Boston, MA -- (SBWIRE) -- 05/01/2014 -- We believe that Ireland's economic recovery will gather momentum in 2014 with the economy growing at an annual rate of 2.1%, driven by an improving export outlook and recovery in private consumption. Gradually easing unemployment and rising wages should support a modest increase in household disposable incomes, which has positive implications for consumer spending on food and drink.
Headline Industry Data (local currency)
- 2014 per capita food consumption +1.6%; forecast compound annual growth rate (CAGR) 2013 to 2018 +2.4%
- 2014 alcoholic drink sales +2.3%; forecast CAGR 2013 to 2018 +3.8%
- 2014 soft drink sales +3.2%; forecast CAGR 2013 to 2018 +4.2%
- 2014 mass grocery retail sales +3.0%; forecast CAGR 2013 to 2018 +4.4%
Key Industry Trends & Developments
North Cork Co-operative To Build New Milk Powder Processing Unit: In March 2014 Ireland-based North Cork Co-operative Creameries announced its plans to set up a new EUR5mn (US$6.931mn) milk powder processing plant in the Irish town of Kanturk to meet the growing consumer demand for dairy products. The new unit has capacity to process about two tonnes of spray dried milk powders in an hour. 'Through this innovative investment, North Cork has built an impressive facility making food ingredient products to the highest international quality standards,' said Ireland Agriculture, Food and Marine Minister Simon Coveney (Food Business Review).
View Full Report Details and Table of Contents
C&C Acquires Wallaces Express: In March 2014 Ireland-based brewery C&C Group purchased the remaining 50% stake in Scotland-based wines and spirits wholesaler Wallaces Express for an undisclosed amount. The move comes after the firm initially acquired a 50% stake in Wallaces in March 2013. Under the terms of the agreement, Wallaces Express will change its name to Wallaces TCB, which plans to offer a complete range of products across the Scottish independent on-trade. The firm's strategy to acquire the business represents further investment by C&C in Scotland and is the latest stage of its plans to meet customer needs for the independent on-trade, according to C&C Group's unit Tennent Caledonian Breweries managing director John Gilligan.
Largo Foods To Close Manufacturing Unit: In Spring 2014 it was announced that Irish food manufacturer Largo Foods is set to close its unit in Gweedore, County Donegal, Ireland, shedding 140 jobs. The move is part of the company's strategic review of its operations in Ireland and the UK. The review found the need to merge operations and reduce overall costs to enable the firm to operate sustainably and compete in the snack food market, reports Irish Examiner. Meanwhile, the firm is planning to shift production to its existing facility in Ashbourne, UK.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Food research reports at Fast Market Research
You may also be interested in these related reports:
- Netherlands Food & Drink Report Q2 2014
- Germany Food & Drink Report Q2 2014
- India Food & Drink Report Q2 2014
- Mexico Food & Drink Report Q2 2014
- Slovenia Food & Drink Report Q2 2014
- Vietnam Food & Drink Report Q2 2014
- Turkey Food & Drink Report Q2 2014
- Kuwait Food & Drink Report Q2 2014
- Thailand Food & Drink Report Q2 2014
- Indonesia Food & Drink Report Q2 2014