Boston, MA -- (SBWire) -- 03/14/2013 --BMI View: Ireland's economy is showing some tentative signs of recovery, with GDP growth forecast to return to positive territory from 2013 onwards. However, the painful internal devaluation that the Irish economy is undergoing will continue in the medium term, ensuring conditions continue to feel recessionary for most Irish citizens. This in turn has negative implications for consumer spending on food and drink.
Headline Industry Data (local currency)
- 2013 per capita food consumption +0.5%; forecast to 2017 +5.6%
- 2013 alcoholic drink sales +1.5%; forecast to 2017 +10.5%
- 2013 soft drink sales +1.6%; forecast to 2017 +12.3%
- 2013 mass grocery retail sales +3.8%; forecast to 2017 +21.2%
Key Industry Trends & Developments
Food Sector to Boost Economic Growth: In autumn 2012 the Irish government revealed plans to substantially increase sustainable food production and exports. Minister of Agriculture Simon Coveney announced that agriculture will be a central industry for sustainable growth in Ireland over the next 10-50 years. At the same time, Prime Minister Enda Kenny said that the country's food and drink sector is playing a vital role in driving the economic growth of the country, generating export revenues of more than EUR8bn in 2011. According to Kenny, Ireland will increase its food production to feed 15mn people by 2020.
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C&C Expands Reach Further: In late 2012, Irish drinks group C&C acquired US craft cider maker Vermont Hard Cider for EUR230mn, giving the group a 48% share of the fast-growing American cider market. The company also announced that it had agreed to buy Irish drinks supplier and distributor Gleeson Group in a deal worth EUR58mn. According to officials at C&C, the acquisition has the potential to transform the existing Irish business through the addition of an extensive distribution network and the creation of an attractive, multi-beverage-brand platform.
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Now Available: Ireland Food & Drink Report Q1 2013
New Food market report from Business Monitor International: "Ireland Food & Drink Report Q1 2013"