THE PARMIGIANO REGGIANO CONSORTIUM ANNOUNCES FAVOURABLE RESULTS IN THE FIRST NINE MONTHS OF 2022

The Parmigiano Reggiano Consortium consolidates its position on international markets with +8.2% in the USA, +7.2% in France and + 12.4% in Spain.

Reggio Emilia, 11 October 2022 – During the General Meeting of the Consortium Members, the Parmigiano Reggiano Consortium presented the financial data of the first nine months of 2022 (January – September 2022).

After a successful 2021, with a consumer turnover of 2.7 billion euros, in 2022 the Consortium has recorded **a 2.9% increase of total sales **(95,079 vs 92,366 tons) vs the first three quarters of 2021, with a volume increase also on **international markets that grow by 1.3% **(43,887 vs 43,331 tons).

Also sales on the Italian domestic market rise: +4.4% (51,191 vs 49,035 tons), thanks to the recovery of the restaurant channel and direct sales that increase by 4 % (10,990 vs 10,570 tons).

The member dairies of the Parmigiano Reggiano Consortium have therefore reacted well to the pandemic, to the uncertainties of the geopolitical crisis triggered by the Russian invasion of 24 February, to the energy cost rises and to the reduction of the purchasing power of families in certain markets.

The fastest growing market is Spain (+12.4% with 999 tons vs 889 tons in the third quarter of 2021), good performance of the United States, first export market for the Parmigiano Reggiano PDO (+8.2% with 10,326 vs 9,539 tons) and France (+7.2% with 9,323 vs 8,697 tons).

Good results also overseas with Japan growing by 51% (632 vs 419 tons) and Australia that records +12.7% (381 vs 338 tons).

«The first nine months of 2022 have confirmed the ‘reward’ that consumers have continued giving us since the pandemic, showing loyalty towards the values of our PDO with sales volumes increases of 2.9%», commented Nicola Bertinelli, President of the Parmigiano Reggiano Consortium. «Despite the favourable results, we are concerned for the Italian economic situation and for the difficulties families are going through because of price and energy cost increases. For this reason, the Consortium adopted a package of extraordinary measures amounting to 850 thousand euros: it covers promotional activities in collaboration with the most important Large Retailers aimed at supporting demand at a time of great uncertainly that may cause a decrease in the consumption of our product» stated President Bertinelli.

Still in view of finding a balance between demand and supply on the market and further protecting the product, the General Meeting also dealt with the topic of the rules governing the production of cheese similar/comparable to Parmigiano Reggiano, changing the Articles of Association and introducing the prohibition to produce, in Parmigiano Reggiano dairies, other types of cheese comparable to or mistakable with the PDO.

The General Meeting resolved to set at 3% the excess production exempt from the additional contributions established in the supply control plan as a measure leading to the implementation of the new plan. Essentially, the threshold establishes the volume of surplus product that is not subject to the “additional contributions” set by the Consortium, to be borne by the dairies in case the assigned amounts are exceeded.