Butter and spreads is maintaining healthy value growth in 2021, albeit at lower levels than those seen in 2020 when the category saw a boost due to stockpiling and the home-cooking and home-baking trends during the time of foodservice closures due to the pandemic. However, strong increases in unit prices, due to the costs of cooking oil rising internationally, are having a negative impact on volume sales.
Cooking fats is the only sub-category in declines in 2021, despite remaining popular due to cultural reasons, with these products included in a substantial part of the national cuisine. There is also limited room for growth in cooking fats, as there is a well-established range of brands on offer.
Upfield Hungary Kft is maintaining its significant company lead in the otherwise fragmented category of butter and spreads in 2021, thanks to the success of its top Rama and Flora brands, alongside Delma with smaller shares. This success is driven by the player’s innovation, as a wider range of spreads become available from both brands and private labels alike.
As seen in 2021, the home-cooking and home-baking trends of 2020 have diminished in line with foodservice outlets re-opening, and this looks set to continue over the forecast period. This will continue to negatively affect volume sales of cooking margarine, slowing down overall growth.
Due to rising unit prices and the weakened purchasing power of lower-income consumers following the impacts of the pandemic, price-sensitivity is expected to become more noticeable. For example, larger 500g packs of margarine are expected to be popular, due to their greater value for money, alongside bulk-purchase offerings.
In a polarised trend, premiumisation will also continue amongst higher-income consumers, driving value sales and pushing up average unit prices overall. High-quality butter and spreads, with an emphasis on health and wellness, such as with vitamin D, omega 3, reduced salt, or olive oil, will be particularly popular.
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