Festive sweets

Panettone and Pandoro, sales held up for Christmas. But the season is getting longer

Production of around 90 thousand tonnes for a value of close to EUR 600 million: 54% of Italians expect to increase consumption before and after the festive season. Rising costs of raw materials such as butter and cocoa undermine companies' margins

by Maria Teresa Manuelli

25 November 2025

Natale 2025, gli italiani puntano su qualità e sostenibilità

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

It will be a Christmas 2025 without too many surprises for panettone and pandoro sales. If the market for festive leavened goods had closed 2024 at the same level as the previous year, operators' forecasts for this year also indicate a performance in line with that already recorded. On the production front,according to data from Unione Italiana Food, in volume terms, the two symbols of Italian Christmas last year stood at 90 thousand tonnes, almost stable compared to 2023, for a value that reached 596.3 million euro. Numbers that testify to the solidity of a sector that maintains its economic and cultural relevance, despite the challenges of the market.

Success abroad

Exports then confirm the role of these products as Made in Italy ambassadors. "In 2024, 13,468 tonnes were exported for a value of 113 million euros, with France, Germany, Belgium, Switzerland and the United Kingdom as the main European markets, while overseas the United States, Canada, Australia, Brazil and Argentina stand out," as highlighted by Marco Brandani, president of the Gruppo Lievitati da Ricorrenza of Unione Italiana Food.

The expensive ingredients

However, the sector faces significant challenges on the cost front and thus on margins for companies. "All Christmas products have not been exempt from the increase in raw materials," says Fabio Di Giammarco, managing director of Gruppo Bauli, from butter to eggs, and even raisins. Then there is chocolate, which has been quite volatile in recent months as a result of rising cocoa prices'.

Between tradition and novelty

On the consumption front, Italians' passion for these leavened products remains strong. According tothe AstraRicerche survey for Unione Italiana Food, Pandoro leads the Italians' preferences with 87% of Italians bringing it to the table, preferred above all by women, Gen Z and emerging families in Central Italy. Panettone follows with a still very high 82.8%, more loved by men and Baby Boomers from the North-West. Seventy per cent of Italians do not give up either, although in the direct choice Pandoro prevails with 52.6% against 47.4%. Over the past Christmas period, 41.3% of respondents consumed their favourite cake between 5 and 8 times.

Tradition holds sway: 71.2% of Italians prefer the classic recipe, and 79.3% enjoy them without additions, accompanying them mainly with sweet sparkling wine (34.5%) or coffee (31.3%). The choice criteria favour the consistency of the dough (85%), balanced taste (79.5%) and fragrance (78.8%). Interestingly, 65.4% of those interviewed considered them a 'sweet pampering' even out of season, with 54% stating that they increased consumption before and after the holidays.

Consumption is growing in the south

Manufacturers are also noticing new trends and habits. Tre Marie (Galbusera Group from 2024), for example, with its Panettone Tradizionale Milanese is registering growth driven above all by Southern Italy, "the first sales area in large-scale distribution" for a historically Milanese brand, while Motta "in the premium segment has gained 11% share in its first year of repositioning", as Fabio Di Gianmarco points out. The Bauli Group, which now controls the brand, has in fact launched the new identity of the Motta brand, taking it further into the premium segment thanks to the collaboration with chef Bruno Barbieri.

Salted versions

For Christmas 2025, however, innovations focus on bold combinations. Chocolate is confirmed as the protagonist with intense interpretations such as the Panmoro Crema Cioccolato by Bauli, the new Maxiciok ExtraDark range by Balocco with cocoa paste filled with 80% extra dark chocolate cream, and the Panettone Total Black by Vergani, a cake with a strong character with cocoa dough and drops of dark chocolate. Highly anticipated is the Dubai Style Chocolate Panettone, also by Vergani, which combines velvety pistachio cream with the crunchiness of kataifi dough, inspired by the famous viral chocolate.

The combination of pear and chocolate emerges as a trend, proposed by both Motta and Bauli in their Creazioni lines, but also by BreraMilano1930. Pistachio retains its appeal, while amarena cherries are conquering more and more brands: Toschi launches the first Amarena panettone under its own brand, which joins the already well-known proposals of the Fabbri and Loison brands.

The real disruptive novelty, however, comes from Motta, which presentsthe first savoury panettoni for large-scale distribution: the Arrabbiata Recipe with paprika and sun-dried tomatoes, and the Mediterranean Recipe with candied Sicilian lemon, sun-dried tomato, oregano and fennel seeds. A bet that aims to deseasonalise the product and open up new opportunities for consumption.