Essay Sample on Europe's Food & Drinks Industry: 4.7M Employed, Booming Growth

Introduction

Food and drinks industry is one of the fastest-growing sectors in the economy of Europe. The industry growth has posted significant progress in the last few years. The growth of the beverage and food industry has contributed positively to the economic status of the continent by the provision of jobs and providing food security to the mainland.

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According to statistics and trends of the foodstuff and drinks business 2018, Europe's food and drinks industry mean 4.7 million people employed. There is a turnover of 1.1 trillion euros and 230 billion euros in value-added, resulting in the largest manufacturing industry in Europe. (Europe, F. D. 2018). About three-quarter of Europe's food and drinks exports destine for single markets making Europe the largest exporter of food and beverage products globally.

The trajectory of Europe's economy is of major concern with the rumored possibility of a recession in Europe. The European countries, however, have not agreed on a multiannual financial framework for 2021-2027. Brexit has contributed negatively to the European Union, and this slowed down the budget of the European countries.

Eastern Europe households spend the most on food as compared to the rest of the continent. (Jankiewicz, 2018). The statistics released by Eurostat reveals that Romania topped the chart with almost 28% of their total expenditure on food and beverages. Lithuania comes second with an estimated 21%, and Estonia closes the third position with just over 20% spending on food and beverage

The information and technology sector will receive the most spending on Europe between 2020 and 2021 with European internet of things market forecasted to rise. (Petrenko, Petrenko, Makoveichuk, et al. 2018)Total spending on the internet on things in Europe will sustain a dou-figure yearly progress proportion to surpass 241 billion dollars in 2022. Germany will be the kingpin of the internet of things market with spending exceeding thirty-five billion dollars. Embracing of IoT technology in other European states will increase, with France and the UK each expenditure amounting to over 25 billion dollars, followed by Italy with 19 billion dollars. The eastern and central Europe will account for 7% of the aggregate European spending on iot revenues.

The European economic trend continues at a slow pace yet positively. The Netherlands, Australia, and Germany are expected to outdo their counterparts. These three countries growth rates will moderate. The consumer, being the backbone of the European economy, will increase spending and will report growth but at a slower pace. The recovery in employment is the crucial reason for an upward trend in consumer spending supported by recent structural reforms to review wages and encourage job creation in European countries.

The manufacturing and automotive sectors will also contribute to economic growth. There is mainly will be steered by Germany as the largest automotive markets with popular brands such as Volkswagen, Renault, and Peugeot. These will contribute most to the national gross domestic product figures in the future years. The highest industry growth will manifest in the services sector, in technology, entertainment, and media and financial services.

Conclusion

The future of Europe may seem to deem due to the Brexit threat. However, there is still hope for the European economy since the figures the economy has been registering in recent years prove that the economy will not go to a recession. There is also a change in the expenditure trend in Europe in past years. The spending on food and beverage has gone down. The spending channeled to better use than just food and beverage proves a better expenditure and a brighter future for Europe.

References

Europe, F. D. (2018). Data & Trends EU Food and Drink Industry 2017. Brussels: Food Drink Europe.

Jankiewicz, M. (2018, May). The Influence of the Disposable Income on the Consumption Structure in European Countries-Spatio-Temporal Analysis. In Proceedings of the 4th International Conference on European Integration 2018 (pp. 537-544).

Petrenko, A. S., Petrenko, S. A., Makoveichuk, K. A., & Chetyrbok, P. V. (2018, March). The IIoT/IoT device control model based on narrow-band IoT (NB-IoT). In 2018 IEEE Conference of Russian Young Researchers in Electrical and Electronic Engineering (EIConRus) (pp. 950-953). IEEE.