NH packaged food saw slow but solid retail volume growth rates during most of the review period, but has turned to slight decline in 2020. However, price rises have maintained retail current value growth.
Consumers’ health-consciousness has risen as a result of COVID-19, contributing to growth in most NH high fibre food categories. NH high fibre food is usually perceived as natural and healthy, and such products have therefore been favoured by consumers during the pandemic.
Also turning to retail volume decline in 2020, although maintaining current value growth, is NH nuts, seeds and trail mixes. The peak season for sales of such products is the Chinese New Year, when they are given as gifts.
After seeing a retail volume decline in 2020 due to the impact of COVID-19, NH packaged food is set to rebound to dynamic growth in 2021, as the pandemic is controlled and vaccines are distributed. Solid growth rates are then expected for the rest of the forecast period, similar to the growth rates seen pre-COVID-19.
The largest category within NH packaged food is NH nuts, seeds and trail mixes. This is forecast to see a rebound in its growth in 2021, although is then expected to see a slowing of its growth rates, especially in retail volume terms, with slower increases than seen pre-COVID-19.
After an exceptional year in 2020, NH olive oil is set to return to slower although solid retail volume and current value growth rates in the forecast period, as consumers’ lives normalise post-COVID-19. Growth is expected to continue thanks to rising consumer awareness of the health benefits of these products.
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