With Sri Lanka facing its worst economic crisis in 74 years, product shortages and price hikes have recalibrated consumer demand and supply patterns across all categories of cooking ingredients and meals. Manufacturers are struggling due to the foreign exchange crisis and sky-high energy prices, while consumer habits have also changed significantly due to rising inflation and regular product shortages.
In 2023, there were significant changes in the Sri Lankan market for cooking ingredients and meals as a result of a complex interaction between economic factors, import restrictions, and shifting consumer preferences. The most significant contributing aspect was undoubtedly the current economic crisis, which is characterised by rising costs and economic instability.
In Sri Lanka, consumers' opinions about food items and meals underwent a substantial change in 2023. These changes were mostly spurred by the current economic challenges and evolving lifestyles.
Sri Lanka's population is registering only slow growth, with an overall increase of 2% registered over the course of the entire review period. In addition, the country’s population continues to age rapidly.
There are few, if any, major limitations on the distribution of packaged food in Sri Lanka, a small and compact country with a highly developed road network and warehousing facilities. This ensures that products can be distributed to any part of the country within 24 hours.
According to industry experts, it is likely to take Sri Lanka 10 years to completely overcome the effects of the current economic crisis. It can therefore be expected that the product shortages and price hikes that characterised the economic landscape over much of the review period will most likely continue being seen throughout the forecast period.
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Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Sri Lanka 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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