Food production in Russia will grow by 4-5% in 2024, and beverage volumes will increase by 6-7%

However, a decrease in the production volumes of bakery products and tobacco is noted. The recovery of the retail food market is also emphasized, which increased by 4% in 2023 after a 2% decline in 2022. According to forecasts, physical sales volumes of products in 2024 will grow by 4-6%. A decrease in the share of imported products on store shelves, where Russian products occupy from 80% to 99% depending on the category, indicates the continuation of the process of replacing international brands with local producers.

Experts note that the country is fully self-sufficient in food products, with an excess in categories such as vegetable oil ,fish , SUGAR and MEAT , and further growth of the industry will be associated with the development of EXPORT potential.