The Irish food and drink market is set to grow by 40 per cent and be worth more than €15 billion by 2020, according to Bord Bia.
Figures released today by the board say that the market, driven by an expanding population and rising incomes, could increase by as much as 63 per cent to increase to over €18 billion.
A Bord Bia-commissioned report, Anticipating Tomorrow, outlines four future scenarios representing an extreme view of the future and is designed to challenge assumptions of what may come.
The report also includes a fifth scenario called the preferred vision where great importance is placed on the health-enhancing functional benefits of food and drink. In this scenario, consumers prefer to buy high quality products sourced either locally or within Ireland.
Aidan Cotter, chief executive of Bord Bia
Bord Bia say that the focus on growing locally is good for Irish branded food and drink products, but that the high demands of ensuring both traceability and functionality means that some foods are more limited in supply and consequently, more expensive.
However, the consumer, they say will be more than prepared to pay for the preservation of the environment and better health.
Chief Executive of Bord Bia, Aidan Cotter, said: "The achievement of the preferred vision would lead to a significant increase in the value of the Irish food and drink market, not because the era of cheap food is at an end but because consumers perceive significantly increased benefits and an enhanced role for food in their daily diets."