Food industry turnover record in 2022

Food industry turnover has never been higher than in 2022. Driven by a sharp rise in output prices, food industry turnover increased by almost 25% in 2022 compared to 2021. Exports grew slightly more than domestic sales in 2022. In the ranking of highest sales plus scores within the industry, the food industry occupied spot four in 2022. This is according to an analysis of recent CBS figures by our economics editors.

Top growth in May and August 

Total food industry turnover rose 23.4 per cent in 2022 compared to a year earlier. Exports grew by 24.4 per cent, while sales to domestic customers increased by 22.2 per cent. The highest sales pluses in the food industry were recorded in May (+31.6 per cent) and August (+31.0 per cent). The lowest increase in turnover at the end of the year was recorded in December (+13.6 per cent).

Exports driver of turnover doubling since 2005 

The total turnover of the food industry more than doubled in the period 2005-2022. Compared to 2005, total sales were 103.2 per cent higher in 2022. Export development was the main driver of the strong growth during 2005-2022. Sales to foreign countries increased by 133.8 per cent during this period. Clearly more than the increase to domestic customers (+75.8 per cent).

Sales development mostly paralleled price development 

In 2022, food industry sales prices increased by 20.5 per cent. An analysis of the longer-term sales and price development shows that the sales development and thus the peak of 23.4 per cent sales growth in 2022 is largely explained by the price development in that year. With the exception of 2015, price and turnover developments in the food industry tend to parallel each other in the period 2013-2022.

Turnover total industry up over 20 per cent in 2022 

The turnover of the industry as a whole increased by 22.3 per cent in 2022. Due to the sharp rise in energy and oil prices, the highest turnover increase was realised in the petroleum industry (+65.2 per cent). Places two and three were reserved for the paper industry (+27.7 per cent) and the chemical industry (+24.2 per cent). The basic metals industry also scored above-average turnover growth in 2022 (+22.8 per cent). Low-flyers in terms of turnover development in 2022 were the textile (+4.3 per cent) and tobacco industries (+5.0 per cent).