The performance of cooking ingredients and meals in 2022 was marked by the high inflation that had a strong impact on the purchasing power of the majority of the population. As the cost of living continues to soar, disposable incomes come under pressure as the vouchers granted to disadvantaged categories of consumers were suddenly unable to compensate them for the rapid growth seen in the price of the food, utilities and transportation that account for most of the cost of living in Romania.
The very strong value growth recorded in most categories of cooking ingredients and meals during 2022 was largely the result of the high inflation and spiralling production and transportation costs. The highest average unit price growth was seen in the key category of sunflower oil and this was the direct consequence of the ongoing armed conflict in neighbouring Ukraine, which had a very negative impact on the availability of sunflower seeds and sunflower oil.
International players Bunge and Avril Group remain at the top of the competitive environment in cooking ingredients and meals and this is due to these international companies ranking highly in the category of edible oils. Each of these players has followed the tried and true strategy of acquiring domestic brands and local manufacturing facilities, which has given them a huge advantage over their major domestic rivals in edible oils such as Argus and Prutul.
The reopening of the manias consumer foodservice industry as the social distancing restrictions that were in place from early on in the pandemic until March 2022 were relaxed. However, sales figures across the consumer foodservice industry are still nowhere near 2019 levels and this is largely because of inflation, which has made dining out prohibitively expensive for substantial numbers of Romanians.
With impact of the COVID-19 pandemic expected to diminished vanishing point over the forecast period, it is likely that high inflation due to the Ukraine conflict will emerge as the major influence on sales trends across industry. After the last of Romania’s COVID-19 control measures were withdrawn in March 2022, the high inflation that has swept across Europe since the fourth quarter of 2021 has become a major concern of many consumers among a population that tends to become very price-sensitive at the first sign of pressure on their purchasing power.
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Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Romania with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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