Say cheese, as the dairy market forecast to grow
The dairy market in Britain and Northern Ireland is forecast to grow by 43pc to €14.6bn by 2014, a recent report compiled by Datamonitor has found.
Sales of cheese, spreadable fats and chilled desserts are expected to enjoy the strongest growth. However, liquid milk, which is the largest segment of the British dairy market, is expected to grow by 31pc to €5.3bn.
Assessing the findings of the report, Peter Duggan, of Bord Bia, noted that produce perceived as healthier and convenient would also enjoy a substantial expansion in sales.
"This is evident in the forecast for the cheese category from 2009 to 2014," he said. "Datamonitor estimates a compound annual growth rate (CAGR) of 11.2pc for cheese sales to reach almost €4.3bn, or an increase of 73pc in the value of the market.
"Within the dairy market, the spreadable fats category should continue to benefit from consumers switching from butter, which reflects changing mindsets of consumers. This market is expected to grow by 50pc to €1.7bn," Mr Duggan said. Another category expected to show strong growth is the chilled desserts category, at 8.3pc CAGR to €932m.
Elsewhere, the value of the yoghurt market is expected to increase by 28pc to €1.64bn. The growth in the British market provided a chance for the Irish dairy industry to increase exports, Mr Duggan said. In 2010, Irish dairy exports to Britain were in the region of €777m. Cheese sales accounted for 41pc of the total.