Sales of cooking ingredients through the foodservice channel return to growth in 2022 as COVID-19 fears subside. However, total volume sales decline as prices rise due to the depreciation of the local currency and inflation.
Most households in Myanmar remain price-sensitive as post-coup price increases have squeezed the purchasing power of households across the different socioeconomic levels. Switching to low-cost alternatives and giving preference to value-for-money products has become the norm for purchasing kitchen essentials like cooking ingredients and meals.
According to the Asian Development Bank, Myanmar’s GDP is expected to contract by 0.3% in 2022 and increase by 2.
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.
Daily power cuts coupled with increasing fuel and transportation costs remain major factors that are negatively affecting the operations of local manufacturers in 2022, which in turn is driving up the retail prices of many commodities including cooking ingredients and meals. Meanwhile, ongoing armed conflict and instability in the northwest and southwest regions of Myanmar are limiting access to markets, increasing transport costs and preventing retailers present in these areas from re-stocking their shelves.
Cooking ingredients and meals is expected to see steady sales growth over the forecast period in total volume terms, with this being linked to the fact that foodservice sales have started to recover as COVID-19 cases have continued to decline while foodservice outlets have re-opened or resumed their operations. 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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Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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