Irish Whiskey Sector to Invest €1 Billion in Ireland Over Next Ten Years
The newly launched Irish Whiskey Association has announced that the Irish whiskey sector is set to invest over €1 billion in Ireland in the next 10 years. With more than 15 new distilleries currently being developed across the country, the new association brings together new entrants and existing companies to promote Irish whiskey and to ensure the product is given vital protection going forward.
According to the Irish Whiskey Association, Irish whiskey exports have grown by 220% since 2003 and are now valued at €350 million. In 2003, Irish whiskey made up just over 9% of beverages exports, which has grown to over 28% of total beverages exports from Ireland.
Irish whiskey sells into 77 countries, with USA, France, Germany, Russia and the UK accounting for almost 75% of total sales. Exports are expected to double to 12 million cases by 2020 and double again to 24 million cases by 2030. The Irish whiskey industry employs 5,000 people directly and indirectly, with the number set to grow to 6,500 by 2025.
Turnover for the industry is almost €400 million, with an annual direct domestic spend of €237 million, Irish whiskey visitor centres attract over 500,000 tourists every year
Peter Morehead, chairman of the Irish Whiskey Association and production director at Irish Distillers, comments: “There has been sustained growth in Irish whiskey over the last 20 of years, with the category experiencing double-digit growth since the turn of the millennium and the trend set to continue. Three years ago, the island of Ireland had four distilleries in operation– in the next three to five years that number will grow to over fifteen if all the current projects move forward. Last year, our companies exported 6.2 million 9-litre cases worldwide; we expect that number to double to 12 million cases by 2020 and double again to 24 million cases by 2030.”
He adds: “With this growth comes the need for leadership in ensuring the category maximises its potential and continues to maintain the high quality standards that consumers all around the world have come to expect from their Irish whiskey.”
The new, all island, association will:
* Promote the Irish whiskey category in Ireland and internationally, working with Government agencies (North and South) and the European Commission.
* Support new market entrants
* Ensure the legal protection offered by the Geographic Indication is applied inIrelandand internationally.
* Ensure public policy supports the sustainable growth of the Irish whiskey sector.
