Strong value sales growth witnessed in 2022 and 2023 was fuelled by rampant inflation in the aftermath of the pandemic. With international and domestic supply chains severely disrupted as demand returned at pace following the removal of movement and travel restrictions, a consequence of this was higher costs for both producers and distributors alike, which were passed on to consumers.
The high rates of inflation that emerged towards the end of the review period have yet to subside in 2023. However, growth has at least stabilised with the official inflation rate holding at 6.
New Zealand officially entered a recession in mid-2023 as cost-of-living pressures driven by rising inflation stifled aggregate demand and consumer spending, with many companies also having begun downsizing and creating further pressure on discretionary spending. This is expected to impact consumer spending in foodservice during the initial stages of the forecast period, with consumers visiting these establishments for meals out less frequently and instead dining at home.
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Sauces, Dips and Condiments
This is the aggregation of cooking ingredients and condiments, dips, pickled products, sauces, yeast-based spreads, and other sauces, dips and condiments. Excludes: Unpackaged/bulk sauces, dressings and condiments, such as unpackaged herbs and spice or instances where consumers bring an empty contained to be (re)filled. Excludes: Table salt, vinegar, baking ingredients, desiccated coconut, and cooking cream/milk/powder for cooking and baking.
See All of Our DefinitionsThis report originates from Passport, our Sauces, Dips and Condiments research and analysis database.
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