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.
Throughout 2022, Sri Lanka was facing the worst economic crisis since the country’s independence. This economic crisis was the result of a combination of factors, including the lingering impact of the COVID-19 pandemic, which severely interrupted commercial activity in key sectors of the economy, in particular the hospitality sector.
Even though the impact of the COVID-19 pandemic has now receded to the point where daily life has returned to some semblance of pre-pandemic normality, many of the consumer behaviours that emerged at the peak of the pandemic remain in effect. For instance, the popularity of e-commerce has endured even after the strict approach to social distancing that initially motivated the shift towards shopping online no longer applies.
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.
At the time of writing, economists and other experts were in agreement that it will take Sri Lanka at least 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 have become prevalent as the economic landscape has deteriorated will most likely continue being seen throughout the forecast period as well.
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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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