how Brexit has altered competition for local businesses. Indeed, in the pre-Brexit period, the market benefited from healthy competition among EU-based manufacturers and suppliers. This all changed with Brexit, though, and competition evolved drastically, with non-EU competitors being able to enjoy much greater competitiveness in the UK markets accordingly.
New Domestic Opportunities
While there have been many changes to the UK market, one great benefit is that Brexit has allowed much more freedom for local businesses. Indeed, domestic brands can overcome many of the trade limitations imposed by Brexit, allowing them to increase their market share and grow into new fields.
Evidently, the ability to adapt to changing trading environments is something that many businesses have had to face, but those that have been successful in overcoming this challenge are no doubt enjoying new opportunities overall within the UK market. As such, while Brexit has been a negative for some brands operating within the UK, it may have bolstered some domestic names.
Final Thoughts
There are numerous ways that the food industry has changed in recent years, and for UK brands specifically, one of the biggest challenges has no doubt been Brexit (although others have no doubt caused even greater shocks, such as the Pandemic). With this thought in mind, understanding the challenges is vital for firms to be able to overcome issues relating to this – and today’s guide has outlined some of the key things you should know to help.