Boston, MA -- (ReleaseWire) -- 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).
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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.
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