High Panettone Prices Are Not Affecting Its Demand in the Italian Market in December 2022

Panettone, the Italians’ favourite Christmas cake, has registered an increase in production and average price. Compared to December 2021, prices have risen by an average of 38% YoY for industrial ones and 7% YoY for artisan pastry goods. In some cases, prices have also doubled. Despite recent price increases, Italy continues to have a high demand for and sales of panettone, both domestically and in international markets. In 2022, the estimated revenues for domestic consumption ranged from USD 191.64-207.61M which would result in a growth of 18–19% YoY. In 2021, exports of panettone and pandoro reached their highest value of USD 532.34M, an increase of 10% YoY. Producers remain optimistic this year due to the high demand for the product "Made in Italy" from France, Germany, the USA, and China.