Retail volume sales of butter and spreads are set to see positive growth in 2021. Growth is being driven by the impact of the COVID-19 virus on Turkish consumers.
Butter and spreads is continuing to see sharp price hikes in 2021 that is set to inhibit stronger volume growth. While in current value terms, high inflation is a factor, prices continue to see strong growth in constant terms, a result of the rising costs of milk production and imported cow feed.
Margarine and spreads is a mature category that tends to generate moderate growth rates. However, the category has benefited from home seclusion and the rise in home cooking and baking.
Consumer health awareness, already a strong underlying trend in butter and spreads, will experience a rapid acceleration over the forecast period as consumers have become more aware of the negative links between obesity and the virus. Since the onset of the pandemic and lengthy periods spent at home, many people have gained weight.
Organic products remain comparatively underdeveloped in Turkey, as their significantly higher price points are a disincentive to most consumers. Product availability has also been historically limited.
The increase in imported butter products since the pandemic is expected to wane in line with decreasing retail consumption once lifestyles return to normal. Imported butter will remain more expensive than domestic butter which will encourage both consumers and foodservice outlets to use either domestic butter or shift to margarine which is cheaper.
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This report originates from Passport, our Butter and Spreads research and analysis database.
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