Food and drink companies invested €166m in R&D last year - report

Food and drink companies, supported by Enterprise Ireland, invested more than €166 million in R&D in 2024, according to a new report released today (Wednesday, June 18).

According to Enterprise Ireland 113 companies invested more than €100,000 each in research and innovation. 

The government-backed agency, which is responsible for supporting Irish businesses, also highlighted that the food and drink sector sector "supports more than 60,000 high-quality jobs".

Details of the research and development investment boost by food and drink companies was unveiled at Enterprise Ireland’s Food Innovation Summit in Croke Park today.

According to the Minister for Agriculture, Food and the Marine, Martin Heydon, who has just returned from an agri-food trade mission to the Republic of Korea and Japan Irish food and drink exports "continue to go from strength to strength" .

But the minister has also warned that "the landscape is changing fast".

"Consumers want more transparency, more sustainability, and more innovation.

"Events like today’s summit are critical in supporting our producers, processors and exporters to stay ahead of those trends and continue to thrive globally,” Minister Heydon added.

The Enterprise Ireland event today will bring together senior leaders from the food and drink sector, innovation experts, policymakers, and key stakeholders to discuss both the opportunities and challenges that Irish businesses are now facing.

According to the agency although global conditions remain "volatile" Ireland’s food and drink industry continues to "demonstrate resilience and adaptability".

It said that strong export performance had "been underpinned by a commitment to high quality and safe products, a flexible approach to change, and deep-rooted expertise across the supply chain".

Enterprise Ireland also set out that the Food Innovation Summit 2025 will examine how technology is transforming the sector - from the rise of AI, precision fermentation and biotechnology, the impact of anti-obesity drugs to breakthroughs in personalised nutrition and smart manufacturing.

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According to the Minister for Enterprise, Tourism and Employment, Peter Burke, Ireland's food and drink sector "is one of the most globally recognised and respected parts of our economy".

"The Food Innovation Summit is about backing that reputation with investment, ambition, and vision.

"Innovation is the route to higher productivity, new market growth and long-term competitiveness.

"Government, industry and agencies all have a role to play – and the summit is a powerful example of that collaboration in action," the minister added.

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