Ease, speed, flexiterian eating habits, well-being and comfort snacking. But also sustainability, inclusion and intelligent management of financial and natural resources. These are the basics in the daily life of Gen Zers, Zillennials and Millennials, i.e. the consumers of the future, who are already shaping the present of the food industry and retail in the Greek market as well.
Investments in the fast-growing ready-meals category reflect these changes, also showing that Greeks are moving further and further away from the habit of daily cooking, at least as we knew it until now.
It is characteristic that all the large supermarket chains have placed in a prominent position in the stores of their networks “corners” of prepared food, which include not only the traditional roast chicken, as in the past, but a huge variety of traditional “mommy” foods and vegetarian meals up to and sophisticated dishes, like sushi. At the same time, popular chefs are recruited, who “sign” the high level of quality and taste of the products that retailers have under their brand, such as Akis Petretzikis, who works with AB Vassilopoulos.
It is also no coincidence that one of the major projects currently being “run” by the Sklavenitis group is the development of a ready meals factory, which will be completed in 2024, as announced by Ten Brinke Hellas, which has undertaken the construction. Specifically, the mixed-use industrial building under construction (production, storage and distribution) is located in Magoula, Municipality of Elefsina, on a plot of land of approximately 42,000 sq.m.
At the same time, well-known names of domestic players in the food industry, such as Yfantis, Nikas, Barba-Stathis, Giotis, Mega Yeeros, 3alpha, Pindos, Philosofish, Pescanova, Agrino, Creta Farms, Palirroia, Kallimanis, Alfa Pastry, Euboiki Zymi, Trata etc., have taken a position in the market of ready and semi-ready meals, looking forward to a “pie” that exceeds 500 million euros on an annual basis.
In the ready-to-eat market structure by main product group, according to market and ICAP estimates, the frozen food category accounts for approximately 47%-50% of the total, canned food 25%, refrigerated food 16%, whether for ready or semi-ready meals, with an upward trend, dried foods (soups, pasta, noodles, etc.) 3% and hot corner products 9.6%.
“At first reading precision may seem to put a brake on the consumption of ready and semi-prepared meals compared to traditional home cooking, but on closer inspection it turns out that for many households it is a more economical option” points to “Vima” an executive of a measurement company.
And this is because ready meals, in addition to convenience, give enjoyment of “difficult recipes” and greater flexibility at the time of consumption, while combining at the same time the reduction of food waste.
“For example, a ready-made salad/meal contains as much as one person can eat, which cannot be easily calculated if one buys various vegetables to make at home” pointed out by him. The same logic applies to the so-called fresh packages (fresh box), which include all the ingredients needed for a recipe in the necessary quantities so that the leftovers do not end up in the trash.
In addition, the demand for ready-made meals is strengthened by the relatively large percentage of single-member households, as they are the main customer category for businesses in the sector in question, while the change in eating habits and the shift to a healthier lifestyle also play an important role. Hence the increase in food choices with little to no salt, sugar, saturated fat, etc.
It should be noted that pan-European sales in the ready meals industry are estimated to reach USD 89.48 billion in 2024, according to a study by Statista, with an annual growth rate of 5.18% to 2028 (CAGR 2024 -2028).
Greeks also love eatertainment
However, at the same time, eatertainment is also developing, as the Greeks – as an authentic Mediterranean people – love to go out to eat often, something that characterizes young people as well as older people. It is indicative that almost 8 out of 10 young people aged 18 to 24 eat out in restaurants regularly/very often.
In addition, in addition to eating out, three out of five Greeks often buy takeaway food and this ratio is higher among the young and middle-aged. And in this case Gen Zers and Millennials score higher compared to the rest of the age groups, as delivery platforms have made the process very easy even for the average user, let alone the super… online young people. However, offers also play an important role, such as the 1+1 gift, discounts on specific product categories and special promotions for “special days of the year”, with the result that eating out now acquires everyday characteristics.
Overall, the food industry market in Greece is estimated to reach a turnover close to 10 billion euros (10.9 billion euros in 2019, according to a relevant Deloitte survey), a figure that seems to be close to that of organized food retailing in country.
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