Population growth and lower inflation supported rising demand across meals and soups in 2023. In the key category of edible oils, the availability of sunflower oil via the PDS put pressure on demand, while table sauces benefited from the broadening tastes of local consumers.
Population growth and the positive impact of the revaluation of the Iraqi dinar during 2023 had a positive impact on demand across all categories of cooking ingredients and meals during the year, with positive retail volume growth recorded across the board despite the major issues that all industry players currently face. Late 2022 saw Iraq’s Central Bank take the decision to change the fixed exchange rate of the Iraqi dinar against the US dollar from IQD1,470 to IQD1,320 per USD1.
2023 saw rising consumption of cooking ingredients and meals in Iraq as the high inflation that has plagued the country for many years was eased in the wake of the revaluation of the Iraqi dinar. Underpinning another year of solid volume growth was significant population growth due to Iraq’s high birth rate, while the accelerating pace of life for many, especially those living in Baghdad and other major urban areas, also pushed 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.
Rapid urbanisation and major change in the way that many of Iraq’s urban dwellers live were the main influences on demand for cooking ingredients and meals during 2023. Consumption of many of the products categorised under cooking ingredients and meals are benefiting from the changes that are being seen in the lifestyles of those living in Iraq’s major urban areas.
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.
Higher sales growth is expected to be seen across all categories of cooking ingredients and meals during the forecast period. While the 2023 revaluation of the Iraqi dinar and the increasingly adventurous approach to food and eating among the local population are expected to be major factors underpinning rising demand across most categories, avoiding excessive unit price growth is set to prove crucial due to the innate price sensitivity of much of the local population.
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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.
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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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