Food - Ireland | Statista Market Forecast

Value added in the Food market is projected to amount to US$2.9bn in 2024.
A compound annual growth rate of 1.51% is expected (CAGR 2024–2029).
The value added per capita in the Food market is projected to amount to US$564.4 in 2024.
The value added margin in the Food market is projected to amount to 15% in 2024.
Output in the Food market is projected to amount to US$18.7bn in 2024.
A compound annual growth rate of 1.32% is expected (CAGR 2024–2029).
The output per enterprise in the Food market is projected to amount to US$10.4m in 2024.
The manufacturing intensity in the Food market is projected to amount to 3.7% in 2024.
The number of enterprises in the Food market is projected to amount to 1.80k in 2024.
A compound annual growth rate of 2.07% is expected (CAGR 2024–2029).
The enterprise density in the Food market is projected to amount to 353 in 2024.
The number of employees in the Food market is projected to amount to 55.91k in 2024.
A compound annual growth rate of 1.51% is expected (CAGR 2024–2029).
The employment rate in the Food market is projected to amount to 1.10% in 2024.
The labor efficiency in the Food market is projected to amount to US$334.0k in 2024.
The labor productivity in the Food market is projected to amount to US$51.4k in 2024.

Definition:

The Food market refers to the production of a wide range of food products, such as meat, fish, fruit, vegetables, grains, bakery products, dairy products, and other edible products.

Additional information:

The market comprises value added, output, number of enterprises, number of employees, and the respective growth rates. Output refers to the total value of all goods produced, whereas value added is the sum of the intermediate stages of production or, in other words, the wealth created by industry activity. The market only displays B2B production.

Processing and preserving of meat, fish, crustaceans and molluscs
Processing and preserving of fruit and vegetables
Manufacture of vegetable and animal oils and fats
Manufacture of dairy products, grain mill products, starches and starch products
Manufacture of other food products
Manufacture of prepared animal feeds
Other categories listed within ISIC Division 10 as "included"

Processes where changes are minimal and do not lead to a real transformation
Production of animal feeds from slaughter waste or by-products
Processing food and beverage waste into secondary raw material
Disposal of food and beverage waste
Other categories listed within ISIC Division 10 as "excluded"

The manufacturing market has faced several challenges in recent years due to geopolitical uncertainty, supply chain disruptions, changing consumer preferences, and increasing regulatory scrutiny. However, several positive factors, such as rising global demand, ongoing technological advancements, and increasing investment in automation and digitalization, continue to influence the market, and the outlook for manufacturing remains positive.

While the Covid-19 pandemic has caused significant hardships for manufacturers, those that invested in digitalization and automation of their processes will be best positioned for long-term success. Manufacturers who can effectively balance cost pressures and maintain a strong focus on quality are likely to survive the current crisis and come out more resilient in the end.

Among the factors that could affect the manufacturing market in 2023 is the adoption of advanced technology, such as artificial intelligence, robotics, and the Internet of Things (IoT), which have the potential to improve overall efficiency and productivity while reducing costs.

Furthermore, our analysts believe that sustainability and environmental awareness will become increasingly important trends, as more investors and consumers prefer companies that prioritize these values and develop eco-friendly products.

Finally, geopolitical factors such as trade tensions and changes in government policies could also impact the manufacturing market in 2023, with the Russia-Ukraine war having the biggest impact.

In summary, the current environment presents both challenges and opportunities for the manufacturing market in 2023. However, with the right managerial strategies and high flexibility, companies can succeed and strengthen their long-term market position.

Data coverage:

The data encompasses B2B. Figures are based on the value added in the manufacturing market.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting the manufacturing market due to the non-linear growth of this market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Industrial market, in a PDF format.

The food industry encompasses all activities from farming and food production to retailing and food services. Over 18.6 million hectares of farmland are used by the food industry in the UK for animal husbandry and to grow crops. The production output of the UK's food industry is not sufficient to feed the country and only approximately 58 percent of food consumed in the country was made there. Slightly less than a quarter of all food consumed in the UK comes from the European Union. The revenue of the entire food market in the UK is estimated to be just over 151 billion British pounds.