Investment in research and development activities by companies in the Irish food and drink sector supported by Enterprise Ireland has reached €165 million in 2023.
Last year, 123 food and drink companies spent €100,000 or more on research and development activities, this year’s Enterprise Ireland Food Innovation Summit has heard.
The figures were announced as more than 400 senior leaders from the food and drink sector, innovation experts, policymakers and key stakeholders attend the summit at Croke Park today (Wednesday, June 19).
Returning for the second year in a row, the summit turns the spotlight on the innovation capability within the Irish food and drink industry and the strength of Ireland’s research ecosystem.
Enterprise Ireland
Over the past decade, Enterprise Ireland has invested over €10 million in high-potential start-up companies in the food and drink sector. In 2023, Enterprise Ireland invested in 15 emerging food and drink start-ups.
Food and drink companies account for 27% of total employment in Enterprise Ireland-supported companies. In 2023, 59,458 people were employed in these companies in the food sector, which is an increase of 3% on 2022.
“Innovation is the cornerstone of a sustainable and competitive food and drink industry in an increasingly competitive global market,” Enterprise Ireland chair, Michael Carey said addressing the summit.
The current levels of investment in research and development among Ireland’s food and drink industry provides a “strong foundation”, however, increased investment is “vital” to strengthen productivity and improve both sales and margins, he said.
Food and drink businesses
Opening the summit today, Minister for Enterprise, Trade and Employment, Peter Burke highlighted the economic impact of the food and drink industry and the role of innovation in driving growth in the sector.
“Irish food and drink businesses are a significant contributor to Ireland’s economy, supporting almost 60,000 high-quality jobs across every region in Ireland.
“Innovation is essential to maintaining our competitive edge, and the government is committed to supporting the sector to increase investment in innovation, digitalisation and sustainability, Minister Burke said.
The Enterprise Ireland chair acknowledged the “remarkable support” provided by key government departments and partners including Bord Bia, Teagasc, and Bord Iascaigh Mhara.
As well as the Department of Enterprise, Trade and Employment, the Department of Agriculture, Food and the Marine (DAFM), third-level institutes, Food Technology Centres and the Food Technology Gateways, he added.
Also addressing this year’s Enterprise Ireland Food Innovation Summit at Croke Park today, Minister for Agriculture, Food and the Marine, Charlie McConalogue said:
“As home to world recognised agri-food research agencies coupled with a global reputation for food quality and safety, Ireland is well placed to lead out in meeting the dual imperatives of food production and environmental protection.”