The beetroot market in Russia is experiencing an intensification of trade, according to EastFruit project analysts. Several factors allow farmers to increase the prices in this segment. First of all, the increased demand for beetroot contributes to the rise in prices: they are actively purchased by both wholesale companies and retail chains. At the same time, the supply on the market is somewhat limited, as a number of farms prefer to refrain from selling in anticipation of further price increases.
According to the project’s daily monitoring data, the price of beetroot in Russian farms rose by an average of 10% over the week. Today it varies in the range of 22-32 RUB/kg ($0.29-0.42/kg).
A number of growers currently refraining from sales of beetroot expect the scenario of last year to develop, when the price reached 100 RUB/kg ($1.30/kg). The key market players have the opposite point of view. They believe that this is unlikely to happen again this season, since another price rise in the segment may lead to an increase in the supply of imported beetroot.
Today beetroot in Russia are 1.8 times average more expensive than at the beginning of February 2021. Nonetheless, the majority of growers plan to further raise prices in the segment due to the rapid reduction in beetroot stocks in storage.
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