In 2023, a surge in living costs has driven price increases of 20-60% in cooking ingredients. As a result, demand has declined, especially among lower-middle-income consumers.
In 2023, living costs have surged by over 40%, impacting all products and services. Locally-made cooking ingredients have seen a price increase of 20-35%, while imported products have faced a steeper hike of 40-60%, driven by the rise in the dollar's value and increased import costs.
Most products within cooking ingredients are regarded as an essential item in Bangladesh, except for soup. Most people eat three meals a day, which includes breakfast, lunch and dinner, taking breakfast at around 08.
Food products that are considered essential in Bangladesh include: Rice, ruti, fish, meat, different types of fresh fruit and vegetables, different types of lentils (dal), spices (various masala), potatoes, edible oils, milk and other dairy products, eggs, baked goods and bread. In urban areas most households purchase these products either fresh from open markets (other grocery retailers) or from grocery retailers, while in rural areas a large number of consumers either grow their own food or exchange produce.
Depending on the product, sales are either higher in the foodservice or the retail industry. For example, edible oils are more popular from retail, as home cooking is common in Bangladesh, and many use soy oil to cook with.
Over the upcoming forecast period, there will be a rise in food consumption diversity in middle and upper-class households in Bangladesh. Surprisingly, even lower-income families are introducing more variety into their daily meals, and this trend is rapidly gaining momentum.
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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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