The Parmigiano Reggiano Consortium has said that sales of its iconic cheese were up by 8.4% last year, driven by a 10.9% increase in sales in Italy, and a 5.7% rise in international markets.
According to the group, growth was achieved despite 'significant challenges stemming from international conflicts and economic uncertainties', with overall sales surpassing the €3 billion mark for the first time.
'Strategic Balance'
It noted that during the year, Parmigiano Reggiano was made more available in retail and wholesale channels, enabling the group to achieve a 'strategic balance' in its pricing strategy.
The average wholesale price saw a 5% decline compared to 2022, the group noted, adding that there are 'clear indicators of recovery in 2024'. Production remained stable at 4.014 million wheels.
Italy accounted for 57% of the group's sales, with large retailers dominating, followed by food manufacturers.
Export share increased to 43%, showing significant growth in key markets like Spain (+7.8%), France (+6.9%), the United States (+7.7%), and Australia (+21.8%).
Parmigiano Reggiano invested some €31.8 million in marketing and communication last year, 'emphasising its PDO distinctiveness and quality', while the Consortium continues to be active in promoting food and wine tourism, with its 'Open Dairies' event attracting cheese enthusiasts.
A Promising Future
Commenting on the future outlook, Nicola Bertinelli, president of the Parmigiano Reggiano Consortium, said that he remains optimistic, stressing the importance of ongoing investment in foreign markets.
As the Consortium commemorates its 90th anniversary in 2024, it 'remains committed to navigating the evolving landscape, guided by principles of sustainability, cost management, and market protection'.
