Unit prices for edible oils in Slovakia look set to continue increasing in the short-to-medium term as inflationary pressures arising from the global recovery from the pandemic and Russia’s invasion of Ukraine drive up the cost of essential inputs like rapeseed, sunflower seeds etc. This will lead many consumers and on-trade businesses to migrate to cheaper substitutes, which should support robust growth in retail and foodservice volume sales of cooking fats during the forecast period.
With the incidence of lactose intolerance among the Slovak population on the rise, lactose-free butter and ghee butter (which is also suitable for those who suffer from this condition) will continue to gain popularity during the forecast period. However, given that these product types command a premium as compared to traditional butter, it is likely their appeal will initially be hampered by high inflation and ongoing economic uncertainty.
While dairy farmers in Slovakia faced rising costs over 2021-2022, many were unable to offset them by increasing their raw milk prices because they were bound by long-term contracts. Several of these farmers instead sought to mitigate their losses by selling off a proportion of their herds to meat processors, as beef prices rose significantly over the same period.
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Butter and Spreads
This is the aggregation of butter, cooking fats and margarine and spreads.See All of Our Definitions
This report originates from Passport, our Butter and Spreads research and analysis database.
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