Food wholesale profits rise sharply

A study by Insee published on October 20, 2026, highlights a discreet link in the food chain. Between 2020 and 2024, food wholesale companies saw their gross operating surplus increase by 45.2%, while the quantities sold did not follow the same trajectory: they decreased in agricultural wholesale trade and remained almost stable in food product wholesale trade.

Price increases outpace volume growth

The rise in food prices has also transformed the accounts of intermediaries between producers, manufacturers, and distributors. According to an analysis by Insee published on October 20, 2026, the gross operating surplus of French food wholesale companies increased by 45.2% between 2020 and 2024. Between 2020 and 2024, selling prices increased by 31.2% for food, beverage, and tobacco wholesalers and by 26.2% for those who trade in raw agricultural products and live animals. Sales in value increased respectively by 29.7% and 19.1%.

Volume changes reveal price-driven growth

The comparison with volumes is revealing: the quantities sold decreased by 7.2% for agricultural products and by 0.1% for food products. At the scale of the entire wholesale trade, volumes increased by 5.4%. Therefore, the increase in the turnover of food wholesalers mainly reflects the evolution of prices.

Wholesalers represent a major economic link

The sector represents an important economic link. Insee estimates 293 billion euros in merchandise sales by these wholesalers in 2025, of which 226 billion for food, beverages, and tobacco, and 67 billion for raw agricultural products and live animals. This does not include the turnover of supermarkets or the amount directly spent by households.

Profitability and margin trends

Wholesalers buy goods to resell them. Their commercial margin corresponds to the difference between their sales and the cost of the products they resell; it must still cover other expenses, including salaries, logistics, and premises. An increase in the commercial margin in euros does not therefore equate to an identical increase in profit.

Divergent performance across sub-sectors

During the period studied, the commercial margin in value of food wholesalers increased by 29.4%. However, their commercial margin rate slightly eroded, from 17.6% to 17.5%: the cost of the purchased goods also increased significantly. Profitability has nevertheless improved. According to Insee's calculations, the commercial margin increased faster than certain operating expenses and salary costs. The gross operating surplus thus gained 45.2%, and the economic profitability rate of the sector reached 10.7% in 2024, or 1.6 points more than in 2020.

Differences in performance by product category

The overall result masks divergent trajectories. The economic profitability of food product wholesalers increased by 2.4 points, with particularly marked increases in frozen foods and meat products. Conversely, it decreased by 0.5 points for raw agricultural product wholesalers.

Global sourcing trends

The study also notes changes in supply chains. In 2024, 27% of the purchases by food wholesalers were made abroad, compared to a share five points lower in 2020. Purchase practices and the composition of sectors can therefore contribute to performance differences, in addition to price movements.

Consumer implications

For consumers, the lesson is that of a value chain with contrasting results. Insee's data show that agri-food intermediaries generally improved their profitability during the period of high inflation, while their volumes did not increase. They do not allow mechanically attributing the price increase paid at the checkout to these companies: agricultural prices, transformation costs, transportation, and distribution also intervene.

Clarifying profit and price dynamics

The distinction between commercial margin, profitability, and volume evolution provides a more precise reference for analyzing food prices. It avoids confusing the accounting gains of a sector with the margin made on each product purchased by a household.