The momentum of actual consumption strengthened further in 2024.
The narrative of the fast-moving consumer goods (FMCG) market that volumes are declining was not confirmed last year, as it was also the case in 2023, with domestic households continuing to allocate the majority of their income to food and essentials, shielding the food and beverage sector.
Data from research firm Circana indicate that the market achieved a boost in actual consumption, with sales volumes increasing by 2.8% when the increase in FMCG turnover was 2.6%. Revenues for supermarket chains were strengthened by approximately 300 million euros in 2024, as the overall market showed a turnover of 12.1 billion compared to 11.8 billion euros in 2023. The food category is the one that drove the growth, showing an increase in sales value by 3.6%, when the other two major categories, household cleaners and personal care products, recorded a sales decrease of 0.9%.
However, all categories achieved an increase in volumes: food by 2.8%, personal care products by 3.1% and household cleaners by 1.5%.
Private label
It is also noteworthy that private label products once again showed higher growth compared to branded products, recording a turnover growth rate of 4.4% compared to 2% recorded by branded codes. The market share of private label products in 2024, based on Circana, amounted to 26.7%, up 0.4 points compared to 2023.
Regarding price developments, Circana indicated a marginal deflationary trend in the domestic basket, placing the decrease in the average price per item at 0.2%.
