More than 73,000 new jobs are expected to be created in England and Wales’ food and drink sector in the next five years, according to a report by Lloyds Bank Commercial Banking.
The food and drinks companies in the regions look to spur domestic and internal growth, supporting tens of thousands of jobs.
Lloyds Bank Commercial Banking mid-sized business head Andrew Connors said: "The contrast between the 2014 report and our latest research is really positive, with significant job creation and investment figures revealed.
"Productivity presents an ongoing challenge for the UK economy.
"Against this backdrop, the continued commitment from food and drink manufacturers to drive productivity and innovation through R&D is a clear indication of the crucial role this sector plays in the broader economy."
Named Investing for Growth, the report revealed that the companies are planning to enter new markets in the UK, besides developing new products.
The study surveyed alcohol, fresh produce and other food and drink product manufacturers in England and Wales.
Nearly 56% of the companies plan to focus on entering new markets, while 55% intend to develop new products to drive their business growth.
Food and Drink Federation director general Ian Wright said: "This report confirms that trading internationally is a real driver for growth, especially the opportunities offered by non-EU markets and developing economies."
