Boston, MA -- (ReleaseWire) -- 02/06/2014 -- We believe that Ireland's economic recovery will gather momentum in 2014, driven by an improving export outlook and modest 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)
- 2013 per capita food consumption +0.4%; forecast 2013 to 2017 +9.5%
- 2013 alcoholic drink sales +0.9%; forecast 2013 to 2017 +13.3%
- 2013 soft drink sales +1.5%; forecast 2013 to 2017 +17.4%
- 2013 mass grocery retail sales +3.8%; forecast 2013 to 2017 +16.7%
Key Industry Trends & Developments
Irish Exporters Look To Middle East For Growth: In autumn 2013, Irish food export agency Bord Bia announced plans to open an office in Dubai in early 2014 as part of efforts double exports of Irish food and drink to the Middle East by 2020. The agency will focus on the UAE, Saudi Arabia and the Gulf States, in addition to 'monitoring potential opportunities' in Iran, Iraq and Jordan. The opening of the office, according to Bord Bia, marks a 'significant' move in 'intensifying marketing and promotional activity to support continued growth'.
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Tesco Looks To Grab Share Back From Discounters: In autumn 2013 Tesco launched its Price Promise comparison scheme in Ireland as it looked to grab back market share from discounters Aldi and Lidl. More than EUR400mn worth of sales was wiped from Tesco's Irish arm in the third quarter, following a plunge in its business. Its Irish operation has traditionally been one of the most profitable in the group, with the unit delivering margins far higher than those achieved in Tesco's other markets. However, it is believed that Tesco has not responded quickly enough to competition from Aldi and Lidl, and that investment in its stores has not been sufficient to retain customers.
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