|
|
 |
|
Viewing report
|
|
|
|
Ireland Food and Drink Report Q1 2010
Business Monitor International, Jan 2010, Pages: 68
Ireland Food and Drink Report provides industry professionals and strategists, corporate analysts, food and drink associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Ireland's food and drink industry.
Ireland's economy contracted by 3% in 2008 and this report forecasts that it will have shrunk again in 2009 by 8.5%. This compares with growth of 6% in 2007 and largely stems from the bursting of the housing and construction bubble, along with and a decline in demand for the country's exports as the economies of Ireland's three main trading partners – the US, the UK and the eurozone – were all hit by recessions of their own.
This has had a direct impact on consumption of alcohol and figures from the Drinks Industry Group of Ireland (DIGI) show that 2008 was the worst year for the country's alcohol industry in 25 years, with the volume of alcohol consumed declining by 5.9%. This continued in 2009, with figures from the first quarter showing a 13% year-on-year decline in alcohol sales. In November 2009, DIGI published a new report highlighting the pressure facing Ireland's pubs and bars. The group surveyed 748 licensed premises and found that more than two-thirds had experienced a drop in sales over the last five years, with the scale of the decline accelerating in the last 18 months. The organisation also called on the government to slash excise duty on alcohol by 20% in the 2010 budget due to be published in December.
Subsequently, Irish Finance Minister Brian Lenihan unveiled a widespread cut in duty on alcohol in the 2010 budget announcement. Duty on pints of beer and cider will fall by EUR0.12 (US$0.17), while duty on wine will be cut by EUR0.60 (US$0.88) a bottle and duty on spirits by EUR0.14 (US$0.20) per half glass. The step has been taken to stem a decline in tax revenues, which have fallen as drinkers cut down on spending and take advantage of the cheaper prices on offer across the border in Northern Ireland. Whatever the motivation, the move has been welcomed by the Irish drinks industry, which has been heavily affected by the country's economic contraction, but may now look forward to a brighter 2010. Indeed in November, Britvic posted results for the year to September showing that revenue in Ireland fell by 5.6% to GBP189.5mn (US$279.1mn), while operating profit at the Irish division fell by 17% to GBP12.2mn (US$17.9mn).
Irish alcoholic drinks group C&C also reported that in the six months to August 31 revenues were down by 10% to EUR287.7mn (US$423.6mn), while pre-tax profits fell from EUR65mn (US$95.7mn) to EUR57mn (US$83.9mn). The latter is continuing to consolidate its business, announcing at the beginning of December the acquisition of Gaymer Cider Company, the UK cider arm of US beverage behemoth Constellation Brands, for GBP45mn (US$75mn). C&C will secure a Somerset production facility, a Bristol distribution site and strong UK brands, including Gaymers, Olde English and Blackthorn, as part of a move to further diversify its Magners-centric product portfolio.
Product samples
A sample for this product is available. Please Login/Register to download this sample.
Customers who bought this item also bought
Ireland Food and Drink Report Q1 2012
Ireland Food and Drink Report Q3 2010
Ireland Food and Drink Report Q2 2011
Ireland Food and Drink Report Q4 2010
Ireland Food and Drink Report Q2 2009
Ireland Food and Drink Report Q4 2011
Ireland Food and Drink Report Q1 2011
Ireland Food and Drink Report Q4 2009
Ireland Food and Drink Report Q1 2009
Ireland Food and Drink Report Q4 2008
|
|
|
|
