As per latest reports and expert comments the Irish food and drink market is expecting a phenomenal growth within the next couple of years.
A growth of 40% is expected in the Irish food and drink market which can be worth more than €15 Billion by 2020, as per reports by Bord Bia, the Irish Food Board, according to the news published by Theirelandtimes.
A report, “Anticipating Tomorrow”, captures the latest trends as well as sociological and environmental factors, projected to shape the development of the food and drink market. It challenges this sector to develop and innovate just like the society.
As per the report, the market, which is primarily driven by the growing population and rising incomes, could go up by 63% to over €18 Billion by 2020.
Also, factors like health and well being, convenience and indulgence have a great influence on the Irish food industry. The demand for food is also driven by technological advancement in storage as well as distribution, shelf life, product development, packaging, and marketing.
Apart from this, the increase in power and influence of certain retail chains, and government programs are also contributing to the increase in food forecast. The ever-growing acceptance of westernized diets and food service outlets in Ireland is promoting a new generation of consumers and thus, growth in market opportunities.
Industry experts are of the view that prime focus on domestic production is excellent for Irish branded food and drink products, however, the growing demands of ensuring both trace ability and functionality would mean that certain food products are more limited in supply and as a result, are more expensive.
It is therefore vital that the industry is upbeat in staying ahead, interpreting and getting adapted to new trends in consumer demands and prospects offered by advancement in technology.
As per a research analyst at RNCOS, “The growth of the Irish food industry is signifying excellent opportunities for investors in it. The extensive demand in food along with exceptional market strategies assist in favorable forecast for the food industry. The development in food sector has reached such an extent that expectations have gone up. By observing the remarkable growth in the food industry, the Irish government should also approve of policies that reduce tax, so that foreign investors enter the market easily. This would surely intensify the competition as well as the economy of the food industry in Ireland.”
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