Nuts recorded a sharp slowdown in the rate of total volume growth in 2020 compared to 2019. This reflected a focus on essential fresh food by increasingly price-sensitive consumers in 2020 in the context of job insecurity and financial pressure caused by the COVID-19 pandemic.
The sale of unpackaged loose nuts was negatively impacted by heightened concerns around hygiene and food safety in the context of the COVID-19 pandemic in 2020. As the virus spread, many consumers immediately prioritised the safety of the products they were buying and were encouraged to minimise the touching of surfaces and objects in public places.
Nuts is expected to see a return to stronger total volume growth in 2021 due to the return of sales through foodservice and institutional channels, with peanuts (groundnuts) set to remain the largest category over the forecast period. However, average growth is set to be lower than during the review period.
An ongoing dependence on imports and fluctuations in the ruble exchange rate will continue to impact the longer-term development of nuts, with the potential to further negatively impact cost prices and margins. Price reductions are only likely to be achieved through a reduction in quality, which consumers will quickly perceive.
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This report originates from Passport, our Nuts research and analysis database.
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