Consumer spending on food is due to grow significantly over the next five years but at a slower rate than spending on holidays, housing, and leisure goods, a conference in Tullow, Co Carlow will hear today.
In a paper to be delivered to the annual general meeting of the Agricultural Science Association (ASA), Gerard O'Neill, chief executive of Amárach Consulting, predicts a 13 per cent cumulative growth in consumer spending on food between now and 2010.
In contrast, expenditure on holidays and leisure is forecast to increase by almost 80 per cent and 60 per cent respectively, while spending on housing is expected to double. Mr O'Neill bases the projections on an increase in the number of people aged over 50 years in Ireland, from just under 1.1 million today to more than 1.4 million in 2015. He argues the trend will lead to a rise in spending on "wellness" products - from healthy foods to "other experiences which are good for the mind and spirit".
Over the next 10 years, the "wellness market" will rise in value from €1 billion to €5 billion, Mr O'Neill claims.
David Rath, president of the ASA, called on Minister for Agriculture Mary Coughlan to review her decision to introduce new regulations demanding all animal medicines be prescribed by a veterinary surgeon.
