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The Migration Observatory at the University of Oxford said some sectors – including hospitality, manufacturing and construction - have seen large increases in the number of EU workers they employ since 2006.
While the overall economic impact of a 'yes' vote would "probably be relatively small", these industries were more vulnerable than others to flux in the labour market.
“Many of these industries rely on low-wage workers who would be least likely to qualify to migrate to the UK if free movement were eliminated,” the report said.
“A reduction in the availability of workers in these jobs would require employers to adapt in various ways.”
For example, it could lead to wage rises or the need for investment to introduce more mechanisation.
“Both of these options are likely to raise costs, which may be passed on to customers through higher prices.
“In other cases, such adjustments might not be possible … [and] companies might reduce their output or, potentially, go out of business,” the report suggested.
It added that the overall economic impact of Brexit through changes to the country’s immigration policies were “not possible” to predict with certainty ahead of the referendum.
The report said “confident predictions about the economic effects of migration after Brexit should be treated with caution”.
Carlos Vargas-Silva, senior researcher at the Migration Observatory, said: “Some Brexit scenarios involve much tighter immigration policies for EU citizens, while other scenarios would bring no change to immigration policies at all.