The Resilience of the Greek FMCG Market in 2024
Thursday, November 28, 2024
The Greek fast-moving consumer goods (FMCGs) market continues to show positive results in the first nine months of 2024, with a 3.7% increase in total turnover compared to the same period in 2023. Data from the recent NielsenIQ market analysis indicates that this rise is primarily due to increased consumption, with prices playing a smaller role compared to 2023, when growth was more attributed to price increases. The food and beverage category plays a central role in market development, showing a 4.7% increase.
Specifically, food products rose by 4.3%, while beverages increased by 7.9%, raising the category’s total turnover to 6 billion euros from 5.73 billion in 2023. Fresh and bulk products also recorded a significant 4.5% increase, reaching 2.613 billion euros in 2024, while bazaar products, though with more moderate growth, increased by 1.8%, reaching 632 million euros. The sales evolution reflects a shift in consumer habits, with Greek consumers showing increased interest in food and beverages, which occupy the largest market share, reaching 54.8% of total FMCG turnover. Fresh and bulk products follow with 23.9%, while bazaar products, household items, and health and beauty products account for smaller percentages. The Greek market follows the global trend, where consumption is a key driver of turnover growth, and prices show signs of stabilization or even reduction. The continuous increases in FMCG turnover demonstrate the resilience of demand, despite economic pressures and inflationary trends, as consumers continue to emphasize food and daily necessity products.
According to the global NielsenIQ Consumer Outlook survey, consumers appear more optimistic compared to last year, with their psychology showing signs of improvement and feeling more stability. Despite enhanced optimism, a restrained approach to spending continues to dominate. The ongoing rise in food prices remains the primary concern of consumers worldwide, exacerbating its impact on their purchasing behavior.
Private Label Products Now Occupy 24.7% of the Average Household Basket
The NielsenIQ Consumer Outlook survey shows that consumers feel more stable compared to last year, but remain cautious in their spending. The continuous rise in food prices remains the greatest global concern, affecting their purchasing habits. As a result, private label (PL) products are gaining ground, now occupying 24.7% of the average household basket. Their sales are increasing at a rate of 5.7% compared to 3.6% for the overall FMCG market, thanks to a 1.1% reduction in their average price. During periods of economic pressure, consumers turn to more economical solutions, while supermarket chains are enriching their PL product options to meet this need.
Foteini Apostolou
Source: FOODReporter November 15th 2024 #1293, page 2.