The main influence on sales of cooking ingredients and meals in Turkey in 2023 was the ongoing economic crisis that continues to undermine the spending power of the vast majority of local consumers. The population of Turkey continues to grapple with persistently high inflation, which progressively erodes purchasing power on a daily basis.
The deteriorating economic situation in Turkey has led to constant shifts in consumer habits and behaviours and this has prompted many of the companies active in cooking ingredients and meals to take steps to minimise their operating costs cost in order to protect their margins whilst providing the most budget-friendly options possible. One significant trend in response to pressure on consumer spending power has been the trend of reducing pack sizes to reduce the product’s retail selling price and ensure that products become available at more affordable price points.
All companies present across all categories of cooking ingredients and meals faced fierce competition during 2023, much of which centred around pricing at a time when many Turkish people are facing extreme pressure on their spending power. Faced with waning demand as households are forced to avoid non-essential purchases and, in some cases, reduce the frequency with which they purchase even the most essential products such as edible oils, manufacturers and brand owners are faced with the need to constantly engage in price promotions and price discounting campaigns to ensure that their products and brands remain relevant to consumers and competitive with rival products.
One of the most interesting aspects of Turkey’s cooking ingredients and meals industry in 2023 was that foodservice volume growth rates were higher than retail volume growth rates in almost all categories during the year. The huge pressure that has come on household spending as a result of the adverse economic situation has led to a dramatic decrease in demand for consumer foodservice among the local population as the cost of dining out has risen significantly.
The forecast period is expected to see further diminishment of consumer spending in Turkey as the falling exchange value of the Turkish lira continues to undermine the value of household incomes in real terms. This is expected to continue discouraging consumers from dining out, while population growth is also expected to contribute to positive volume growth across most categories of cooking ingredients and meals.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Turkey with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in Turkey, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!