Agricultural Entrepreneurial Income Surges 73% Amid Price Changes

In a remarkable recovery, agricultural entrepreneurial income in Ireland soared by 73% last year, escalating from €1.5 billion in 2023 to €3.5 billion in 2024, according to new data released by the Central Statistics Office (CSO) on July 9, 2025. This significant increase is attributed to a combination of rising prices for milk, livestock, and crops, along with a notable decline in fertiliser costs, marking a pivotal shift in the agricultural sector's economic landscape.

The CSO's report highlights that the overall value of agricultural output at basic prices experienced a 9% increase, amounting to €12.5 billion in 2024. Milk production, a cornerstone of the Irish agricultural economy, accounted for nearly a third of this figure. The report indicates that milk prices surged by 17%, resulting in a total value increase of €575 million to €4.1 billion.

Notably, livestock values also witnessed a positive trend, rising by 4% or €186 million, largely due to robust pricing, despite a 3% decrease in cattle production volumes. Sheep values increased significantly by 12%, or €43 million, driven by an 18% hike in prices. However, the report noted that both pigs and poultry experienced price reductions of 1%, though the overall value of pig production grew due to an 8% increase in output volume.

On the crop front, the value of agricultural produce rose by 7% to €2.8 billion, despite a 5% decrease in production volumes. The cereal category saw an 11% increase in value, attributed to higher production volumes, while potato values surged by 21% to €264 million due to larger yields.

The dramatic shift in income can also be linked to reductions in operational costs, particularly in fertilisers and feeding stuffs. The report reveals that intermediate consumption costs fell by 4%, amounting to a €290 million decrease, primarily due to a 26% drop in fertiliser costs, which were driven by a 29% decline in prices. Furthermore, feeding stuffs costs decreased by 7%, as prices fell by 13%, reducing overall expenses for farmers.

Mairead Griffin, a CSO Statistician in the Agriculture Accounts & Production Section, commented on the report, stating, "While agricultural incomes have not yet recovered to their 2022 levels, they are significantly higher than they were in 2023, mainly due to higher output prices and lower costs. As milk accounts for one third of the value of Irish agricultural output, fluctuations in its price have a profound impact on overall agricultural incomes." She emphasized the critical nature of feeding stuffs and fertiliser prices, which together account for a significant portion of intermediate consumption costs.

The implications of these findings extend beyond the agricultural sector. A thriving agricultural economy can stimulate rural development, enhance food security, and contribute positively to Ireland's GDP. Furthermore, the increasing entrepreneurial income may encourage further investments in sustainable agricultural practices and technology, benefiting the environment and the economy alike.

As the agricultural landscape continues to evolve, stakeholders in the sector remain vigilant, recognizing the importance of adapting to market conditions and exploring innovative solutions to enhance productivity and sustainability. The CSO's findings underscore the resilience of the agricultural sector and its capacity to rebound from economic challenges, offering a hopeful outlook for the future of farming in Ireland.