As the UK and the US share strong social and cultural ties, there is plenty of reason to believe that the UK is a strong market opportunity for US products. The report remarks that the current UK market is seen as an opportunity for many US consumer products, especially “healthy” foods, including dried fruits and nuts. Due to this strong connection between the two countries and the focus on “healthy” food items, tree nuts, and dried fruit are considered among the top ten growing food products.
When looking at the top imports from the United States from 2014-2019, tree nuts enjoy one of the highest growth rates at 21.3%. Interestingly however is the historical growth rate for dried fruit has been decreasing steadily. Although dried fruits do not share the same growth pattern as tree nuts from 2014-2019, the USDA considers them an area of opportunity and potential growth, especially after COVID-19 and Brexit.
As in most countries around the world, COVID-19 has been particularly devastating for the foodservice industry, however, retailers have experienced surges. With the retail growth, and consumer trends of food consumption taking place more at home, there is support for the belief that both tree nuts and dried fruit can see growth in the future.
Another unavoidable topic is the economic ramifications of Brexit. With the UK officially leaving the single market and customs of the European Union on January 1, 2021, the UK has had to negotiate its own free trade agreements with the European Union to avoid tariffs. Due to the newly signed Trade and Cooperation Agreement between the UK and the EU, advocating no tariffs, US products will continue to face stiff competition from European products. This is considered a substantial challenge for US products in the UK, but if the US and UK come to a free trade agreement, these concerns will cease to exist and further trade growth between the two countries could be anticipated.
For more information, please view the USDA’s report.