Food industries and beverage manufacturers allocated €166 million towards research and development in the year 2024.
Fresh Spin:
Irish food and drink companies, backed by Enterprise Ireland, Shelled Out €166 Million on Innovation in 2024!
That's right, folks! Despite the challenging global market, these food and drink giants kept their game strong, pouring in the same buck sheck on R&D as in 2022.
With the Food Innovation Summit kicking off in Croke Park, Dublin today, Mark Christal, Enterprise Ireland's food, sustainability and climate change honcho, shared some insights on the buzzing topics driving the innovation agenda for these firms.
"Take a sip of this – food as medicine, health and well-being, personalized nutrition, alternative proteins, process innovation, and smart manufacturing are the trends steering the ship for our clients," Mark beamed. "We're lucky to have some wicked start-ups and a phat crew of homegrown companies employing around 60,000 legends across our economy, raking in a cool €15 billion in exports."
Artificial intelligence and anti-obesity drugs are also hot topics on the menu, presenting challenges but also opportunities for many companies.
"Letch's get down to business – West Cork Distillers is one of the firms joining the party at EI's summit," we heard from John O'Connell, managing director of West Cork Distillers. "Even though our game's steeped in age-old methods, we know innovation's the key to growth. Around 70% of our revenue comes from alcoholic ingredients and services, so innovation, especially in manufacturing efficiencies, is paramount."
Covid, duty threats, and supply chain issues have surely made the brewing process souper smarter than ever. The challenge, though, is striking the sweet spot between investing in innovation and taking care of day-to-day jams.
"On one hand, keeping the lid on costs and building new, innovative drinks are key to our strategy," John admitted. "But, ya know, R&D can take a while to bear fruits. So finding the right balance between investing in innovation and everyday issues is a tough cookie to crack."
In today's rapidly changing market, keeping innovation rolling and costs down is crucial - not just for staying in the game, but for fueling future growth as well. Adding an Irish twist to the traditional tariff dance, John gazed ahead, focused on building relationships to help mitigate and negotiate equitable factors against potential tariffs.
"The uncertainty is probably the biggest obstacle, but relationships are the real game-changers here," John concluded. "West Coast Distillers' got two manufacturing joints – one in Skibbereen and one in Waterford, bustlin' with around 150 rock stars each."
Keeping a finger on the pulse of innovation, efficiency, and market conditions, these visionary food and drink brands are prepared to conquer the world, one pint, whisky, or bar snack at a time.
Enrichment Data:
While precise figures for 2022 have yet to be released, the trend among Enterprise Ireland-supported food and drink companies shows a strong and sustained investment in R&D, demonstrated by their over €166 million investment in 2024. The Irish food and drink industry has identified several key drivers of innovation: SME and start-up support, sustainability, manufacturing modernization, and global partnerships all aimed at boosting competitiveness and growth [1][2][5].
- In the fluctuating global market, food and drink companies in Ireland, such as West Cork Distillers, continue to prioritize innovation, mirroring their €166 million investment in 2024, showcasing a significant commitment to business development and finance.
- As market trends evolve, lifestyle choices are increasingly intertwined with food and drink consumption. Innovations in areas like personalized nutrition, alternative proteins, and food as medicine reflect the industry's focus on health, well-being, and sustainability, significantly impacting the food-and-drink sector.
