Covid-19 and Balsamic Vinegar: the effects of the pandemic on food excellence
Covid-19 and Balsamic Vinegar. With exports to over 120 countries around the world, Balsamic Vinegar of Modena ranks among the top products in the agri-food sector by sales share. In 2019 the litres produced of this precious black gold are approaching 96 million, bringing the consumption value close to one billion euros and the estimated turnover to exceed 390 million euros. With its unmistakable taste, Balsamic Vinegar of Modena exhibits flattering performances conquering a special place on the tables of numerous nations around the globe.
What is going on during Covid-19
As with many other companies in different sectors, the Modenese food excellence did not remain unscathed during the health emergency caused by the pandemic in the early months of 2020.
Doubts, uncertainties and restrictions have become the main topics for companies producing and selling Balsamic Vinegar.
These companies have seen constant sales destined for large retailers but at the same time, they had to face a brutal setback in trade for hotels and restaurants.
Federico Desimoni, director of the LINK Consortium for the protection of Balsamic Vinegar of Modena PGI, said: “Although large retailers have guaranteed the maintenance of a general trend in the sector, the drastic drop in consumption in the LINK http://ho.re.ca/, together with that intended for the private use of consumers, has had very serious consequences for a large number of companies.”
Furthermore, as regards large retailers, the consumption of Premium products has decreased and the estimates for the coming months of the year do not seem to offer a better scenario.
Covid-19 and Balsamic Vinegar: 30% of companies had to face a very significant drop in sales compared to the same months of the previous year and 50% a negative trend up. The worst scenario was where small businesses have seen their business reset.
Measures for the future
To deal with the emergency between Covid-19 and Balsamic Vinegar, the Protection Consortium, together with the associations representing PDO and PGI products all over the world has made requests to provincial, regional and national institutions for economic instruments to be prepared and financial support to companies in the sector, in particular for companies in a state of crisis.
The president of the Consortium, Mariangela Grosoli, said: “The Consortium is studying the possibility of direct support, the preparation of instruments to facilitate the implementation of e-commerce and specific promotion and communication plans. It is also planning strategies to relaunch territorial tourism and direct sales in the company”.
All instruments that hopefully can guarantee a relaunching platform for the small and medium-sized enterprises involved.
The ultimate goal is the resumption of this unique excellence in the world trade, while it is patiently waiting in wooden barrels.
Covid-19 and Balsamic Vinegar.