Sales of cooking ingredients and meals are dominated by offline retailers, mainly driven by supermarkets, small local grocers and hypermarkets. With the onset of the COVID-19 pandemic, e-commerce has been thriving with increasing acceptance from broader consumer groups in generations and improvement in delivery services through ultrafast delivery. This report delves into the performance of different retail channels for sales of cooking ingredients and meals and analyses retailers’ activities.
This report comes in PPT.
In 2022, while the overall industry grew by 3% in constant value terms, inflation hit the market and pushed sales growth in current terms, with a 5% increase globally. As affordability becomes a priority amid the inflation surge, consumers tend to switch to private label and seek cheaper outlets.
Hybrid working environments have naturally led to healthier growth in convenient meal offerings in line with the ongoing demand for convenience, driven by cooking fatigue.
The share of offline retail channels has been declining due to a continuous consumer shift to e-commerce, but the supermarkets channel is still at the forefront. Small local grocers recorded the greatest growth with strong presence in developing markets.
E-commerce continued its strong performance in 2022, by sustaining organic growth within all categories. Developed regions are the leading space in e-commerce, backed by high urbanisation and well-established delivery infrastructure, and meal kits is the key contributor to the surge in e-commerce sales.
Amid ongoing uncertainties, discounters and warehouse clubs will gain continued traction as global consumers are more likely to focus on prices. Global consumers tend to value basic and fundamental urges in food; however, health and nutritional aspects remain the core values that consumers barely compromise while tightening their budgets.
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