Ireland must identify "opportunities for us to insulate ourselves" against the volatility of world market prices, Minister for Agriculture, Food and the Marine, Martin Heydon has said.

The minister was speaking as a number of retailers have announced cuts to the consumer prices of own-label milk.

Farmers have seen milk prices paid to them by processors cut over recent months, the most recent being Lakeland Dairies confirming a reduction of 3c/L on the price paid for September supplies.

Big challenge

Minister Heydon said it is a "big challenge" for dairy farmers to "see such a change so quickly" coming off the back of strong prices and a "significant upside".

He said that dairy farmers "know better than most" the effect that the volatility of commodity markets can have on milk prices.

"We want to insulate farmers from that," he said.

He said the way to do this is through "innovation, value-added pieces".

"Medium-term and longer-term for this sector, it's about identifying the opportunity for us to insulate ourselves against the volatility of world market prices," he said.

"There are so many opportunities here in terms of the bioeconomy that we can identify, create the value-added piece to that and that will be the delivery of increased financial benefit for our farmers."

Bioeconomy Ireland Week

The minister spoke as he launched Bioeconomy Ireland Week 2025, which takes place from Monday (October 13) to Sunday (October 19).

CAP Network Ireland, in collaboration with the Department of Agriculture, Food and the Marine, is hosting a conference today focused on agri-bioeconomy value chains and business models in Ireland.

The discussion aims to highlight the range of actors and their roles across the agri-bioeconomy value chain in Ireland.

Addressing the wider agricultural and forestry community, the conference is showcasing how the bioeconomy presents opportunities for rural communities by boosting employment, supporting climate action and more.