High competition restraining growth in prices for confectioneries in Russia - Agriculture Ministry

MOSCOW. March 4 (Interfax) - The high level of competition that exists among Russian confectionery producers is restraining growth in prices for confectioneries, the Agriculture Ministry said.

"The high level of competition in the segment is a restraining factor for a substantial increase in wholesale and retail prices for confectioneries," the ministry said.

Kommersant reported on Tuesday that a number of Russian confectionery factories have notified retailers about a rise in wholesale prices for their products amid rising costs.

The Agriculture Ministry said that confectionery production is actively developing in Russia, with production rising 3.9% year-on-year to over 4.3 million tonnes of confectionaries in 2024.

"The Russian market currently offers products in various price categories that are accessible to a wide range of consumers," the ministry said.

According to experts cited by the ministry, Russia ranks fifth worldwide in confectionery production, and there has been a steady rise in consumption in recent years.