Mr Booth is the Chairman and Chief Executive Officer of Preston-headquartered Booths.
He will take office after having signed a sworn declaration on April 11.
The Office of the High Sheriff is an independent non-political year-long appointment supporting the Crown and the judiciary, lending support to crime prevention agencies, emergency services and the voluntary sector.
Mr Booth said he intended to address his attentions to three issues: crime, homelessness and education.
He said: “It is a privilege to be recognised for this role and I want to celebrate everything that is good about Lancashire a county my family has called home for nearly 200 years.
"There is a great deal of opportunity in Lancashire, and it is my wish to give others the same inspiration and chance to succeed that I have been fortunate to receive.”
“Access to education, and by that I don’t just mean academic education, but inspiring people to find and celebrate what they are good at, can be a driver in solving the larger societal issues of crime and homelessness.”
Mr Booth's commitment to serving the communities of Lancashire is wide ranging and long standing.
In June 2011 he was appointed Chairman of the Lancashire Local Enterprise Partnership, a post he held for more than seven years.
He has been a Deputy Lieutenant of Lancashire since 2005.
High Sheriffs receive no remuneration and no part of the expense of a High Sheriff’s year falls on the public purse.