2023 was a year of stable, modest retail volume growth and strong double-digit retail value growth in current terms for cooking ingredients and meals in Bosnia and Herzegovina as high inflation and subsequent significant unit price growth all of categories put some pressure on demand. Rampant unit price inflation was largely due to the ongoing Ukraine conflict, which has put pressure on supply chains in key categories, not least edible oils, especially the dominant category of sunflower oil.
The key category of edible oils recorded negative retail volume growth in 2023 despite the essential status of most of the products in the category. This poor performance was mainly as the result of the consistent decline in consumer demand for sunflower oil, the key category of edible oils.
2023 saw Podravka dd remain the leading player in cooking ingredients and meals in Bosnia and Herzegovina and this can be attributed largely to the company’s very robust position in meals and soup and its strong presence in sauces, dips and condiments, categories in which the company’s local subsidiary Podravka doo ranks first. Throughout 2022 and 2023, Podravka continued to launch key new products, some of which could prove revolutionary, potentially reshaping the competitive landscape and further improve the company’s shares in key categories of cooking ingredients and meals.
Online sales of cooking ingredients and meals continued to record double-digit value growth from a low base over the course of 2023. Demand for e-commerce continues to increase among the population of Bosnia and Herzegovina, with the retail channel continuing to benefit from the greater exposure that e-commerce has had since the peak of the COVID-19 pandemic.
Over the forecast period, cooking ingredients and meals in Bosnia and Herzegovina is set to continue registering stable and sustainable positive retail volume growth, while value sales are expected to increase at a higher pace due to the lingering impact of high inflation. However, in categories in which demand is already quite mature, notably edible oils, more modest volume growth is likely to be seen and the sheer size of this category means that this modest sales performance is likely to drag down growth rates across the entire cooking ingredients and meals industry.
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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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