Food price inflation cast a pall over cooking ingredients and meals in 2022 as the devaluation of the Iraqi currency and the global supply chain crunch due to the Ukraine conflict led to prices soaring across the industry. Iraq remains dependent on food imports, although this is changing and small-scale local producers are starting to scale up, while favourable government policies have encouraged international companies such as Zer Group and Altunsa to move some of their production into Iraq.
The high inflation that was seen in Iraq during 2021 in 2022 led to significant unit price growth across cooking ingredients and meals and this led to a substantial slowdown in volume growth and value growth in constant price terms over the course of 2022. In addition to high inflation, the generally adverse background situation also contributed to the slowdown in growth seen in the industry during the year.
Consumption of cooking ingredients and meals continues to increase in Iraq despite the impact of high inflation, which has boosted value growth rates in current terms. Underpinning solid volume growth is significant population growth due to Iraq’s high birth rate, while changing lifestyles are also pushing demand for many of the products categorised under cooking ingredients and meals as consumers demand more convenience and become interested in a wider range of packaged food over and above the absolute essentials.
Consumption of many of the products categorised under cooking ingredients and meals are benefiting from changing lifestyles among those living in Iraq’s major urban areas. As lifestyles become more westernised and faster-based, consumers are looking for convenience and this has supported rising demand for products such as sauces, dips and condiments and ready meals.
Skyrocketing food prices due to high inflation amidst a deep and protracted political and socioeconomic crisis and minimal levels of domestic tourism due to the challenging security situation and the lingering impact of the COVID-19 pandemic have put substantial pressure on foodservice volume sales of packaged food. In addition, retail volume sales have also slowed down as the adverse economic environment has motivated consumers to substantially reduce their spending, with food expenditure increasingly focused on the absolute essentials.
The forecast period is expected to see major changes for many consumers industries in Iraq, including cooking ingredients and meals. For some time now, investment in new product development has been held back as the adverse security situation and the impact of the COVID-19 pandemic have led local manufacturers and importers to remain more focused on maintaining a consistent distribution presence.
Files are delivered directly into your account soon after payment is received and any tax certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Iraq with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in Iraq, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!