The economic recession of 2014 and 2015 led to significant changes in packaged food, with a number of categories suffering from the ban on imports. As a result, in-store product assortment decreased significantly, and a number of domestic producers experienced shortages in the supply of raw materials.
After the economic downturn of 2014 and 2015, consumer incomes and spending had not yet recovered by the end of the review period. Shoppers continue to economise and look for more affordable products and brands.
The decline in imports observed in 2014 and 2015 as a result of sanctions on foodstuff imports by a number of countries boosted the development of domestic production, in line with the state policy of phasing out imports. As a result, the share of domestically produced packaged food on store shelves has grown notably.
Modern grocery retailers recorded growth over the last decade and a half in Russia. The channel leads packaged food sales and continues to increase its presence in the Russian regions.
Packaged food is expected to record moderate retail volume growth over the forecast period, with the turbulent economic environment and limited consumer incomes and spending, together with the declining birth rate, all limiting growth. At the same time, consumer demand is following the health and wellness trend, and sales of products offering health benefits are expected to grow notably.
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This industry report originates from Passport, our Packaged Food market research database.