The Irish food and drink market is set to increase by almost 40%, with a total worth of more than €15bn by 2020. This expansion will be driven by an expanding population and rising incomes.
According to a new Bord Bia report, the figure could even rise to over €18bn (representing a 63% increase) if Irish food suppliers can successfully anticipate and respond to emerging consumer needs.
The report, called 'Anticipating Tomorrow', assesses current trends as well as sociological and environmental factors likely to shape the evolution of the food and drink market. It challenges the sector to evolve and innovate as society does.
Though business is good, Bord Bia chief executive Aidan Cotter warned that the Irish food and drink industry is under significant pressure, with increasing costs of doing business and global competition.
Cotter said the industry must be proactive in looking forward, interpreting and adapting to new trends in consumer demands as well as opportunities presented by technological advances.
