Today, at the Palazzo Giureconsulti in Milan, the Parmigiano Reggiano Consortium revealed that 2023 has been a record year.
At its annual press conference, the Parmigiano Reggiano Consortium has revealed that 2023 has been quite a remarkable year. Although the world has experienced strong economic headwinds, sales of Parmigiano Reggiano have reached new heights, exceeding the 3 billion euro mark in consumption. These numbers set a new benchmark for the fine cheese and mark a historic achievement for the Protected Designation of Origin (PDO).
In a year that has been blighted by macroeconomic uncertainty and confusion, the Parmigiano Reggiano Consortium saw total sales surge by 8.4%. This was helped in no small part by a significant jump in Italian sales of 10.9%, coupled with a 5.7% growth in international markets.
Much of the success is being attributed to a strategic balance in pricing strategies and making Parmigiano Reggiano increasingly accessible in retail and wholesale channels.
While the average wholesale price decreased slightly by 5% compared to 2022, there are clear indicators of recovery in 2024. Production of Parmigiano Reggiano has remained stable at 4.014 million wheels, which shows the industry’s resilience and stability.
Market Expansion: Italy accounted for 57% of sales, with Large Retailers dominating distribution channels, followed by food manufacturers. The Ho.Re.Ca channel presents significant untapped potential for development.
Global Reach: Export share expanded to 43%, with notable growth in key markets such as Spain (+7.8%), France (+6.9%), the United States (+7.7%), and Australia (+21.8%).
Investment in Branding: With 31.8 million Euros invested in marketing and communication, Parmigiano Reggiano continues its journey to become a global brand, emphasising its PDO distinctiveness and quality.
Food and Wine Tourism: The Consortium continues to promote food and wine tourism, witnessing a significant increase in visitors to dairies and warehouses. The “Open Dairies” event continues to attract enthusiasts, fostering greater appreciation for the PDO.
Future Outlook: Nicola Bertinelli, the President of the Parmigiano Reggiano Consortium, has expressed optimism about the future despite global challenges, emphasising the need for continued investment in foreign markets.
2024 marks the Consortium’s 90th anniversary, and it has reiterated its commitment to navigating the evolving landscape using the principles of sustainability, cost management, and market protection.
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