While value sales rose of cooking ingredients and meals rose in 2022, volume sales contracted. High inflation forced consumers to reduce the frequency of purchases.
Due to an increase in international commodities prices, inflation rates in Paraguay peaked compared to the rest of the review period. In April 2022 the annual inflation rate was at its highest level in 14 years with categories such as edible oils seeing the worst of these price rises.
The price of gasoline in Paraguay increased more than 50% in 2022 impacting negatively on freight costs. According to the Consumer Price Index published by the Central Bank of Paraguay, the price of petrol increased by around 50% in the first quarter of the year.
Around 50% of the population of Paraguay is economically active, with the middle class representing around 24% of all households in 2022. Nevertheless, poverty and income inequality remain a major challenge, with Paraguay being one of the poorest nations in the region.
The condition of the roads in Paraguay varies depending on the region, with the most developed highways connecting Asuncion, Encarnacion and Ciudad del Este in the southern half of the country. Much of the country’s infrastructure requires improvement given that there are still thousands of miles of rural, unpaved roads, which are impassable during the rainy season.
Over the forecast period, industry players are expected to introduce new flavours and brands which they had to postpone during the pandemic and later by the high inflation in the country and decline in consumer purchasing power. Jams and preserves and cooking and table sauces are likely to be the categories to benefit from the widest variety of new launches.
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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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