Cooking Ingredients and Meals in Bangladesh

Cooking Ingredients and Meals in
Bangladesh
Euromonitor International
October 2022
COOKING INGREDIENTS AND MEALS IN BANGLADESH Passport i
LIST OF CONTENTS AND TABLES

EXECUTIVE SUMMARY .............................................................................................................. 1
Cooking ingredients and meals in 2022: The big picture .......................................................... 1
Country background ................................................................................................................. 1
Socioeconomic trends .............................................................................................................. 3
Logistics/infrastructure .............................................................................................................. 4
What next for cooking ingredients and meals? ......................................................................... 5
Chart 1 Cooking Ingredients and Meals: Modern Grocery Retailer ........................... 6
MARKET DATA ............................................................................................................................ 6
Table 1 Sales of Cooking Ingredients and Meals by Category: Volume 2017-
2022 ............................................................................................................. 6
Table 2 Sales of Cooking Ingredients and Meals by Category: Value 2017-
2022 ............................................................................................................. 7
Table 3 Sales of Cooking Ingredients and Meals by Category: % Volume
Growth 2017-2022 ....................................................................................... 7
Table 4 Sales of Cooking Ingredients and Meals by Category: % Value
Growth 2017-2022 ....................................................................................... 7
Table 5 NBO Company Shares of Cooking Ingredients and Meals: % Value
2018-2022 .................................................................................................... 8
Table 6 LBN Brand Shares of Cooking Ingredients and Meals: % Value 2019-
2022 ............................................................................................................. 8
Table 7 Distribution of Cooking Ingredients and Meals by Format: % Value
2017-2022 .................................................................................................... 8
Table 8 Forecast Sales of Cooking Ingredients and Meals by Category:
Volume 2022-2027 ....................................................................................... 9
Table 9 Forecast Sales of Cooking Ingredients and Meals by Category: Value
2022-2027 .................................................................................................... 9
Table 10 Forecast Sales of Cooking Ingredients and Meals by Category: %
Volume Growth 2022-2027 ........................................................................ 10
Table 11 Forecast Sales of Cooking Ingredients and Meals by Category: %
Value Growth 2022-2027 ........................................................................... 10
DISCLAIMER ............................................................................................................................. 10
EDIBLE OILS ............................................................................................................................. 10
2022 Developments ................................................................................................................ 11
Prospects and Opportunities .................................................................................................. 12
Category Data ........................................................................................................................ 12
Table 12 Sales of Edible Oils by Category: Volume 2017-2022 ................................ 12
Table 13 Sales of Edible Oils by Category: Value 2017-2022 ................................... 13
Table 14 Sales of Edible Oils by Category: % Volume Growth 2017-2022 ............... 13
Table 15 Sales of Edible Oils by Category: % Value Growth 2017-2022 .................. 13
Table 16 NBO Company Shares of Edible Oils: % Value 2018-2022 ....................... 14
Table 17 LBN Brand Shares of Edible Oils: % Value 2019-2022 .............................. 14
Table 18 Forecast Sales of Edible Oils by Category: Volume 2022-2027 ................. 14
Table 19 Forecast Sales of Edible Oils by Category: Value 2022-2027 .................... 14
Table 20 Forecast Sales of Edible Oils by Category: % Volume Growth 2022-
2027 ........................................................................................................... 15
© Euromonitor International
COOKING INGREDIENTS AND MEALS IN BANGLADESH Passport ii
Table 21 Forecast Sales of Edible Oils by Category: % Value Growth 2022-

2027 ........................................................................................................... 15
MEALS AND SOUPS ................................................................................................................. 15
2022 Developments ................................................................................................................ 15
Category Data ........................................................................................................................ 17
Table 22 Sales of Meals and Soups by Category: Volume 2017-2022 ..................... 17
Table 23 Sales of Meals and Soups by Category: Value 2017-2022 ........................ 17
Table 24 Sales of Meals and Soups by Category: % Volume Growth 2017-2022..... 18
Table 25 Sales of Meals and Soups by Category: % Value Growth 2017-2022........ 18
Table 26 NBO Company Shares of Meals and Soups: % Value 2018-2022 ............. 18
Table 27 LBN Brand Shares of Meals and Soups: % Value 2019-2022 ................... 18
Table 28 Forecast Sales of Meals and Soups by Category: Volume 2022-2027 ...... 19
Table 29 Forecast Sales of Meals and Soups by Category: Value 2022-2027 ......... 19
Table 30 Forecast Sales of Meals and Soups by Category: % Volume Growth
2022-2027 .................................................................................................. 19
Table 31 Forecast Sales of Meals and Soups by Category: % Value Growth
2022-2027 .................................................................................................. 19
SAUCES, DIPS AND CONDIMENTS ......................................................................................... 20
2022 Developments ................................................................................................................ 20
Category Data ........................................................................................................................ 22
Table 32 Sales of Sauces, Dips and Condiments by Category: Volume 2017-
2022 ........................................................................................................... 22
Table 33 Sales of Sauces, Dips and Condiments by Category: Value 2017-
2022 ........................................................................................................... 23
Table 34 Sales of Sauces, Dips and Condiments by Category: % Volume
Growth 2017-2022 ..................................................................................... 24
Table 35 Sales of Sauces, Dips and Condiments by Category: % Value Growth
2017-2022 .................................................................................................. 24
Table 36 NBO Company Shares of Sauces, Dips and Condiments: % Value
2018-2022 .................................................................................................. 25
Table 37 LBN Brand Shares of Sauces, Dips and Condiments: % Value 2019-
2022 ........................................................................................................... 25
Table 38 Forecast Sales of Sauces, Dips and Condiments by Category:
Volume 2022-2027 ..................................................................................... 25
Table 39 Forecast Sales of Sauces, Dips and Condiments by Category: Value
2022-2027 .................................................................................................. 26
Table 40 Forecast Sales of Sauces, Dips and Condiments by Category: %
Volume Growth 2022-2027 ........................................................................ 27
Table 41 Forecast Sales of Sauces, Dips and Condiments by Category: %
Value Growth 2022-2027 ........................................................................... 28
SWEET SPREADS .................................................................................................................... 28
2022 Developments ................................................................................................................ 28
Category Data ........................................................................................................................ 30
Table 42 Sales of Sweet Spreads by Category: Volume 2017-2022......................... 30
Table 43 Sales of Sweet Spreads by Category: Value 2017-2022............................ 30
COOKING INGREDIENTS AND MEALS IN BANGLADESH Passport iii
Table 44 Sales of Sweet Spreads by Category: % Volume Growth 2017-2022 ........ 30

Table 45 Sales of Sweet Spreads by Category: % Value Growth 2017-2022 ........... 31
Table 46 NBO Company Shares of Sweet Spreads: % Value2018-2022 ................. 31
Table 47 LBN Brand Shares of Sweet Spreads: % Value2019-2022 ........................ 31
Table 48 Forecast Sales of Sweet Spreads by Category: Volume 2022-2027 .......... 31
Table 49 Forecast Sales of Sweet Spreads by Category: Value 2022-2027 ............. 32
Table 50 Forecast Sales of Sweet Spreads by Category: % Volume Growth
2022-2027 .................................................................................................. 32
Table 51 Forecast Sales of Sweet Spreads by Category: % Value Growth
2022-2027 .................................................................................................. 32
COOKING INGREDIENTS AND MEALS IN BANGLADESH Passport 1
COOKING INGREDIENTS AND MEALS

IN BANGLADESH
EXECUTIVE SUMMARY
In 2022, cooking ingredients and meals will continue to witness strong price hikes due to the
rapidly growing cost of raw materials. As a result, many consumers, especially lower-income
households, are cutting back on their expenditure and switching to lower-priced products where
possible. However, some categories are benefiting from the increasing home cooking and
baking trends, with many consumers limiting how much they dine out due to the rising cost of
living. Moreover, traditional grocery retailers remain the most popular channel, despite
urbanisation continuing to benefit modern grocery retailers and e-commerce.
Cooking ingredients and meals in 2022: The big picture

▪ Since the outbreak of COVID.19 in 2020, the price of cooking ingredients has notably
increased, and this trend continues in 2022. For example, since October 2021, the price of
soy oil has more than doubled, sugar has increased by 40%, flour up to 120%, gas by 40%
and transport by 27%. This paints a very difficult picture, especially for lower income
consumers who are now under serious pressure when it comes to their finances. As a result,
many households are now downtrading to cheaper brands and cutting out any unnecessary
expenditure. These uncontrolled price hikes will continue throughout 2022, and will naturally
impact the demand and sales of cooking ingredients as purchasing powers continue to wane.
▪ Likewise, this situation is also challenging for manufacturers, who are being forced to find the
most cost-effective way of producing their goods. For example, soy oil manufacturers are
focusing on smaller packaging sizes which are more affordable for consumers and cheaper to
make.
▪ Home cooking will also continue to be prevalent in 2022 as some consumers will have altered
their habits and come to enjoy making their own meals which are cheaper than visiting
restaurants since the pandemic, whereby consumers had no choice but to dine at home.
Country background
▪ Most products within cooking ingredients are regarded as an essential item in Bangladesh,
except for soup. Most people eat three meals a day, which includes breakfast, lunch and
dinner, taking breakfast at around 08.00hrs, lunch at around 14.00hrs and dinner at around
22.00hrs.
▪ A common breakfast is panta bhat, which is plain boiled rice that is soaked overnight and then
mixed with salt, onion and chilli (either green or fried dry ones). Other common breakfast
items which are popular in rural areas include muri (puffed rice) and chira (flattened rice).
These are eaten with milk, yoghurt, seasonal fruits or gur (a crude form of sugar). Many
people in Bangladesh also eat baked bread and mixed vegetables, as well as eggs and
various kinds of meat for breakfast, which they consume with a cup of tea. For lunch and
dinner most consumers eat rice with different varieties of curry, although some consumers
also eat soup and noodles.
▪ Lunch is the main meal for Bangladeshis, with it largely consisting of rice, along with different
kinds of sautéed or fried vegetables with green or fried chilli and other spices, which they
serve with several kinds of curry (fish or meat). Dal (lentil) soup is also a common dish for
lunch and dinner, with it being a key staple in the Bangladeshi diet. Ingredients such as
ground ginger, garlic, onion, cumin, chili pepper pastes and fennel seed are added to this
traditional meal. Almost all Bangladeshis eat these same foods for dinner. Dudvat (milk and
rice) is a very common dessert, which is eaten with seasonal fruits like mango, banana,
jackfruit, or just with gur.
▪ Rice, ruti (an unleavened whole wheat bread), fish and meat, various fresh fruit and
vegetables, lentils and spices, edible oils, milk and other dairy products, eggs and bread are
all considered essential food products in Bangladesh.
▪ Bangladeshis eat boiled rice as their main staple food, with about 85% of what they eat being
based on rice, which is their main source of carbohydrates, although more health-conscious
people eat ruti or chapati (wheat-based carbohydrates).
▪ Approximately 86% of Bangladeshis are Muslim. The most important and most common item
eaten for breakfast during the Eid festival is vermicelli. Lunch is the biggest meal during Eid
and people tend to eat a range of main courses with pulao rice (cooked with spices, more
commonly known as pilaf rice) or biryani (rice cooked with chicken or mutton with spices and
condiments). Roast chicken and beef curry with a variety of cakes made with meat and lentils
are also common. Kheer, which is a type of rice pudding, is also an essential food in many
Hindu and Muslim community festivals and at cultural events such as weddings, Eid and Puja.
▪ Some cooking ingredients are used at breakfast to make snacks, meals and some dishes. For
instance, edible oils are commonly used on many types of meals, as are soy sauces and
vinegar. With the exception of some traditional types of frozen snacks, frozen dishes are not
popular in Bangladesh. Some cooking ingredients such as cooking oil, sauces, Deeping or
sweet spread are used on a daily basis in food preparation. Cooking ingredients are also used
across all socioeconomic groups in food preparation. For example, jams and preserves are
common among all classes for breakfast purposes while nut and seed spreads or chocolate
spreads are more common among the middle and upper classes. However, around 80% of
consumers continue to opt for traditional food in their daily lives, such as parata/ruti with
vegetables for breakfast, or rice with other curries for lunch or dinner. Many people also opt
for traditional products for snacks with them only becoming more adventurous when
entertaining guests.
▪ Some food habits have changed since 2020 due to the onset of the pandemic, especially
among lower socioeconomic groups most economically affected by the virus. This led to a
stronger preference for healthy and fresh food. Some consumers had to reduce their food
shopping or visits to restaurants in order to minimise their household bills. Social media and
blogs also witnessed a surge in searches for home cooking and baking recipes.
▪ Snacking is popular in Bangladesh as it can sometimes be a cheaper option to eating a meal
at home. Popular snacks in Bangladesh include fresh fruits such as bananas, mangos, and
jackfruit, as well as puffed rice, and wheat – or flour-based fried items such as singara
(samosa) and puri (flat bread), and noodles. Packaged snacks are also growing in popularity,
with consumers increasingly looking for hygienically prepared food, with children enjoying
potato chips and chocolate confectionery in their lunchboxes. Nevertheless, this trend could
be curtailed by growing concerns over rising obesity levels in the country, while chocolate is
also expensive.
▪ Bangladesh has one of the lowest obesity rates in the world, although this situation has been
changing, in part because of rising incomes and greater food security. In urban areas the rise
in childhood overweight and obesity has been put down to calorie-rich diets, with children
getting used to fast food and sugary soft drinks, and a lack of exercise. Bangladesh has one
of the highest rates of malnutrition, with large sections of the population chronically
underweight. Various aid charities such as UNICEF and the UN’s World Food Programme
(WFP), as well as government-led initiatives, have been working to improve the situation, and
despite remaining high, the rate of malnutrition has fallen. This is in part due to economic
development, job availability, increased foreign remittances and improved education facilities.
▪ A recent study carried out on behalf of the WFP, which involved women taking part in
Bangladesh’s vulnerable group development (VGD) programme, showed positive results
when they were given fortified rice, with a drop in the rate of anaemia and zinc deficiencies.
With rice being the main staple in the country, it is hoped that actions like this will be able to
help address nutritional deficiencies amongst Bangladesh’s population. As well as introducing
fortified rice through the VGD programme, the WFP is also working with the private sector to
support companies introducing commercially available fortified rice that is affordable.
▪ In partnership with UNICEF and NGO’s, the Ministry of Health and Family Welfare and
Ministry of Mass and Primary Education have been working together to facilitate and
strengthen school health education programmes and to improve health and nutrition.
However, health-related education programmes at schools are still being implemented in a
scattered manner without national coverage. Government schools and health clinics do not
generally provide adequate health education and disease prevention due to their low budgets.
▪ Due to the high cost of health and wellness (HW) products, this remains a niche area in the
country, with HW items only affordable to middle- and high-income consumers. Although
some products with a healthier perception saw strong growth over the review period due to
growing health awareness, this growth came from a very low base. Nevertheless, with
urbanisation, rising incomes and improved education levels, health and wellness packaged
food should record rapid percentage growth over the forecast period. Furthermore, the high
diabetes rate in the country is also driving demand for sugar-free packaged food.
Socioeconomic trends
▪ In 2022, the economic conditions are very challenging for the majority of consumers as the
prices of necessity products have gone up between 40% to 100%. However, the demand for
some cooking ingredients have actually increased as more consumers are not eating at home
more often, as dining out has become more expensive. Nonetheless, many consumers,
especially lower income families are reducing their spending on certain products and
downtrading cheaper brands. Many consumers are also seeking to purchase smaller products
that are often more cost-effective.
▪ Food products that are considered essential in Bangladesh include: Rice, ruti, fish, meat,
different types of fresh fruit and vegetables, different types of lentils (dal), spices (various
masala), potatoes, edible oils, milk and other dairy products, eggs, baked goods and bread. In
urban areas most households purchase these products either fresh from open markets (other
grocery retailers) or from grocery retailers, while in rural areas a large number of consumers
either grow their own food or exchange produce. In urban areas there is a growing demand
for packaged food, especially among mid- to high-income households.
▪ Bangladesh continues to see strong population growth despite a declining birth rate, with an
improved infant mortality rate and an increased average life expectancy. At the end of the
review period, only 5% of the population were aged over 65 years, with 67% of the population
aged 15-64 years.
▪ Bangladesh’s middle class makes up less than one quarter of the population, but prior to the
pandemic was recording strong growth off the back of a strong economic performance in the
country over the previous 10 years, greater access to education and rising private sector
employment. This middle-income population is largely based in urban areas, and although
traditional grocery retailers remains the leading channel for most packaged food products,
these wealthier consumers are attracted to supermarkets and hypermarkets due to the wider
choice they offer and their more stable storage conditions.
▪ According to the Bangladesh Investment Development Authority (BIDA) foreign direct

investment (FDI) is growing significantly. Policy reforms and strong economic growth have
helped to encourage FDI, with the government also introducing one-stop services and
improving infrastructure to attract foreign investors. This should spell good news for the
economy and help lead to an increase in incomes and employment.
▪ There is a large informal market in Bangladesh and lower-income consumers in rural areas
often visit local markets to meet their daily nutritional needs, with local dairy farmers providing
raw milk. In terms of fruit and vegetables, consumers generally buy fresh products over
processed options as they are cheaper and more widely available. A large share of the rural
population is involved in agricultural work, which is low paid, while in urban areas many
consumers are employed in industrial work which is much higher paid. Because of these
factors, sales of packaged food are significantly stronger in urban areas, which have greater
access to modern grocery retailers as well as a wider base of middle- and higher-income
consumers.
Logistics/infrastructure
▪ Depending on the product, sales are either higher in the foodservice or the retail industry. For
example, edible oils are more popular from retail, as home cooking is common in Bangladesh,
and many use soy oil to cook with. Foodservice was disrupted during the pandemic while
general economic challenges acted as constraints on household budgets. However, retail
sales channels benefited with consumers becoming more dependent on them for their home
cooked meals.
▪ Traditional grocery retailers remain the largest channel for cooking ingredients and meals in
2022 as such retailers offer consumers to the best prices. Although modern grocery retailers
have a wide range of products available, they also charge high levels of VAT, which defers
consumers from shopping there. Meanwhile, traditional grocery retailers also offer greater
convenience as they are found on every neighbourhood street corner and consumers are
usually familiar with the owner of the stores.
▪ Nevertheless, with rapid urbanisation, rising incomes and longer working hours, modern
grocery retailing is likely to become increasingly attractive to Bangladesh’s young, working
population. Modern grocery retailing is likely to see rapid growth over the forecast period as
long as the country continues to see economic expansion, foreign investment, political
stability and reduced corruption, as well as the adoption of new technology and an
improvement in its infrastructure.
▪ In 2020, in response to the COVID-19 pandemic, sales of e-commerce surged, particularly in
large urban centres where this facility is available, such as Dhaka City. However, by 2021,
sales growth slowed as people began returning to traditional grocery retailers near their
homes. Nevertheless, the pandemic has enabled some people to appreciate the convenience
of this channel, particularly the wider selection of brands from which to choose, especially
when delivery is also offered for free. The channel also enables easy price comparison.
▪ Bangladesh’s transport network consists of 271,000km of roads, including about 21,000km of
major roads, 2,835km of railways and 3,900km of inland waterways (which increases to
6,000km during the monsoon season). For 12% of rural communities, these waterways are
their only mode of transport. During the rainy season, many rural roads also go underwater.
Additionally, unplanned urbanisation and residential development is increasing the amount of
traffic, which in tandem with other factors, is creating significant congestion on the country’s
roads. Despite investments, Bangladesh’s infrastructure remains inadequate, which is limiting
the reach of manufacturers and retailers, with these transport issues driving up costs and
disrupting the supply chain.
▪ Power outages are common in the country, which particularly affects traditional grocery
retailers, while poorer families often lack access to refrigeration, meaning they must turn to,
for example, powder milk over fresh milk as it can be stored at an ambient temperature.
Meanwhile, the more reliable refrigeration available in supermarkets and hypermarkets makes
these stores attractive to middle- and higher-income consumers in the country.
▪ Packaged food is available in both urban and rural locations, but sales of some imported
products are limited to urban areas. Meanwhile, premium products are often only available in
the country’s larger cities such as Dhaka. Consumers increasingly see packaged food as
being of a higher quality than unpackaged alternatives which is helping to drive demand in
both urban and rural areas.
▪ As part of the government’s plans to boost FDI and encourage economic growth it is
establishing 88 Economic Zones across the country which will likely result in the
decentralisation of labour. Although only 39% of the population lived in urban areas in 2022
there had been strong growth in the urban population over the review period; however, this
move by the government could stem the flow. This could result in improved distribution of
packaged food in rural areas as the government invests in improved infrastructure, with this
likely to be further boosted by the government’s plans to ensure 100% electrification across
the country. This would enable more stores and homes to store chilled and frozen packaged
food.
▪ Some companies such as Pran-Rfl Group, Meghna Group and Akij Food & Beverage Ltd are
also setting up manufacturing facilities and modern equipped warehouses in regional
locations such as Sylhet, Rangpur, and Rajshahi in order to improve the supply chain across
the country. Furthermore, the government is investing in energy, infrastructure and
digitalisation with the support of Saudi Arabia, Turkey and Qatar, along with the World Bank
and the Asian Infrastructure Investment Bank, among others. All of this investment should
provide a boost to the distribution and sale of packaged food in Bangladesh.
What next for cooking ingredients and meals?

▪ Demand for cooking ingredients and meals is expected to grow over the forecast period as
demand is developing in more rural areas. Availability and product variety will also impact
sales and demand growth with some products such as sauces, dressings and condiments or
spreads becoming more widely available to rural households. Likewise, wider product choices
as well as greater sophistication in food habits will also drive demand.
▪ As a result, many manufacturers are looking to provide innovation and new products as well
as improving distribution and increasing brand awareness. Another way that players looked to
attract consumers towards the end of the review period was through attractive and innovative
packaging. There has also been a greater focus on introducing variety. Despite this, the key
focus remains on modernisation, better distribution and improving health and hygiene
standards.
▪ Urbanisation and population growth should help to support stronger growth in cooking
ingredients and meals over the forecast period compared to the review period. Additionally,
greater foreign investment is expected, which will likely lead to an improvement in the
distribution and quality of products on offer.
▪ Likewise, in line with the growing health trend in the country, especially since the global health
crisis, more consumers now avoid preservatives and artificial colours in the products they buy,
particularly middle-class households. Frozen ready meals are also likely to make more of an
impact though demand will remain low and the category niche for some years to come
▪ However, the current price increases are set to continue happening and will further impact
demand as many consumers will continue to struggle post pandemic.
Chart 1 Cooking Ingredients and Meals: Modern Grocery Retailer
Source: Euromonitor International
MARKET DATA
Table 1 Sales of Cooking Ingredients and Meals by Category: Volume 2017-2022
2017 2018 2019 2020 2021 2022
Sweet Spreads ('000 3.4 3.6 3.8 3.9 4.2 4.7

tonnes)
Sauces, Dips and 33.9 37.2 40.6 44.8 48.9 49.9
Condiments ('000 tonnes)
Meals and Soups ('000 0.7 0.8 0.8 0.8 0.7 0.8
tonnes)
Edible Oils (million 666.6 725.2 784.3 860.1 796.6 701.5
litres)
Cooking Ingredients and - - - - - -
Meals (Not calculable)
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Sales of Cooking Ingredients and Meals by Category: Value 2017-2022
BDT million
2017 2018 2019 2020 2021 2022
Sweet Spreads 1,602.0 1,779.3 1,974.2 2,134.0 2,356.3 3,254.4

Sauces, Dips and 15,559.5 17,742.6 20,091.2 22,943.7 25,893.9 31,109.1
Condiments
Meals and Soups 597.9 676.5 762.5 732.8 638.8 925.8
Edible Oils 115,467.8 131,840.0 149,007.9 170,055.8 203,447.8 214,670.2
Cooking Ingredients and 133,227.1 152,038.5 171,835.8 195,866.2 232,336.8 249,959.6
Meals
Table 3 Sales of Cooking Ingredients and Meals by Category: % Volume Growth 2017-
2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Sweet Spreads 13.4 6.7 38.2

Sauces, Dips and Condiments 2.1 8.0 47.2
Meals and Soups 16.9 2.8 14.9
Edible Oils -11.9 1.0 5.2
Cooking Ingredients and Meals - - -
Table 4 Sales of Cooking Ingredients and Meals by Category: % Value Growth 2017-
2022
% current value growth

2021/22 2017-22 CAGR 2017/22 Total

Edible Oils 5.5 13.2 85.9
Cooking Ingredients and Meals 7.6 13.4 87.6
Table 5 NBO Company Shares of Cooking Ingredients and Meals: % Value 2018-2022
% retail value rsp

Company 2018 2019 2020 2021 2022
Bangladesh Edible Oil Ltd 31.9 32.2 31.4 31.1 29.8

City Group 18.6 18.7 18.7 18.7 18.3
Meghna Group 14.7 15.0 15.5 16.1 16.4
Pran Foods Ltd 1.8 1.8 1.8 1.8 2.1
Square Consumer 1.7 1.7 1.7 1.6 1.8
Products Ltd
Ahmed Food Products Pvt 0.9 0.9 0.9 0.8 0.9
Ltd
Nestlé Bangladesh Ltd 0.3 0.3 0.3 0.2 0.3
Sajeeb Group 0.2 0.2 0.2 0.2 0.2
Others 29.8 29.2 29.6 29.5 30.2
Total 100.0 100.0 100.0 100.0 100.0
Table 6 LBN Brand Shares of Cooking Ingredients and Meals: % Value 2019-2022
% retail value rsp

Brand (GBO) Company (NBO) 2019 2020 2021 2022
Rupchanda Bangladesh Edible Oil Ltd 28.1 28.0 28.0 27.2

Teer City Group 18.7 18.7 18.7 18.3
Fresh Meghna Group 15.0 15.5 16.1 16.4
King's Bangladesh Edible Oil Ltd 4.1 3.5 3.1 2.6
Pran (Pran-Rfl Group) Pran Foods Ltd 1.8 1.8 1.8 2.1
Radhuni Square Consumer 1.7 1.7 1.6 1.8
Products Ltd
Ahmed Ahmed Food Products Pvt 0.9 0.9 0.8 0.9
Ltd
Maggi (Nestlé SA) Nestlé Bangladesh Ltd 0.3 0.3 0.2 0.3
Shezan (Shezan Sajeeb Group 0.2 0.2 0.2 0.2
International Pvt
Ltd)
Others Others 29.2 29.6 29.5 30.2
Total Total 100.0 100.0 100.0 100.0
Table 7 Distribution of Cooking Ingredients and Meals by Format: % Value 2017-2022
% retail value rsp

2017 2018 2019 2020 2021 2022
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 100.0 100.0 100.0 100.0 100.0 100.0
-- Grocery Retailers 100.0 100.0 100.0 100.0 100.0 100.0
--- Convenience Retail 0.2 0.2 0.2 0.2 0.2 0.2
---- Convenience Stores 0.2 0.2 0.2 0.2 0.2 0.2
---- Forecourt Retailers 0.0 0.0 0.0 0.0 0.0 0.0
--- Supermarkets 10.4 10.5 10.7 10.6 10.6 10.7

--- Hypermarkets 14.7 14.8 15.0 14.9 14.9 15.0
--- Discounters - - - - - -
--- Warehouse Clubs - - - - - -
--- Food/drink/tobacco 8.5 8.3 8.3 8.2 8.2 7.9
specialists
--- Small Local Grocers 66.3 66.1 65.8 66.0 66.2 66.2
-- Non-Grocery Retailers 0.0 - 0.0 0.0 - -
--- General Merchandise - - - - - -
Stores
--- Apparel and - - - - - -
Footwear Specialists
--- Appliances and - - - - - -
Electronics Specialists
--- Home Products - - - - - -
Specialists
--- Health and Beauty - - - - - -
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
--- Other Non-Grocery 0.0 - 0.0 0.0 - -
Retailers
-- Vending - - - - - -
-- Direct Selling - - - - - -
- Retail E-Commerce - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 8 Forecast Sales of Cooking Ingredients and Meals by Category: Volume 2022-
2027
2022 2023 2024 2025 2026 2027
Sweet Spreads ('000 4.7 4.5 4.6 4.8 5.0 5.2

tonnes)
Sauces, Dips and 49.9 52.8 58.0 61.8 65.7 69.5
Condiments ('000 tonnes)
Meals and Soups ('000 0.8 0.9 0.9 1.0 1.1 1.2
tonnes)
Edible Oils (million 701.5 716.2 785.7 828.5 870.7 912.5
litres)
Cooking Ingredients and - - - - - -
Meals (Not calculable)
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 9 Forecast Sales of Cooking Ingredients and Meals by Category: Value 2022-
2027
BDT million
2022 2023 2024 2025 2026 2027
Sweet Spreads 3,254.4 2,931.4 2,697.0 2,771.9 2,837.1 2,899.1

Sauces, Dips and 31,109.1 30,768.1 29,940.3 31,100.4 32,187.3 33,187.5
Condiments
Meals and Soups 925.8 907.1 841.4 878.3 915.0 951.4

Edible Oils 214,670.2 187,113.3 160,830.6 167,547.6 173,749.6 179,063.1
Meals
trade sources
Table 10 Forecast Sales of Cooking Ingredients and Meals by Category: % Volume

Growth 2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total
Sweet Spreads -6.0 1.7 8.8

Cooking Ingredients and Meals - - -
trade sources
Table 11 Forecast Sales of Cooking Ingredients and Meals by Category: % Value Growth
2022-2027
% constant value growth

2022/2023 2022-27 CAGR 2022/27 Total
Sweet Spreads -9.9 -2.3 -10.9

Sauces, Dips and Condiments -1.1 1.3 6.7
Meals and Soups -2.0 0.5 2.8
Edible Oils -12.8 -3.6 -16.6
Cooking Ingredients and Meals -11.3 -2.9 -13.5
trade sources
DISCLAIMER
Forecast and scenario closing date: 24 October 2022
Report closing date: 25 October 2022
Analysis and data in this report give full consideration to consumer behaviour and market
performance in 2022 and beyond as of the dates above. For the very latest insight on this
industry and consumer behaviour, at both global and national level, readers can access
strategic analysis and updates on www.euromonitor.com and via the Passport system, where
new content is being added on a systematic basis.
Market sizes are researched at category level, lower data levels are modelled.
EDIBLE OILS
2022 Developments
▪ Palm oil is the most popular form of packaged edible oils in Bangladesh, followed by soy oil.
These products benefit from low prices and are better able to compete with unpackaged oils.
Palm oil is more popular among the country’s large rural population, while soy oil is generally
preferred in urban areas. Most households prefer soy oil for home cooking purposes, although
soy oil is often blended with palm oil. As the food processing sector grows, domestic
consumption of soy and palm oil is also expected to grow. However, during the review period,
household consumption decreased as the retail price increased fivefold which proved
burdensome for some households. However, demand for locally produced edible oils
increases significantly as the price of exports of food products has risen since 2020. Other
commodity prices also rose during the year with most households coming under financial
pressure due to a loss of earnings since the start of the pandemic.
▪ At the opposite end of the pricing spectrum, olive oil is popular among mid- to high-income
urban consumers due to its healthy image, with olive oil regarded as particularly good for
heart health. However, increases in prices due to rising import costs and lower availability
also stimulated a decline in consumption among these wealthier households. Moreover, some
grocery retailers closed during the height of the pandemic, with reduced availability further
dampening sales.
▪ Production of edible oils continues to increase in Bangladesh, although demand continues to
outstrip domestic supply. Palm cultivation is not yet at a commercial scale and palm oil is not
produced in the country, although there are facilities that refine imports of crude palm oil. Soy
oil is produced in increasing quantities, while mustard seed and oil production is also
significant.
▪ Unpackaged edible oils continue to be used by most of the country’s rural majority and many
low-income urban consumers due to the lower price of these products. Bangladesh Edible Oil
Ltd offers the Meizan brand specifically to target low-income and rural consumers, with this
offering a healthy image due to it being fortified with vitamins A and E. However, many rural
consumers continue to use unpackaged oil, despite its low quality and potential health risks.
Therefore, sales of packaged edible oils remain strongest among mid- to high-income urban
consumers.
▪ Curry is eaten at least once a day in nearly all households in Bangladesh and edible oils are
required during the cooking process. There is also growing use of edible oils to cook fried
food such as potato chips and fried chicken. This widespread use and growing demand for
edible oils is helping to drive dynamic volume and value growth, with it being supported by the
country’s improving economy and urbanisation.
▪ Bangladesh Edible Oil Ltd is the leading player in the category, with it benefiting from offering
a range of brands and price points. The company's Rupchanda brand offers soy oil and
mustard oil. This brand's soy oil has a reputation for high quality and a healthy image due to
its fortification with vitamin A. Rupchanda continues to be supported with strong advertising
including TV advertising. The company also offers King's sunflower oil fortified with vitamin E
and Meizan, its economy palm oil brand. Despite the company's name, Bangladesh Edible Oil
is actually a foreign-owned joint venture owned by Wilmar International of Singapore and
Adani Group of India and it packages its edible oils in Bangladesh rather than producing them
in the country.
▪ Prior to the pandemic, Bangladesh Oil Company launched its Rupchanda Lessorb soy oil.
This innovative new product’s main feature is that it is absorbed less by food during the
cooking process which reduces mess, requires less product to be used and is also healthier
too. The launch was backed by a television advertisement, which features a variety of
different people cooking and eating products that make use of the new product, with it
highlighting the aforementioned key features.
▪ Global Edible Oil LTD, meanwhile, launched its Royal Chef brand of sunflower oil in the
country at the end of the review period, with the company looking to benefit from the growing
interest in healthier varieties of edible oils. Other pre-pandemic entrants included Sena from
Sena Kalyan Sangstha, which is owned by the Bangladesh army, Bashundhara soy oil from
Bashundhara Food & Beverage Ltd, Swarna from Majumdar Group and Promex soy oil from
the Rangdhono Group.
▪ Some local companies such as Meghna Group, City Group or Bashundhara Group developed
new soy oils brands with a healthy positioning with Meghna Group launching Fresh Actifit in
2022.
▪ Independent small grocers is the outright leading distribution channel for edible oils, with
these stores having a more widespread presence, especially in rural areas. Nevertheless, in
urban areas supermarkets and hypermarkets are also a popular option, with these stores
offering a wider range of choice. E-commerce remains muted within edible oils. despite the
channel seeing some success in response to the pandemic in 2020.
Prospects and Opportunities

▪ Over the forecast period, price hikes can be accepted in edible oils, which will further worsen
the financial situation for many consumers who are already struggling. Once, soy oil was an
essential ingredient that most households were dependent on, however, given the higher
prices, consumers will switch to rice oil for their cooking purposes.
▪ However, per capita consumption of edible oil overall is set to increase, as consumers
continue to eat a lot of fried food, and many will eat more at home as dining out becomes too
expensive. Many players are likely to focus on attracting the large low-income and rural
consumer base away from unpackaged oil by intensifying their focus on economic options.
There could also be a growing focus on offering more affordable small pack sizes of 250ml or
smaller, which could serve to limit unit price growth.
▪ In the past, consumers were dependent on seed oil especially soy and palm oil. However,
greater access to information online has enabled people to search for healthier alternatives
such as olive oil. This trend will continue to be strongest among female consumers who,
thanks to internet forums and women’s groups, discuss their healthy lifestyles and food
habits, which will further promote olive oil. The same will be true of TV cooking programmes.
▪ Moreover, the competitive landscape has thus far been mainly characterised by a handful of
large business groups. However, in recent years the Sajeeb Group, Bashundhara and Pran
Foods have made an entrance which is already broadening the variety of products and
packaging types available in the country. Price competition is also expected to intensify over
the forecast period while consumer trust in packaged edible oils will rise, leading to an
eventual decline in popularity of unpackaged edible oils.
Category Data
Table 12 Sales of Edible Oils by Category: Volume 2017-2022
million litres
2017 2018 2019 2020 2021 2022
Other Edible Oil 290.0 316.1 343.0 377.3 357.5 343.2

Sunflower Oil 63.4 71.1 78.3 86.9 78.8 72.5
Soy Oil 191.4 206.0 220.6 239.4 217.1 206.2

Rapeseed Oil - - - - - -
Palm Oil 120.3 130.2 140.5 154.6 141.5 77.8
Corn Oil - - - - - -
Olive Oil 1.6 1.7 1.9 2.0 1.8 1.8
Edible Oils 666.6 725.2 784.3 860.1 796.6 701.5
Table 13 Sales of Edible Oils by Category: Value 2017-2022
BDT million
2017 2018 2019 2020 2021 2022
Other Edible Oil 64,832.8 73,909.4 83,555.5 95,253.3 115,644.4 128,554.1

Sunflower Oil 14,777.8 17,319.5 19,797.5 22,765.0 26,461.8 28,867.9
Soy Oil 20,663.9 23,350.2 26,175.7 29,695.2 34,769.0 39,867.8
Palm Oil 14,279.9 16,222.0 18,304.9 21,011.5 24,775.9 15,213.3
Corn Oil - - - - - -
Olive Oil 913.4 1,039.0 1,174.3 1,330.8 1,796.6 2,167.0
Edible Oils 115,467.8 131,840.0 149,007.9 170,055.8 203,447.8 214,670.2
Table 14 Sales of Edible Oils by Category: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Other Edible Oil -4.0 3.4 18.3

Sunflower Oil -8.0 2.7 14.4
Soy Oil -5.0 1.5 7.7
Rapeseed Oil - - -
Palm Oil -45.0 -8.3 -35.3
Corn Oil - - -
Olive Oil -2.0 2.6 13.7
Edible Oils -11.9 1.0 5.2
Table 15 Sales of Edible Oils by Category: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total
Other Edible Oil 11.2 14.7 98.3

Sunflower Oil 9.1 14.3 95.3
Soy Oil 14.7 14.0 92.9
Rapeseed Oil - - -
Palm Oil -38.6 1.3 6.5
Corn Oil - - -
Olive Oil 20.6 18.9 137.2
Table 16 NBO Company Shares of Edible Oils: % Value 2018-2022
% retail value rsp

Company 2018 2019 2020 2021 2022
Bangladesh Edible Oil Ltd 36.8 37.1 36.2 35.5 34.7

City Group 21.5 21.6 21.5 21.4 21.3
Meghna Group 17.0 17.3 17.8 18.4 19.1
Others 24.7 24.0 24.5 24.7 24.9
Total 100.0 100.0 100.0 100.0 100.0
Table 17 LBN Brand Shares of Edible Oils: % Value 2019-2022
% retail value rsp

Rupchanda Bangladesh Edible Oil Ltd 32.4 32.2 32.0 31.7

Teer City Group 21.6 21.5 21.4 21.3
Fresh Meghna Group 17.3 17.8 18.4 19.1
King's Bangladesh Edible Oil Ltd 4.7 4.0 3.5 3.0
Others Others 24.0 24.5 24.7 24.9
Total Total 100.0 100.0 100.0 100.0
Table 18 Forecast Sales of Edible Oils by Category: Volume 2022-2027
million litres
2022 2023 2024 2025 2026 2027
Other Edible Oil 343.2 348.3 377.9 398.7 418.6 438.3

Sunflower Oil 72.5 73.2 79.1 84.2 89.3 94.2
Soy Oil 206.2 210.4 239.8 252.3 264.9 277.6
Palm Oil 77.8 82.5 86.8 91.2 95.6 100.0
Corn Oil - - - - - -
Olive Oil 1.8 1.9 2.0 2.2 2.3 2.5
Edible Oils 701.5 716.2 785.7 828.5 870.7 912.5
trade sources
Table 19 Forecast Sales of Edible Oils by Category: Value 2022-2027
BDT million
2022 2023 2024 2025 2026 2027
Other Edible Oil 128,554.1 110,266.9 92,551.3 96,253.4 99,622.3 102,317.8

Sunflower Oil 28,867.9 24,681.4 20,178.8 21,288.6 22,353.1 23,358.9
Soy Oil 39,867.8 34,286.3 29,829.1 31,022.3 32,108.0 33,071.3
Palm Oil 15,213.3 15,983.1 16,670.4 17,303.9 17,909.5 18,482.6
Corn Oil - - - - - -
Olive Oil 2,167.0 1,895.6 1,601.0 1,679.4 1,756.7 1,832.5
Edible Oils 214,670.2 187,113.3 160,830.6 167,547.6 173,749.6 179,063.1
trade sources
Table 20 Forecast Sales of Edible Oils by Category: % Volume Growth 2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total
Other Edible Oil 1.5 5.0 27.7

Sunflower Oil 1.0 5.4 29.9
Soy Oil 2.0 6.1 34.6
Rapeseed Oil - - -
Palm Oil 6.0 5.1 28.5
Corn Oil - - -
Olive Oil 4.0 6.6 37.4
trade sources
Table 21 Forecast Sales of Edible Oils by Category: % Value Growth 2022-2027

2022/2023 2022-27 CAGR 2022/27 Total
Other Edible Oil -14.2 -4.5 -20.4

Sunflower Oil -14.5 -4.1 -19.1
Soy Oil -14.0 -3.7 -17.0
Rapeseed Oil - - -
Palm Oil 5.1 4.0 21.5
Corn Oil - - -
Olive Oil -12.5 -3.3 -15.4
Edible Oils -12.8 -3.6 -16.6
trade sources
MEALS AND SOUPS
2022 Developments
▪ Meals and soups remain a somewhat insignificant category in 2022 due to a number of
reasons. These include a predominantly rural population with little access to supermarkets
and hypermarkets, large household sizes and traditional attitudes to gender roles. While
female participation in the labour force is increasing it remains fairly low with most meals
prepared by women at home. Moreover, many working women can afford to employ maids,
cooks or other family members who do the cooking, which further limits demand for ready
meals. There is also a strong consumer preference for freshly-made food. Likewise, income
levels also play a role as soups in particular are unaffordable to the average household.
▪ With that being said, sales improved slightly in 2021, following the destruction caused by the
COVID-19 pandemic in 2020. However, price increases have risen by around 30% in 2022,
which naturally defers consumers from purchasing such products. The reason for this is due
to the rising cost of raw materials, that is pushing up the prices of frozen ready meals, which
are the most popular, and soup, which remain a niche.
▪ While urban consumers have busier lives and may lack the time to cook all of their meals at
home, consumer foodservice is well developed in cities and is available at a wide range of
price points. Fuchka/puchka (hollow puri dough shells filled with vegetables and spices) and
chotpoti (spiced chickpea and potatoes with grated egg) are particularly affordable options.
Fast food options such as burgers, chicken and pizza also have a strong appeal to mid- to
high-income consumers, while cities are also home to numerous restaurants. Socialising with
friends while eating out is becoming increasingly popular among young mid- to high-income
consumers, while home delivery food is also widely available in major cities. There is thus
little demand for ready meals.
▪ There is growing demand for convenient food options that can be stored and eaten at home.
However, even mid- to high-income consumers are more likely to opt for separate meal
components such as frozen processed meat and bread. Many supermarkets and
hypermarkets thus do not stock ready meals.
▪ Frozen traditional ready meals have been introduced and are available in the country.
However, demand remains low as consumers prefer freshly cooked food which is ubiquitous
in the country. During 2021, Golden Harvest launched a traditional frozen Kacci biriani, Morag
pialow, tahari which is being broadly distributed via modern grocery retailers as well as via e-
commerce.
▪ There is little competition in ready meals as the category offers a limited return on investment.
It will require a huge investment to establish a strong presence in the market and to win
consumers around to the concept of ready meals, especially given the low penetration of
microwaves in the country.
▪ Meanwhile, urban consumers increasingly view dehydrated soup in particular as providing
convenience and flavour to their meals, though this trend declined during the pandemic. The
demand for dehydrated soup chiefly stems from individualisation in ingredients and the
addition of fresh ingredients, and it is mainly eaten with an evening meal. Chicken soup,
vegetable soup and spicy Thai soup are the most popular flavours. Instant soup is less widely
consumed and sees more limited distribution but is also seeing growing interest, particularly
among urban office workers seeking a convenient and affordable lunch accompaniment or
snack.
▪ Nestlé's Maggi brand leads sales of soup. This brand benefits from an established appeal due
to the popularity of Maggi instant noodles, while also having the widest distribution reach in
soup. The brand also benefits from the healthy image of its Maggi Healthy Soups range, with
it adding Healthy Thai soup to the line in 2018. Unilever's Knorr is the only other significant
brand but it is constrained by a more limited distribution reach. Like Nestlé, Unilever regularly
adds new flavours to its range to maintain consumer interest, with a recent launch being Thai
vegetable with egg. Both brands saw limited above-the-line advertising towards the end of the
review period but are supported by increasingly popular Facebook pages, with these offering
recipe suggestions and seeking to engage consumers.
▪ Independent small grocers characterises the distribution of soup due to the wider availability
of these stores. However, hypermarkets and supermarkets hold a larger share than in other
areas of packaged food which reflects the main consumer base for soup, that being mid- to
high-income urban consumers.

▪ Over the forecast period, there is a potential for growth within meals and soups due to the
category expanding to rural areas and investments increasing. Already, some investors have
funded the production of some ready meals, however, it would be more difficult to do so for
chilled meals and soups, as consumers are not yet accustomed to eating such foods.
However, with urban consumers continually leading busy lives, there is a chance that such
producers will become more popular in the years to come.
▪ Frozen pizza and frozen ready meals based on Bangladeshi recipes are expected to see a
particularly good performance, with the former having a premium Western image and the
latter benefiting from mimicking popular home-made meals. However, diminishing disposable
incomes stimulated by the onset of the pandemic could prove challenging for many families
who will struggle to afford necessities, never mind products of convenience, such as ready
meals.
▪ Dehydrated soup will suffer from an unhealthy image, particularly as the pandemic recedes,
although it could be used as a base for home-made meals, especially soups. Meanwhile,
instant soup will likely appeal to office workers as an easy and affordable lunchtime meal
accompaniment, with sales being boosted by the entry of Pran Foods. Growth should also
benefit from growing price competition, as supermarkets and hypermarkets continue to
expand across the country and increase their economies of scale. The leading brands Maggi
and Knorr will likely also use price promotions in order to attract an expanding group of
consumers to packaged soup.
Category Data
Table 22 Sales of Meals and Soups by Category: Volume 2017-2022
'000 tonnes
2017 2018 2019 2020 2021 2022
Prepared Salads - - - - - -
Food Kits - - - - - -
Pizza - - - - - -
Soup 0.7 0.8 0.8 0.8 0.7 0.8
Ready Meals - - - - - -
Meals and Soups 0.7 0.8 0.8 0.8 0.7 0.8
Table 23 Sales of Meals and Soups by Category: Value 2017-2022
BDT million
2017 2018 2019 2020 2021 2022
Food Kits - - - - - -
Pizza - - - - - -
Soup 597.9 676.5 762.5 732.8 638.8 925.8
Meals and Soups 597.9 676.5 762.5 732.8 638.8 925.8
Table 24 Sales of Meals and Soups by Category: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Prepared Salads - - -
Food Kits - - -
Pizza - - -
Soup 16.9 2.8 14.9
Ready Meals - - -
Table 25 Sales of Meals and Soups by Category: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total
Food Kits - - -
Pizza - - -
Soup 44.9 9.1 54.9
Ready Meals - - -
Table 26 NBO Company Shares of Meals and Soups: % Value 2018-2022
% retail value rsp

Company 2018 2019 2020 2021 2022
Nestlé Bangladesh Ltd 75.3 75.4 75.6 75.7 75.7

Unilever Bangladesh Ltd 12.0 12.0 12.0 12.0 12.0
Others 12.7 12.6 12.4 12.3 12.3
Total 100.0 100.0 100.0 100.0 100.0
Table 27 LBN Brand Shares of Meals and Soups: % Value 2019-2022
% retail value rsp

Maggi (Nestlé SA) Nestlé Bangladesh Ltd 75.4 75.6 75.7 75.7
Knorr (Unilever Unilever Bangladesh Ltd 12.0 12.0 12.0 12.0
Group)
Others Others 12.6 12.4 12.3 12.3
Total Total 100.0 100.0 100.0 100.0
Table 28 Forecast Sales of Meals and Soups by Category: Volume 2022-2027
'000 tonnes
2022 2023 2024 2025 2026 2027
Food Kits - - - - - -
Pizza - - - - - -
Soup 0.8 0.9 0.9 1.0 1.1 1.2
Meals and Soups 0.8 0.9 0.9 1.0 1.1 1.2
trade sources
Table 29 Forecast Sales of Meals and Soups by Category: Value 2022-2027
BDT million
2022 2023 2024 2025 2026 2027
Food Kits - - - - - -
Pizza - - - - - -
Soup 925.8 907.1 841.4 878.3 915.0 951.4
Meals and Soups 925.8 907.1 841.4 878.3 915.0 951.4
trade sources
Table 30 Forecast Sales of Meals and Soups by Category: % Volume Growth 2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total
Food Kits - - -
Pizza - - -
Soup 8.8 7.9 46.4
Ready Meals - - -
trade sources
Table 31 Forecast Sales of Meals and Soups by Category: % Value Growth 2022-2027

2022/2023 2022-27 CAGR 2022/27 Total
Food Kits - - -
Pizza - - -
Soup -2.0 0.5 2.8
Ready Meals - - -
Meals and Soups -2.0 0.5 2.8
trade sources
SAUCES, DIPS AND CONDIMENTS
2022 Developments
▪ In 2022, the prices of all sauces, dips and condiments have increased by around 12%, and
import prices have grown by around 23%. Despite this, the demand for the category is
growing due to consumers now eating at home more often rather than dining out. Most lower
and middle income consumers in particular have reduced the amount of times they eat in
restaurants due to the cost of living and food prices rapidly rising. With consumers dining
more at home, this naturally increases the demand for sauces, dips and condiments.
▪ In response to the pandemic in 2020, demand for the category increased given the fact that
consumers were spending more time at home and cooking more. In 2021, demand decreased
slightly, due to the economy reopening and consumers socialising once again outside of their
homes. However, in 2022, demand will increase due to consumers economising and eating
more home cooked food.
▪ A variety of sauces is now available for consumers such as burger and fish sauces as well as
Thai and Korean flavour sources. Such products are popular among urban consumers.
▪ Social media played a strong role in boosting interest in sauces, dressings and condiments in
2022 as people searched for new and interesting dishes to cook. Food experience sharing
was also prolific on YouTube and Facebook as people downloaded videos of their favourite
meals during lockdown.
▪ Although herbs and spices and dry sauces are very popular in Bangladesh, often being
viewed as household essentials and used on a daily basis, many are bought in unpackaged
form. Spice stalls, market vendors and specialist shops have a widespread presence, with
most offering an extensive range of unpackaged single herbs and spices alongside dry sauce
spice mixes and they sell these products by weight. These products are considerably more
affordable and appeal to low-income consumers, while many rural consumers generally only
have access to unpackaged products. However, many mid- to high-income consumers also
buy unpackaged herbs and spices and spice mixes from trusted sellers, believing these to
offer a fresher flavour.
▪ The use of herbs and spices and dry sauce spice mixes is strong in everyday cooking, with
Bangladeshi cuisine known for its rich and spicy flavour. Within packaged sauces, dressings
and condiments, these flavours are thus by far the most popular. Packaged products benefit
from a modern image and growing hygiene concerns among urban consumers, although
many are keen to keep costs to a minimum when buying these products which are thus
generally sold in low-cost and lightweight plastic jars.
▪ Ketchup is by far the most popular packaged table sauces product in Bangladesh, with
consumers enjoying its bright red colour and strong, tangy flavour. The popularity of ketchup
is also linked to its role in fast food, with many enjoying ketchup with fast food and thus
viewing it as an indulgent and Western sauce. Ketchup is increasingly enjoyed with fried food
at home, particularly in urban mid- to high-income households. It is also often used in home-
made chutneys and dips due to its distinctive flavour and colour. Mayonnaise, chilli sauces
and soy sauces are also benefiting from growing consumer awareness thanks to their use in
consumer foodservice, although these remain niche products in comparison to ketchup and
have considerably lower awareness.
▪ Achar or pickled products play a traditional role in Bangladeshi cuisine, with a wide range of
regional variants offering differing levels of sweetness, sourness and spice. Mixed pickles,
mango pickle and olives are all popular and are enjoyed with curries, bread, polao (pilaf rice)
and other dishes. Many believe that achar aids digestion, with these products thus featuring at
most large meals with family or friends. Sales thus peak around the holy month of Ramadan,
with achar featuring at iftar (fast-breaking feast) in most households. Many households
continue to make home-made achar but busier lifestyles and a growing focus on convenience
are resulting in a growing number of consumers buying packaged pickled products instead,
with a wide range of packaged products available at affordable prices.
▪ Square Consumer Products is the leading player in a very fragmented competitive landscape,
thanks to the strength of its Radhuni brand. This brand offers herbs and spices and dry
sauces and is regarded as offering high quality products, while also being supported by strong
marketing. The brand sponsors TV cooking shows and continues to invest in TV advertising at
peak times. Second-ranked Pran Foods Ltd benefits from a strong reputation in pickled
products and notably hosts the Pran National Pickle Competition on an annual basis, with this
offering attractive prizes of cash and consumer appliances for the best home-made pickles.
Prior to the pandemic, Pran also launched a line of tamarind sauces. The company also
received a British Retail Consortium (BRC) certificate which among other things guarantees
the standardisation of quality and safety of its products and provides protection for the end
consumer.
▪ Local manufacturers typically focus on popular traditional herbs and spices such as chilli,
turmeric, cumin, coriander, garam masala spices; traditional pickled products including
mango, garlic, mixed pickled, pickled olive, satkora pickles; and table sauces such as
ketchup, garlic and chilli sauces, and tamarind sauces. Retail and commercial demand is
growing significantly due to changing tastes and dietary habits. Demand for tomato pastes
and purées is, however, being driven by hotels and restaurants rather than retail consumers.
▪ Alongside advertising and marketing activities another key tool used by players to win share
are in-store promotions, with many consumers being price conscious. For example, Maggi ran
a buy-one-get-one-free offer on its Maggi Rich Tomato Sauces line at the end of the review
period.
▪ The distribution of packaged sauces, dressings and condiments is largely limited to urban
areas, with consumers in rural areas generally purchasing more affordable unpackaged
products instead. Sales are thus reliant on mid- to high-income consumers living in cities,
although some products such as ketchup and chilli sauces are also available in rural areas.
Although supermarkets and hypermarkets increased their share over the review period,
independent small grocers is still the leading channel with these stores being more widely
available as well as often being present in more convenient locations.
▪ E-commerce experienced some growth in 2022 for sauces, dressings and condiments with
food delivery players such as Foodpanda extending their services. Demand for home-made
food also rose significantly which also helped sustain demand for sauces, dressings and
condiments.

▪ Over the forecast period, the market for sauces, dips and condiments will continue to grow as
snacking and eating habits from other countries become increasingly popular in Bangladesh.
Consumers are becoming more keen to try a variety of flavours from different countries. While
demand is currently largely driven by urban consumers, this is slowly set to change in 2023
and beyond as the category expands to more rural areas.
▪ Distribution is also expected to improve, with most independent small grocers stocking a
widening range of packaged products and supermarkets and hypermarkets continuing to
expand their presence. The urban mid-income group will likely continue to expand and will
become more adventurous in their eating habits, driving growth in areas such as ketchup and
niches such as mayonnaise and pasta sauces. These products should benefit from a
premium Western image and from the consumer desire to replicate consumer foodservice
meals at home.
▪ Local manufacturers will also focus on expanding the variety of sauces, dressings and
condiments and invest in modern technology and innovative products. Local manufacturing
will also facilitate lower prices and help shape the preferences of local consumers. Local
companies better understand local consumers and will be able to develop products in line with
their expectations. Thai, Korean and Chinese flavours will also become more popular among
young generations.
▪ The Bangladesh sauces, dressings and condiments category is currently heavily dependent
on imports. Some large companies such as Pran have invested in aseptic processing plants
for tomato pulp for both export and local use in ketchup. This type of modern technology and
investment will reduce the category’s dependence on imports over the forecast period while
product variety is set to develop more in line with local preferences.
Category Data
Table 32 Sales of Sauces, Dips and Condiments by Category: Volume 2017-2022
'000 tonnes
2017 2018 2019 2020 2021 2022
Other Sauces and 2.2 2.3 2.4 2.6 2.7 2.7

Condiments
Pickled Products 4.4 4.7 5.0 5.5 5.8 5.7
Yeast-based Spreads - - - - - -
Dips - - - - - -
-- Chili Sauces 0.0 0.0 0.0 0.0 0.0 0.0
-- Soy Sauces 0.1 0.1 0.1 0.2 0.2 0.2
-- Salad Dressings 0.0 0.0 0.0 0.0 0.0 0.0
-- Oyster Sauces - - - - - -
-- Mustard - - - - - -
-- Mayonnaise 0.3 0.3 0.3 0.3 0.4 0.4
-- Ketchup 6.2 6.7 7.2 8.0 8.5 8.6
-- Fish Sauces - - - - - -
-- Barbecue Sauces - - - - - -
- Cooking and Table 6.6 7.2 7.7 8.5 9.1 9.2
Sauces
-- Pasta Sauces 0.3 0.5 0.6 0.6 0.8 1.0
-- Dry Recipe Sauces 9.2 10.4 11.7 13.1 14.8 15.4
-- Liquid Recipe Sauces - - - - - -
(excl pasta sauces)
- Recipe Sauces 9.6 10.9 12.3 13.7 15.6 16.4
Sauces 16.2 18.0 19.9 22.2 24.7 25.6
- Tomato Pastes and 0.1 0.1 0.2 0.2 0.2 0.2
Purées
- Herbs and Spices 9.0 9.8 10.5 11.4 12.3 12.4
- Monosodium Glutamate 1.9 2.3 2.6 2.9 3.2 3.4
- Gravy Cubes, Powders - - - - - -
and Pots
-- Stock Cubes and - - - - - -
Powders
-- Liquid Stocks and - - - - - -
Fonds
- Bouillon - - - - - -
Cooking Ingredients and 11.1 12.2 13.3 14.5 15.7 16.0
Condiments
Sauces, Dips and 33.9 37.2 40.6 44.8 48.9 49.9
Condiments
Table 33 Sales of Sauces, Dips and Condiments by Category: Value 2017-2022
BDT million
2017 2018 2019 2020 2021 2022
Other Sauces and 738.2 805.1 875.3 992.1 1,065.7 1,236.2

Condiments
Pickled Products 1,077.4 1,191.0 1,310.3 1,497.5 1,635.7 1,915.9
Dips - - - - - -
-- Chili Sauces 0.4 0.4 0.5 0.6 0.6 0.7
-- Soy Sauces 19.9 22.2 24.8 28.8 31.8 38.0
-- Salad Dressings 12.7 13.8 15.0 16.8 17.9 20.6
-- Mustard - - - - - -
-- Mayonnaise 104.5 122.2 141.1 166.0 186.1 223.7
-- Ketchup 1,562.2 1,726.3 1,902.3 2,171.8 2,389.7 2,823.4
-- Fish Sauces - - - - - -
- Cooking and Table 1,699.8 1,884.9 2,083.7 2,383.9 2,626.2 3,106.5
Sauces
-- Pasta Sauces 114.3 158.9 211.5 238.8 325.9 437.4
-- Dry Recipe Sauces 5,417.6 6,317.7 7,309.1 8,472.5 9,849.2 12,058.7
(excl pasta sauces)
- Recipe Sauces 5,531.9 6,476.5 7,520.6 8,711.3 10,175.1 12,496.1
Sauces 7,231.7 8,361.4 9,604.2 11,095.3 12,801.3 15,602.5
Purées
- Herbs and Spices 5,839.8 6,525.6 7,246.3 8,100.8 8,928.8 10,547.6
- Monosodium Glutamate 653.3 837.5 1,030.1 1,228.1 1,428.7 1,765.8
and Pots
Powders
Fonds
- Bouillon - - - - - -
Condiments
Sauces, Dips and 15,559.5 17,742.6 20,091.2 22,943.7 25,893.9 31,109.1
Condiments
Table 34 Sales of Sauces, Dips and Condiments by Category: % Volume Growth 2017-
2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Other Sauces and Condiments -2.3 3.5 19.0

Pickled Products -0.4 5.4 29.9
Yeast-based Spreads - - -
Dips - - -
-- Chili Sauces -1.7 4.3 23.2
-- Soy Sauces 0.6 5.4 30.2
-- Salad Dressings -2.5 3.7 19.6
-- Oyster Sauces - - -
-- Mustard - - -
-- Mayonnaise 2.1 8.6 51.0
-- Ketchup 0.9 6.6 37.7
-- Fish Sauces - - -
-- Barbecue Sauces - - -
- Cooking and Table Sauces 0.9 6.6 38.0
-- Pasta Sauces 13.9 22.4 175.2
-- Dry Recipe Sauces 4.5 10.9 67.5
-- Liquid Recipe Sauces (excl pasta - - -
sauces)
- Recipe Sauces 5.0 11.4 71.4
Sauces 3.5 9.5 57.7
- Tomato Pastes and Purées 4.5 11.0 68.7
- Herbs and Spices 1.2 6.5 37.0
- Monosodium Glutamate 3.7 12.2 77.9
- Gravy Cubes, Powders and Pots - - -
-- Stock Cubes and Powders - - -
-- Liquid Stocks and Fonds - - -
- Bouillon - - -
Cooking Ingredients and Condiments 1.7 7.6 44.3
Table 35 Sales of Sauces, Dips and Condiments by Category: % Value Growth 2017-
2022

2021/22 2017-22 CAGR 2017/22 Total
Other Sauces and Condiments 16.0 10.9 67.5

Pickled Products 17.1 12.2 77.8
Dips - - -
-- Chili Sauces 17.6 12.4 79.3
-- Soy Sauces 19.3 13.8 90.7
-- Salad Dressings 15.1 10.1 61.9
-- Mustard - - -
-- Mayonnaise 20.2 16.4 114.1
-- Ketchup 18.1 12.6 80.7
-- Pasta Sauces 34.2 30.8 282.7

sauces)
- Recipe Sauces 22.8 17.7 125.9
Sauces 21.9 16.6 115.8
- Bouillon - - -
Table 36 NBO Company Shares of Sauces, Dips and Condiments: % Value 2018-2022
% retail value rsp

Company 2018 2019 2020 2021 2022
Square Consumer 14.6 14.7 14.8 14.7 14.6

Products Ltd
Pran Foods Ltd 12.3 12.4 12.5 13.0 13.5
Ahmed Food Products Pvt 7.5 7.6 7.7 7.6 7.5
Ltd
Others 65.6 65.3 65.0 64.7 64.4
Total 100.0 100.0 100.0 100.0 100.0
Table 37 LBN Brand Shares of Sauces, Dips and Condiments: % Value 2019-2022
% retail value rsp

Radhuni Square Consumer 14.7 14.8 14.7 14.6

Products Ltd
Ahmed Ahmed Food Products Pvt 7.6 7.7 7.6 7.5
Ltd
Others Others 65.3 65.0 64.7 64.4
Total Total 100.0 100.0 100.0 100.0
Table 38 Forecast Sales of Sauces, Dips and Condiments by Category: Volume 2022-
2027
'000 tonnes
2022 2023 2024 2025 2026 2027
Other Sauces and 2.7 2.7 2.9 3.0 3.1 3.1

Condiments
Pickled Products 5.7 6.0 6.4 6.7 7.1 7.4

Dips - - - - - -
-- Chili Sauces 0.0 0.0 0.0 0.0 0.0 0.0
-- Soy Sauces 0.2 0.2 0.2 0.2 0.2 0.2
-- Salad Dressings 0.0 0.0 0.0 0.0 0.0 0.0
-- Mustard - - - - - -
-- Mayonnaise 0.4 0.4 0.4 0.5 0.5 0.5
-- Ketchup 8.6 9.0 9.9 10.5 11.1 11.7
-- Fish Sauces - - - - - -
- Cooking and Table 9.2 9.6 10.5 11.2 11.9 12.5
Sauces
-- Pasta Sauces 1.0 1.1 1.2 1.3 1.4 1.5
-- Dry Recipe Sauces 15.4 16.6 18.5 20.0 21.5 23.0
(excl pasta sauces)
- Recipe Sauces 16.4 17.6 19.7 21.3 22.9 24.6
Sauces 25.6 27.2 30.2 32.5 34.8 37.1
Purées
- Herbs and Spices 12.4 13.1 14.3 15.2 16.1 17.0
- Monosodium Glutamate 3.4 3.6 4.0 4.2 4.4 4.7
and Pots
Powders
Fonds
- Bouillon - - - - - -
Cooking Ingredients and 16.0 16.9 18.5 19.7 20.8 21.9
Condiments
Sauces, Dips and 49.9 52.8 58.0 61.8 65.7 69.5
Condiments
trade sources
Table 39 Forecast Sales of Sauces, Dips and Condiments by Category: Value 2022-2027
BDT million
2022 2023 2024 2025 2026 2027
Other Sauces and 1,236.2 1,191.8 1,133.4 1,152.7 1,170.0 1,182.9

Condiments
Pickled Products 1,915.9 1,861.4 1,784.2 1,828.8 1,867.3 1,899.2
Dips - - - - - -
-- Chili Sauces 0.7 0.7 0.7 0.7 0.7 0.7
-- Soy Sauces 38.0 37.7 36.9 38.7 40.5 42.1
-- Salad Dressings 20.6 19.7 18.6 18.8 18.9 19.0
-- Mustard - - - - - -
-- Mayonnaise 223.7 222.9 218.4 228.2 237.6 246.4
-- Ketchup 2,823.4 2,769.8 2,683.3 2,782.6 2,874.5 2,957.9
-- Fish Sauces - - - - - -
- Cooking and Table 3,106.5 3,050.8 2,958.0 3,069.1 3,172.2 3,266.1
Sauces
-- Pasta Sauces 437.4 454.3 457.9 490.0 522.2 554.5

-- Dry Recipe Sauces 12,058.7 12,068.7 11,883.6 12,477.7 13,051.2 13,598.2
(excl pasta sauces)
- Recipe Sauces 12,496.1 12,523.0 12,341.5 12,967.7 13,573.4 14,152.7
Sauces 15,602.5 15,573.7 15,299.4 16,036.8 16,745.6 17,418.8
Purées
- Herbs and Spices 10,547.6 10,315.8 9,925.5 10,202.8 10,447.5 10,656.6
- Monosodium Glutamate 1,765.8 1,784.0 1,756.6 1,835.6 1,910.9 1,981.5
and Pots
Powders
Fonds
- Bouillon - - - - - -
Condiments
Sauces, Dips and 31,109.1 30,768.1 29,940.3 31,100.4 32,187.3 33,187.5
Condiments
trade sources
Table 40 Forecast Sales of Sauces, Dips and Condiments by Category: % Volume

Growth 2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total
Other Sauces and Condiments 2.0 3.4 18.4

Pickled Products 3.5 5.0 27.9
Dips - - -
-- Chili Sauces 2.7 4.1 22.4
-- Soy Sauces 5.3 7.2 41.5
-- Salad Dressings 1.7 3.1 16.6
-- Mustard - - -
-- Mayonnaise 6.3 7.5 43.5
-- Ketchup 4.9 6.4 36.2
-- Pasta Sauces 10.2 9.8 59.9
sauces)
Sauces 6.6 7.7 45.1
- Bouillon - - -
trade sources
Table 41 Forecast Sales of Sauces, Dips and Condiments by Category: % Value Growth
2022-2027

2022/2023 2022-27 CAGR 2022/27 Total
Other Sauces and Condiments -3.6 -0.9 -4.3

Pickled Products -2.8 -0.2 -0.9
Dips - - -
-- Chili Sauces -2.4 0.2 0.8
-- Soy Sauces -0.8 2.1 11.0
-- Salad Dressings -4.4 -1.7 -8.1
-- Mustard - - -
-- Mayonnaise -0.4 1.9 10.1
-- Ketchup -1.9 0.9 4.8
- Cooking and Table Sauces -1.8 1.0 5.1
-- Pasta Sauces 3.9 4.9 26.8
sauces)
Sauces -0.2 2.2 11.6
- Herbs and Spices -2.2 0.2 1.0
- Bouillon - - -
Cooking Ingredients and Condiments -1.7 0.5 2.7
Sauces, Dips and Condiments -1.1 1.3 6.7
trade sources
SWEET SPREADS
2022 Developments
▪ In 2022, the price of sweet spread has increased quite significantly, with sugar increasing
around 35% in the last 18 months. As a result, many consumers have become more price
sensitive and are limiting their spending on sweet spreads, or switching to cheaper products.
▪ Honey and jams and preserves are the most popular sweet spreads in Bangladesh. Honey
has an established healthy appeal and features heavily in traditional medicine. While the
pandemic has been catastrophic for many businesses, it did lead to a sharp surge in demand
for honey. With people clamouring for immunity boosters, pure honey enjoyed a large spike in
demand. Many households now consume honey with demand rising exponentially. However,
the majority of the demand is accounted for by artisanal honey producers as consumers do
not trust foreign brands fearing adulteration of these products. For instance, while the price of
the national Dabur brand is reasonable and demand has been relatively good, fraud claims
mean consumers have lost their confidence in the outlets which retail the brand. Informal
sales are particularly significant around areas where wild honey harvesting is prolific such as
the Sundarbans Forest. Moreover, the price of foreign brands is high compared to these local
alternatives.
▪ Jams and preserves are mainly enjoyed as a spread on bread with butter and benefit from the
growing popularity of bread-based breakfasts in urban areas. Orange is the most popular
flavour in jams and preserves, followed by mixed fruit. Sandwiches featuring jams and
preserves are also a popular component of tiffin lunch boxes for school children.
▪ Jams and preserves is however facing growing competition, with chocolate spreads and nut
and seed based spreads attracting a growing number of mid- to high-income urbanites. These
products are more expensive but are attracting more consumers as disposable income levels
rise, with many consumers particularly enjoying the sweet and indulgent flavour offered by
chocolate spreads. Nut and seed based spreads benefits from the healthy image of nuts, with
peanuts viewed as being high in nutrients.
▪ Home-made jams and preserves are made in Bangladesh but not widely sign of increasingly
busy lifestyles prior to the pandemic boosting demand for packaged products in urban areas.
Nevertheless, sales of packaged sweet spreads remain limited to mid- to high-income
consumers in cities and towns, with the low-income rural majority unable to afford these
products. Distribution is also limited or non-existent in rural areas.
▪ Domestic company Pran Foods Ltd leads due to its strength in jams and preserves, with it
benefiting from offering affordable prices and a wide range of pack sizes in popular variants
such as orange, strawberry, mango and mixed fruit. The company also offers value-added
Diabetic Jelly, with this reduced sugar variant appealing to more health-conscious consumers
as well as diabetics. This company is the leading processor of fruit and vegetables in the
country and thus benefits from strong economies of scale and a wide distribution reach. The
company also introduced an affordable 200g pack of honey towards the end of the review
period. The company also utilises regular price promotions to help drive sales.
▪ Second-ranked player Sajeeb Group is also a major fruit processor and is strong in jams and
preserves with its Shezan brand, while it also offers Spanish chocolate spreads brand Nocilla.
Nocilla benefits from offering considerably more affordable prices in comparison to
competitors in this area such as Nutkao and it is also supported by TV advertising.
▪ Local company Kazi Farms LTD introduced its Kazi Farms Orange Jelly line of jams and
preserves at the end of the review period. The company is a pioneer in the production of
frozen processed food in Bangladesh. Agro Tech Food LTD (India) also entered the market
with a range of sweet spreads prior to the pandemic offering free popcorn with some products
to help drive interest.
▪ Aside from nut and seed based spreads, which are generally only available in urban areas, all
other products within sweet spreads are widely available. As a result, independent small
grocers characterise distribution with these stores being more widely available, with
supermarkets and hypermarkets largely only seen in urban areas. Despite this, the latter two
channels continue to win share thanks to urbanisation, with these stores offering a wider
range of choice.

▪ Sweet spreads is expected to increase over the forecast period. Growth should be supported
by an expanding urban mid-income group, in addition to a widening range of affordable
products from domestic players. Sales will likely also continue to benefit from the healthy
image of honey and nut and seed based spreads and the indulgent image of chocolate
spreads. Jams and preserves will remain popular but are likely to face growing competition as
a breakfast or tiffin option from chocolate and nut and seed based spreads.
▪ Some new chocolate spreads launched during the pandemic such as Crunchi cream and
caramel based chocolate spreads will become more popular among children. Sweet spreads
that are easy to use will also gradually gather momentum among urban dwellers who will seek
greater diversity.
▪ While jams and preserves are well known, chocolate spreads are gaining ground. As people
continue to develop their interest in home cooking and baking recipes, chocolate spreads may
eventually benefit.
▪ The Shazeen group performs very well within chocolate spreads as they offer smaller
package sizes that are very popular among the middle class. Brand availability may also rise
in the coming years as demand increases and more consumers become aware of such
products.
Category Data
Table 42 Sales of Sweet Spreads by Category: Volume 2017-2022
'000 tonnes
2017 2018 2019 2020 2021 2022
Nut and Seed Based 0.1 0.2 0.2 0.2 0.2 0.2
Spreads
Jams and Preserves 1.0 1.0 1.0 1.0 1.1 1.3
Chocolate Spreads 0.2 0.3 0.3 0.3 0.3 0.4
Honey 2.1 2.2 2.3 2.4 2.6 2.9
Sweet Spreads 3.4 3.6 3.8 3.9 4.2 4.7
Table 43 Sales of Sweet Spreads by Category: Value 2017-2022
BDT million
2017 2018 2019 2020 2021 2022
Spreads
Honey 992.5 1,091.7 1,197.3 1,299.0 1,461.4 1,972.9
Sweet Spreads 1,602.0 1,779.3 1,974.2 2,134.0 2,356.3 3,254.4
Table 44 Sales of Sweet Spreads by Category: % Volume Growth 2017-2022
% volume growth
2021/22 2017-22 CAGR 2017/22 Total
Nut and Seed Based Spreads 22.7 12.5 80.5
Jams and Preserves 18.0 5.0 27.6

Chocolate Spreads 12.5 10.5 64.4
Honey 11.0 6.6 37.9
Table 45 Sales of Sweet Spreads by Category: % Value Growth 2017-2022

2021/22 2017-22 CAGR 2017/22 Total
Nut and Seed Based Spreads 46.0 20.2 150.5

Jams and Preserves 41.0 12.4 79.5
Honey 35.0 14.7 98.8
Table 46 NBO Company Shares of Sweet Spreads: % Value2018-2022
% retail value rsp

Company 2018 2019 2020 2021 2022
Pran Foods Ltd 29.2 29.4 29.6 29.8 30.0

Sajeeb Group 14.8 15.0 15.2 15.4 15.6
Others 56.0 55.6 55.2 54.8 54.4
Total 100.0 100.0 100.0 100.0 100.0
Table 47 LBN Brand Shares of Sweet Spreads: % Value2019-2022
% retail value rsp

Shezan (Shezan Sajeeb Group 15.0 15.2 15.4 15.6
International Pvt
Ltd)
Others Others 55.6 55.2 54.8 54.4
Total Total 100.0 100.0 100.0 100.0
Table 48 Forecast Sales of Sweet Spreads by Category: Volume 2022-2027
'000 tonnes
2022 2023 2024 2025 2026 2027
Spreads

Honey 2.9 2.8 2.9 3.0 3.1 3.2
Sweet Spreads 4.7 4.5 4.6 4.8 5.0 5.2
trade sources
Table 49 Forecast Sales of Sweet Spreads by Category: Value 2022-2027
BDT million
2022 2023 2024 2025 2026 2027
Spreads
Honey 1,972.9 1,775.6 1,637.4 1,676.7 1,713.5 1,747.8
Sweet Spreads 3,254.4 2,931.4 2,697.0 2,771.9 2,837.1 2,899.1
trade sources
Table 50 Forecast Sales of Sweet Spreads by Category: % Volume Growth 2022-2027
% volume growth
2022/23 2022-27 CAGR 2022/27 Total
Nut and Seed Based Spreads -2.4 5.6 31.1

Jams and Preserves -16.1 -3.1 -14.4
Honey -4.1 2.3 11.8
Sweet Spreads -6.0 1.7 8.8
trade sources
Table 51 Forecast Sales of Sweet Spreads by Category: % Value Growth 2022-2027

2022/2023 2022-27 CAGR 2022/27 Total
Nut and Seed Based Spreads -9.0 0.3 1.6

Jams and Preserves -21.0 -7.4 -32.0
Honey -10.0 -2.4 -11.4
Sweet Spreads -9.9 -2.3 -10.9
trade sources

Cooking Ingredients and Meals in Bangladesh

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LIST OF CONTENTS AND TABLES

Table 21 Forecast Sales of Edible Oils by Category: % Value Growth 2022-

Table 44 Sales of Sweet Spreads by Category: % Volume Growth 2017-2022 ........ 30

COOKING INGREDIENTS AND MEALS

Cooking ingredients and meals in 2022: The big picture

▪ According to the Bangladesh Investment Development Authority (BIDA) foreign direct

What next for cooking ingredients and meals?

Chart 1 Cooking Ingredients and Meals: Modern Grocery Retailer

Source: Euromonitor International

2017 2018 2019 2020 2021 2022

Sweet Spreads ('000 3.4 3.6 3.8 3.9 4.2 4.7

Table 2 Sales of Cooking Ingredients and Meals by Category: Value 2017-2022

Sweet Spreads 1,602.0 1,779.3 1,974.2 2,134.0 2,356.3 3,254.4

Sweet Spreads 13.4 6.7 38.2

% current value growth

Sweet Spreads 38.1 15.2 103.1

% retail value rsp

Bangladesh Edible Oil Ltd 31.9 32.2 31.4 31.1 29.8

% retail value rsp

Rupchanda Bangladesh Edible Oil Ltd 28.1 28.0 28.0 27.2

Table 7 Distribution of Cooking Ingredients and Meals by Format: % Value 2017-2022

% retail value rsp

Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

--- Supermarkets 10.4 10.5 10.7 10.6 10.6 10.7

2022 2023 2024 2025 2026 2027

Sweet Spreads ('000 4.7 4.5 4.6 4.8 5.0 5.2

Sweet Spreads 3,254.4 2,931.4 2,697.0 2,771.9 2,837.1 2,899.1

Meals and Soups 925.8 907.1 841.4 878.3 915.0 951.4

Table 10 Forecast Sales of Cooking Ingredients and Meals by Category: % Volume

Sweet Spreads -6.0 1.7 8.8

% constant value growth

Sweet Spreads -9.9 -2.3 -10.9

Prospects and Opportunities

Table 12 Sales of Edible Oils by Category: Volume 2017-2022

Other Edible Oil 290.0 316.1 343.0 377.3 357.5 343.2

Soy Oil 191.4 206.0 220.6 239.4 217.1 206.2

Table 13 Sales of Edible Oils by Category: Value 2017-2022

Other Edible Oil 64,832.8 73,909.4 83,555.5 95,253.3 115,644.4 128,554.1

Table 14 Sales of Edible Oils by Category: % Volume Growth 2017-2022

Other Edible Oil -4.0 3.4 18.3

Table 15 Sales of Edible Oils by Category: % Value Growth 2017-2022

% current value growth

Other Edible Oil 11.2 14.7 98.3

Table 16 NBO Company Shares of Edible Oils: % Value 2018-2022

% retail value rsp

Bangladesh Edible Oil Ltd 36.8 37.1 36.2 35.5 34.7

Table 17 LBN Brand Shares of Edible Oils: % Value 2019-2022

% retail value rsp

Rupchanda Bangladesh Edible Oil Ltd 32.4 32.2 32.0 31.7

Table 18 Forecast Sales of Edible Oils by Category: Volume 2022-2027

Other Edible Oil 343.2 348.3 377.9 398.7 418.6 438.3

Table 19 Forecast Sales of Edible Oils by Category: Value 2022-2027

Other Edible Oil 128,554.1 110,266.9 92,551.3 96,253.4 99,622.3 102,317.8

Table 20 Forecast Sales of Edible Oils by Category: % Volume Growth 2022-2027

Other Edible Oil 1.5 5.0 27.7

Table 21 Forecast Sales of Edible Oils by Category: % Value Growth 2022-2027

% constant value growth

Other Edible Oil -14.2 -4.5 -20.4

MEALS AND SOUPS

Prospects and Opportunities

Table 22 Sales of Meals and Soups by Category: Volume 2017-2022