The rate of growth in retail constant value sales (2022 prices) of cooking ingredients and meals accelerated sharply, but this was driven by a spike in unit price, rather than increased volume sales. Amid lingering supply-chain disruption from the pandemic and spillover effects from the war in Ukraine, the annual rate of inflation in Spain rose into double digits during the middle of 2022, before easing somewhat in the latter part of the year.
There was a spike in demand for edible oils in March 2022, as some local consumers rushed to stockpile these products in the wake of the Russian invasion of Ukraine, despite the Ministry of Agriculture, Fisheries and Food seeking to reassure them that supplies were plentiful. This led some grocery retail chains to restrict the purchase of sunflower oil.
Private label is an established presence in cooking ingredients and meals, and with a growing number of local consumers tightening their belts, it grew in importance in 2022. Mercadona SA, the country’s largest supermarket chain, and Centros Comerciales Carrefour SA are particularly important in this regard.
Having seen a burst of growth in 2020 amid the stringent restrictions on movement that were introduced in response to the pandemic, the share of retail value sales of cooking ingredients and meals accounted for by e-commerce continued to rise during 2022—albeit at a relatively modest pace. Most local consumers continue to do their grocery shopping in person, and when it comes to groceries, the country’s internet retail infrastructure remains relatively underdeveloped.
With local consumers increasingly interested in both sustainability and health and wellness, demand for domestically produced organic olive oil is expected to increase in the forecast period. The product offer in organic olive oil will widen.
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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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