The food market in 2023 stabilized to a significant extent compared to 2022, during which significant problems were observed, including supply chain disruptions and an energy crisis. However, prices for raw materials and packaging materials continued their upward trend, thereby exerting inflationary pressures on the market. In this macroeconomic environment, the food industry found itself under increased pressure to provide high-quality products while simultaneously controlling price increases.
The Company, committed to its customers and end-users, has consistently put the values it has held for over 100 years at the forefront of its activities. Respect for the customer, quality, and innovation are the tripod that has led to another successful commercial year, as it has been able to respond to the demands imposed by both macroeconomic conditions and its commitment to providing high-quality products at reasonable prices. For this reason, despite the objective difficulties, the Company has maintained its price list unchanged, while also further improving the quality of its products.
Sales volumes continued their steady upward trend in 2023, demonstrating in this way that our customers and end-users consistently strengthen their trust in our company every year. This fact makes us particularly proud, as it is a tangible recognition of our operational model, which we have followed with unwavering dedication for over a century. Meanwhile, this trust also increases our sense of responsibility towards our consumer community, to respect their needs and continue our path as innovators and leaders in the industry.
The development of new products followed market trends, which necessitated research and development of new or improved products, featuring unique nutritional characteristics, improved nutritional profiles, or combinations of flavors that are preferred by consumers. Additionally, research continued to focus on expanding the use of recyclable packaging materials in new products, aiming to reduce or eliminate the use of non-recyclable plastic packaging materials.
A significant event was the commencement of operations in the second quarter of the year, at the new bread production line in Oinofyta. This is a significant investment that creates a new perspective for the company, fully aligned with our values and our ongoing effort to improve our environmental performance.
Internationally, and as part of its strategy over the past few years, the Company has strengthened its international presence by entering new markets and expanding its activities to 69 countries, where it currently operates.
