Retail volume sales of cooking ingredients and meals stabilised in 2023 due to recovery of foodservice, which had declined as a result of the pandemic and the post-coup economic downturn. However, total volume sales declined as prices rose due to depreciation of the local currency and inflation.
Cooking ingredients and meals recorded recovery in volume sales in 2023 as the foodservice channel strengthened with households resuming eating-out activities more frequently as the pandemic waned and society returned to normal. However, inflation and currency exchange rate depreciation continued to challenge market growth.
GDP growth is set to be around 3% in 2023, which will be lower than pre-coup growth level, as the political conflict continues to create economic disruption and have a negative impact on the lives and livelihoods of the country’s population. The country is also being faced with soaring rates of inflation with this continuing into 2023 from the previous year.
Ongoing economic pressures are having a significant negative effect on consumer confidence and food security, particularly for low socioeconomic households whose savings have been drained as a result of inflation and reduced income levels. As a result, households have become more price conscious when spending on essential cooking ingredients that they consume regularly, such as edible oils, sauces, seasonings and condiments.
The distribution of packaged food can prove particularly challenging in Myanmar, particularly in remote rural areas. Most roads in rural areas of the country are unpaved, while the country also has low road density.
Cooking ingredients and meals will see consistent growth over the forecast period thanks to recovery in the on-trade sales and a focus among households on cooking foreign-style dishes (such as mala-flavoured dishes) at homes regularly to save the costs of eating out. Retail volume sales should also return to growth once prices stabilise and the economy starts to improve.
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Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Myanmar with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
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Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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