Alcoholic Drinks in Ireland

Report Summary

Discover the latest market trends and uncover sources of future market growth for the Alcoholic Drinks industry in Ireland with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Alcoholic Drinks industry in Ireland, our research will save you time and money while empowering you to make informed, profitable decisions.

The Alcoholic Drinks in Ireland market research report includes:

• Analysis of key supply-side and demand trends
• Detailed segmentation of international and local products
• Historic volumes and values, company and brand market shares
• Five year forecasts of market trends and market growth
• Production, imports by origin, exports by destination
• Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

• What is the market size of Alcoholic Drinks in Ireland?
• What are the major brands in Ireland?
• Have there been any alcoholic drinks legislative changes over the past 12 months?
• How is the alcoholic drinks industry affected by the recession?
• What is consumed more; beer, wine or spirits?
• What have been the key trends seen in new product developments?
• Do alcoholic drinks consumers want value for money or added value?

Why buy this report?

• Gain competitive intelligence about market leaders
• Track key industry trends, opportunities and threats
• Inform your marketing, brand, strategy and market development, sales and supply functions

EXECUTIVE SUMMARY

From ‘lost generation’ to emigration, number of drinkers declining

The most prominent drinkers in on-trade establishments tend to be young men, and in 2011 their numbers had declined due to emigration and general demographic trends. This so-called ‘lost generation’ also started visiting pubs less frequently than before. When they did indulge in a ‘big night out’, they drank more at home before going to the pub in order to save money. Further compounding this trend was the decline in the number of tourist visitors to Ireland, which have in the past helped prop up volume and value sales.

Flailing domestic economy alters perception of alcohol

The domestic economy in Ireland continued to contract, with both on- and off-trade retailers selling alcohol, suffering from negative consumer sentiment. This pessimist outlook has led to consumers increasingly viewing alcohol as a luxury due to its high unit price and there was even further reduction in demand during 2011 as consumers cut back on alcohol intake as household budgets were cut.

Calls for minimum pricing of alcohol

As a result of declining value sales in the alcoholic drinks industry in Ireland, and as a response to the perceived association between below-cost selling and binge drinking, Ireland has seen increased calls for the introduction of minimum pricing of alcohol. Bodies as diverse as The Vintners Federation of Ireland and Alcohol Action Ireland – which more often are found on opposing sides of arguments in relation to alcohol – are united in their calls for minimum pricing to be established. However, based on a 2008 report by its Alcohol Advisory Group, the government’s current position is that taxation and excise duties provide “a targeted measure for influencing the price of alcohol”, with excise duty in particular highlighted as a favourable means to regulate pricing, especially when increased in line with inflation. This, it is felt, is also in line with a report from the EU Commission, which indicates that “Member States should ensure that excise duties are indexed to inflation”.

Changing face of alcohol in retailers

Since the abolition of the Groceries Order in 2006, it has been possible to sell products below their cost price. This practice has been used very effectively by supermarkets and discounters alike in Ireland to maximise footfall, and thereby increase share. However, 2011 began to see something of a change in this regard in terms of the supply of alcohol, with Lidl Ireland GmbH reducing the amount of floor space given over to alcoholic drinks while rolling out in-store bakeries in an attempt raise the brand image of the retail chain in Ireland above that of cheap discounter. Meanwhile, supermarket giant Tesco Ireland Ltd has attempted to provide a more upmarket image in its stores in relation to its wine range by increasing the availability of selections which fall into the EUR10.00-15.00 segment. Currently a large proportion of these products are being offered at reduced prices, with many half-price offers in evidence. However if calls for minimum pricing of alcohol are successful the company has then a range of products already in place that are easily recognisable to the consumer.

Troubled path to recovery

Ireland, along with the rest of Europe, continues to experience unprecedented economic turmoil. The resultant fear among consumers means spending is likely to remain stagnant as fears of economic implosion and financial upheaval remain a very real possibility in many consumers’ minds. As the effects of the first in a series of severe budgets became apparent, fears of spending cuts and tax increases did nothing to allay consumer concerns. Continued worries in relation to decreased spending potential will continue to significantly affect spending patterns over the forecast period. However, Ireland is set to benefit from the recovery in the European and greater world economies as continued progress through the plan outlined by the EU/IMF in its bailout plan for Ireland increase competitiveness through reduced prices and labour costs, while reducing public expenditure. However, growth of GDP is set to remain sluggish, with projections for performance revised downwards, based in part on wider economic events.

Table of Contents

Alcoholic Drinks in Ireland - Industry Overview

EXECUTIVE SUMMARY
From ‘lost generation’ to emigration, number of drinkers declining
Flailing domestic economy alters perception of alcohol
Calls for minimum pricing of alcohol
Changing face of alcohol in retailers
Troubled path to recovery

KEY TRENDS AND DEVELOPMENTS
Weak economic conditions continue to impact alcoholic drinks
Cross-border sales, excise duty and legislation
Changing consumer attitude – on-trade vs off-trade
Key new product launches
Summary 1 Key New Product Developments 2010-2011
Specialist retailers
Summary 2 Leading Specialist Retailers 2011
Market merger and acquisition activity
Summary 3 Merger and Acquisition Activity 2010-2011

MARKET BACKGROUND
Legislation
On-trade Establishments
Table 1 Number of On-Trade Establishments by Type 2006-2010
Taxation and Duty Levies
Table 2 Taxation and Duty Levies on Alcoholic Drinks 2011
Table 3 Typical Wholesaler and Retailer Off-trade Mark-ups by Selected Categories 2011
Table 4 Selling Margin of a Typical Beer Brand 2011
Table 5 Selling Margin of a Typical Wine Brand 2011
Table 6 Selling Margin of a Typical Spirits Brand 2011

OPERATING ENVIRONMENT
Contraband/parallel trade
Duty-free
Cross-border/private imports

MARKET INDICATORS
Table 7 Retail Consumer Expenditure on Alcoholic Drinks 2006-2011

MARKET DATA
Table 8 Sales of Alcoholic Drinks by Category: Total Volume 2006-2011
Table 9 Sales of Alcoholic Drinks by Category: Total Value 2006-2011
Table 10 Sales of Alcoholic Drinks by Category: % Total Volume Growth 2006-2011
Table 11 Sales of Alcoholic Drinks by Category: % Total Value Growth 2006-2011
Table 12 Sales of Alcoholic Drinks by Category by On-trade vs Off-trade Split: Volume 2011
Table 13 Sales of Alcoholic Drinks by Category by On-trade vs Off-trade Split: Value 2011
Table 14 Sales of Alcoholic Drinks by Category by On-trade vs Off-trade Split: % Volume 2011
Table 15 Sales of Alcoholic Drinks by Category by On-trade vs Off-trade Split: % Value 2011
Table 16 Company Shares of Alcoholic Drinks by Global Brand Owner 2007-2011
Table 17 Off-trade Sales of Alcoholic Drinks by Distribution Format: % Value Analysis 2006-2011
Table 18 Off-trade Sales of Alcoholic Drinks by Category and Distribution Format: % Volume Analysis 2011
Table 19 Forecast Sales of Alcoholic Drinks by Category: Total Volume 2011-2016
Table 20 Forecast Sales of Alcoholic Drinks by Category: Total Value 2011-2016
Table 21 Forecast Sales of Alcoholic Drinks by Category: % Total Volume Growth 2011-2016
Table 22 Forecast Sales of Alcoholic Drinks by Category: % Total Value Growth 2011-2016

DEFINITIONS

PUBLISHED DATA COMPARISONS
Table 23 National consumer expenditure 2001-2010
SOURCES
Summary 4 Research Sources

Alcoholic Drinks in Ireland - Company Profiles

Barry & Fitzwilliam Ltd in Alcoholic Drinks (Ireland)
STRATEGIC DIRECTION
KEY FACTS
COMPANY BACKGROUND
PRODUCTION
COMPETITIVE POSITIONING
Summary 7 Barry & Fitzwilliam Ltd: Competitive Position 2011

Bulmers Ltd in Alcoholic Drinks (Ireland)
STRATEGIC DIRECTION
KEY FACTS
COMPANY BACKGROUND
PRODUCTION
Summary 10 Bulmers Ltd: Production Statistics 2011
COMPETITIVE POSITIONING
Summary 11 Bulmers Ltd: Competitive Position 2011

Findlater Wine & Spirit Group in Alcoholic Drinks (Ireland)
STRATEGIC DIRECTION
KEY FACTS
COMPANY BACKGROUND
PRODUCTION
COMPETITIVE POSITIONING
Summary 13 Findlater Wine & Spirit Group: Competitive Position 2011

Irish Distillers Ltd in Alcoholic Drinks (Ireland)
STRATEGIC DIRECTION
KEY FACTS
COMPANY BACKGROUND
PRODUCTION
COMPETITIVE POSITIONING
Summary 16 Irish Distillers Ltd: Competitive Position 2010

The Barry Group in Alcoholic Drinks (Ireland)
STRATEGIC DIRECTION
KEY FACTS
INTERNET STRATEGY
COMPANY BACKGROUND
PRIVATE LABEL
COMPETITIVE POSITIONING
Summary 19 The Barry Group: Competitive Position 2011

Beer in Ireland - Category Analysis

HEADLINES

TRENDS
The long-term trend of decline in the beer category continued in 2011, seeing a further contraction in volume terms. Over the review period beer recorded a total volume CAGR decline of -2%. However, with the narrowing of the gap in VAT and excise rates with regard to the UK and the movement of exchange rates in favour of sterling, the issue of extensive cross-border shopping into Northern Ireland (which was a major contributing factor behind a 5% drop in ROI beer volume sales in 2009) has receded for the time being.

PRODUCTION, IMPORTS AND EXPORTS

COMPETITIVE LANDSCAPE
Diageo Ireland Ltd continues to hold the majority of the beer category, taking 52% of volume sales in 2011. Although Guinness continues to be Ireland’s most popular beer by a wide margin, the decline of the on-trade channel and the stout category saw Guinness’s share of beer dip to under 27% in 2011.

PROSPECTS
The weakening of prospects for the Irish domestic and global economies during 2011 has resulted in the forecast for the beer category being revised downwards. Over the forecast period beer volume sales are expected to marginally improve with a 0.5% volume CAGR.

CATEGORY BACKGROUND
Lager price band methodology
Summary 20 Lager by Price Band 2011
Table 24 Number of Breweries 2006-2010

CATEGORY DATA
Table 25 Sales of Beer by Category: Total Volume 2006-2011
Table 26 Sales of Beer by Category: Total Value 2006-2011
Table 27 Sales of Beer by Category: % Total Volume Growth 2006-2011
Table 28 Sales of Beer by Category: % Total Value Growth 2006-2011
Table 29 Sales of Beer by On-trade vs Off-trade Split: Volume 2006-2011
Table 30 Sales of Beer by On-trade vs Off-trade Split: Value 2006-2011
Table 31 Sales of Beer by On-trade vs Off-trade Split: % Volume Growth 2006-2011
Table 32 Sales of Beer by On-trade vs Off-trade Split: % Value Growth 2006-2011
Table 33 Beer: Production, Imports and Exports: Total Volume 2005-2010
Table 34 Beer Imports by Country of Origin: Total Volume 2005-2010
Table 35 Beer Imports by Country of Origin: Total Value 2005-2010
Table 36 Beer Exports by Country of Destination: Total Volume 2005-2010
Table 37 Beer Exports by Country of Destination: Total Value 2005-2010
Table 38 Company Shares of Beer by National Brand Owner 2007-2011
Table 39 Company Shares of Beer by Global Brand Owner 2007-2011
Table 40 Brand Shares of Beer 2008-2011
Table 41 Forecast Sales of Beer by Category: Total Volume 2011-2016
Table 42 Forecast Sales of Beer by Category: Total Value 2011-2016
Table 43 Forecast Sales of Beer by Category: % Total Volume Growth 2011-2016
Table 44 Forecast Sales of Beer by Category: % Total Value Growth 2011-2016

Cider/Perry in Ireland - Category Analysis

HEADLINES

TRENDS
The long-term trend of decline in the cider category continued in 2011, seeing a further contraction of 2% in volume, following a similar drop in 2010.

PRODUCTION, IMPORTS AND EXPORTS

COMPETITIVE LANDSCAPE
Bulmers Ltd is the leader with an 80% volume share. Some consolidation was evident in 2011 with Bulmers holding on to share and marginal gains from both Kopparberg (Richmond Marketing Ltd) in the on-trade channel and from high-alcohol discount brands owned by Coman’s Ltd and Gleeson Group in off-trade. Other discount imports, grey imports and secondary brands in the Bulmers portfolio have been squeezed as a result.

PROSPECTS
The weakening of prospects for the Irish domestic and global economies during 2011 has resulted in the forecast for cider being revised downwards, indicating a further decline of 5% in volume in 2012.

CATEGORY DATA
Table 45 Sales of Cider/Perry: Total Volume 2006-2011
Table 46 Sales of Cider/Perry: Total Value 2006-2011
Table 47 Sales of Cider/Perry: % Total Volume Growth 2006-2011
Table 48 Sales of Cider/Perry: % Total Value Growth 2006-2011
Table 49 On-trade vs Off-trade Sales of Cider/Perry: Volume 2006-2011
Table 50 On-trade vs Off-trade Sales of Cider/Perry: Value 2006-2011
Table 51 On-trade vs Off-trade Sales of Cider/Perry: % Volume Growth 2006-2011
Table 52 On-trade vs Off-trade Sales of Cider/Perry: % Value Growth 2006-2011
Table 53 Cider/Perry Production, Imports and Exports: Total Volume 2005-2010
Table 54 Cider/Perry Imports by Country of Origin: Total Volume 2005-2010
Table 55 Cider/Perry Imports by Country of Origin: Total Value 2005-2010
Table 56 Cider/Perry Exports by Country of Destination: Total Volume 2005-2010
Table 57 Cider/Perry Exports by Country of Destination: Total Value 2005-2010
Table 58 Company Shares of Cider/Perry by National Brand Owner 2007-2011
Table 59 Company Shares of Cider/Perry by Global Brand Owner 2007-2011
Table 60 Brand Shares of Cider/Perry 2008-2011
Table 61 Forecast Sales of Cider/Perry: Total Volume 2011-2016
Table 62 Forecast Sales of Cider/Perry: Total Value 2011-2016
Table 63 Forecast Sales of Cider/Perry: % Total Volume Growth 2011-2016
Table 64 Forecast Sales of Cider/Perry: % Total Value Growth 2011-2016

RTDs/High-Strength Premixes in Ireland - Category Analysis

HEADLINES

TRENDS
In 2011 RTDs/high-strength premixes saw growth of 2% in volume terms. The growth of wine-based RTDs boosted the overall category performance, compensating for the long-term decline of spirit-based RTDs.

COMPETITIVE LANDSCAPE
Irish Distillers Ltd led at the end of the review period with a 40% volume share. The company’s leading brand is West Coast Cooler. Its significant investment in high-profile TV advertising and range extensions over the past three to four years has paid off.

PROSPECTS
Due to the continued success of West Coast Cooler in growing the category, and based on the evident increased new product development activity and brand owner interest across all niches, forecasts for RTDs/high-strength premixes have been revised upwards compared with the last edition of this report. The category is expected to see a positive volume CAGR of 1% over the forecast period.

CATEGORY DATA
Table 65 Sales of RTDS/High-strength Premixes by Category: Total Volume 2006-2011
Table 66 Sales of RTDS/High-strength Premixes by Category: Total Value 2006-2011
Table 67 Sales of RTDS/High-strength Premixes by Category: % Total Volume Growth 2006-2011
Table 68 Sales of RTDS/High-strength Premixes by Category: % Total Value Growth 2006-2011
Table 69 On-trade vs Off-trade Sales of RTDS/High-strength Premixes: Volume 2006-2011
Table 70 On-trade vs Off-trade Sales of RTDS/High-strength Premixes: Value 2006-2011
Table 71 On-trade vs Off-trade Sales of RTDS/High-strength Premixes: % Volume Growth 2006-2011
Table 72 On-trade vs Off-trade Sales of RTDS/High-strength Premixes: % Value Growth 2006-2011
Table 73 Company Shares of RTDS/High-strength Premixes by Global Brand Owner 2007-2011
Table 74 Company Shares of RTDS/High-strength Premixes by National Brand Owner 2007-2011
Table 75 Brand Shares of RTDS/High-strength Premixes 2008-2011
Table 76 Forecast Sales of RTDS/High-strength Premixes by Category: Total Volume 2011-2016
Table 77 Forecast Sales of RTDS/High-strength Premixes by Category: Total Value 2011-2016
Table 78 Forecast Sales of RTDS/High-strength Premixes by Category: % Total Volume Growth 2011-2016
Table 79 Forecast Sales of RTDS/High-strength Premixes by Category: % Total Value Growth 2011-2016

Spirits in Ireland - Category Analysis

HEADLINES

TRENDS
While 2009 was a particularly difficult year for spirits in Ireland with volume sales declining by 10% and current value sales seeing an 8% decrease, the declines for 2010 were mitigated somewhat by a reduction in excise duties by 20% in the December budget. However, on-going financial uncertainty coupled with increased taxation and levies on incomes since the beginning of 2011 have further reduced disposable incomes for many Irish households, and negatively impacted demand for Spirits in Ireland. Furthermore, with the Central Bank of Ireland reducing the forecast for growth several times in the first six months of the year alone, and no real evidence of falling consumer prices so far as the man on the street is concerned, consumer confidence remains stubbornly low, resulting in a lack of spending confidence.

PRODUCTION, IMPORTS AND EXPORTS

COMPETITIVE LANDSCAPE
Irish Distillers Ltd led sales in 2011, retaining a 32% volume share of spirits. While Jameson and Huzzar gained some small overall volume share, retaining 8% and 4% volume shares respectively. Powers Gold Label and Paddy declined slightly to each hold a 3% volume share. Within their respective categories, however, the company’s whiskey brands hold the top three positions, while Huzzar remains in second position in vodka, maintaining a consistent 11% share. As leaders, the brands are backed by strong advertising and promotional campaigns.

PROSPECTS
Spirits is expected to experience a negative CAGR over the forecast period of -1% to 2016. While volume growth is expected to remain negative, it is expected that the rate of decline will decrease as economic conditions begin to improve, disposable incomes are expected to increase, and consumer confidence begin to return. It is also expected that a move towards healthier lifestyles and continued at-home entertaining will serve to limit growth.

CATEGORY BACKGROUND
Vodka, gin and other blended Scotch whisky price band methodology
Summary 21 Benchmark Brands 2011

CATEGORY DATA
Table 80 Sales of Spirits by Category: Total Volume 2006-2011
Table 81 Sales of Spirits by Category: Total Value 2006-2011
Table 82 Sales of Spirits by Category: % Total Volume Growth 2006-2011
Table 83 Sales of Spirits by Category: % Total Value Growth 2006-2011
Table 84 Sales of Spirits by On-trade vs Off-trade Split: Volume 2006-2011
Table 85 Sales of Spirits by On-trade vs Off-trade Split: Value 2006-2011
Table 86 Sales of Spirits by On-trade vs Off-trade Split: % Volume Growth 2006-2011
Table 87 Sales of Spirits by On-trade vs Off-trade Split: % Value Growth 2006-2011
Table 88 Sales of Gin by Price Platform 2006-2011
Table 89 Sales of Other Blended Scotch Whisky by Price Platform 2006-2011
Table 90 Sales of Vodka by Price Platform 2006-2011
Table 91 Sales of Flavoured vs Non-flavoured Vodka 2006-2011
Table 92 Spirits Production, Imports and Exports: Total Volume 2005-2010
Table 93 Spirits Imports by Country of Origin: Total Volume 2005-2010
Table 94 Spirits Imports by Country of Origin: Total Value 2005-2010
Table 95 Spirits Exports by Country of Destination: Total Volume 2005-2010
Table 96 Spirits Exports by Country of Destination: Total Value 2005-2010
Table 97 Brandy & Cognac Production, Imports and Exports: Total Volume 2005-2010
Table 98 Gin Production, Imports and Exports: Total Volume 2005-2010
Table 99 Rum Production, Imports and Exports: Total Volume 2005-2010
Table 100 Tequila Production, Imports and Exports: Total Volume 2005-2010
Table 101 Vodka Production, Imports and Exports: Total Volume 2005-2010
Table 102 Whiskies Production, Imports and Exports: Total Volume 2005-2010
Table 103 Company Shares of Spirits by National Brand Owner 2007-2011
Table 104 Company Shares of Spirits by Global Brand Owner 2007-2011
Table 105 Brand Shares of Spirits 2008-2011
Table 106 Forecast Sales of Spirits by Category: Total Volume 2011-2016
Table 107 Forecast Sales of Spirits by Category: Total Value 2011-2016
Table 108 Forecast Sales of Spirits by Category: % Total Volume Growth 2011-2016
Table 109 Forecast Sales of Spirits by Category: % Total Value Growth 2011-2016

Wine in Ireland - Category Analysis

HEADLINES

TRENDS
Irish volume sales of wine held stable in 2011 in the face of declining alcoholic drinks consumption and depressed consumer confidence and spending.

PRODUCTION, IMPORTS AND EXPORTS

COMPETITIVE LANDSCAPE
Tesco Ireland Ltd leads wine in Ireland with an 11% volume share at the end of the review period. The increasing dominance of Tesco in the Irish wine environment is reflected in the sales of its private label range, which outstrip all other brands. The perceived stature of the wines selected by Tesco has continued to strengthen in the eyes of consumers.

PROSPECTS
Over the forecast period wine is expected to see a marginal constant value CAGR and a volume CAGR of just over 1%. Although the long-term trend for wine to take increasing share of throat within alcoholic drinks is expected to continue, short-term growth prospects for the wine category will be dampened by anticipated increases in Excise duties in 2011/2012, and VAT hikes tabled by the government for 2013 and 2014.

CATEGORY DATA
Table 110 Sales of Wine by Category: Total Volume 2006-2011
Table 111 Sales of Wine by Category: Total Value 2006-2011
Table 112 Sales of Wine by Category: % Total Volume Growth 2006-2011
Table 113 Sales of Wine by Category: % Total Value Growth 2006-2011
Table 114 Sales of Wine by On-trade vs Off-trade Split: Volume 2006-2011
Table 115 Sales of Wine by On-trade vs Off-trade Split: Value 2006-2011
Table 116 Sales of Wine by On-trade vs Off-trade Split: % Volume Growth 2006-2011
Table 117 Sales of Wine by On-trade vs Off-trade Split: % Value Growth 2006-2011
Table 118 Volume Sales of Still Red Wine by Price Segment 2006-2011
Table 119 Volume Sales of Still White Wine by Price Segment 2006-2011
Table 120 Volume Sales of Still Rosé Wine by Price Segment 2006-2011
Table 121 Volume Sales of Other Sparkling Wine by Price Segment 2006-2011
Table 122 Sales of Still Red Wine by Grape/Varietal Type 2006-2011
Table 123 Sales of Still White Wine by Grape/Varietal Type 2006-2011
Table 124 Sales of Still Rosé Wine by Grape/Varietal Type 2006-2011
Table 125 Sales of Still Red Wine by Quality Classification 2006-2011
Table 126 Sales of Still White Wine by Quality Classification 2006-2011
Table 127 Sales of Still Rosé Wine by Quality Classification 2006-2011
Table 128 Wine Production, Imports and Exports: Total Volume 2005-2010
Table 129 Wine Imports by Country of Origin: Total Volume 2005-2010
Table 130 Wine Imports by Country of Origin: Total Value 2005-2010
Table 131 Wine Exports by Country of Destination: Total Volume 2005-2010
Table 132 Wine Exports by Country of Destination: Total Value 2005-2010
Table 133 Company Shares of Still Light Grape Wine by National Brand Owner 2007-2011
Table 134 Company Shares of Still Light Grape Wine by Global Brand Owner 2007-2011
Table 135 Brand Shares of Still Light Grape Wine 2008-2011
Table 136 Company Shares of Champagne by National Brand Owner 2007-2011
Table 137 Company Shares of Champagne by Global Brand Owner 2007-2011
Table 138 Brand Shares of Champagne 2008-2011
Table 139 Company Shares of Other Sparkling Wine by National Brand Owner 2007-2011
Table 140 Company Shares of Other Sparkling Wine by Global Brand Owner 2007-2011
Table 141 Brand Shares of Other Sparkling Wine 2008-2011
Table 142 Forecast Sales of Wine by Category: Total Volume 2011-2016
Table 143 Forecast Sales of Wine by Category: Total Value 2011-2016
Table 144 Forecast Sales of Wine by Category: % Total Volume Growth 2011-2016
Table 145 Forecast Sales of Wine by Category: % Total Value Growth 2011-2016