Skip to main content
  1. Market Insights
  2. Consumer
  3. Food

Convenience Food - Sri Lanka

Sri Lanka
  • Revenue in the Convenience Food market amounts to US$2.37bn in 2024. The market is expected to grow annually by 8.62% (CAGR 2024-2029).
  • In global comparison, most revenue is generated China (US$154bn in 2024).
  • In relation to total population figures, per person revenues of US$107.80 are generated in 2024.
  • In the Convenience Food market, volume is expected to amount to 466.30m kg by 2029. The Convenience Food market is expected to show a volume growth of 3.8% in 2025.0.
  • The average volume per person in the Convenience Food market is expected to amount to 18.6kg in 2024.

Definition:

The Convenience Food market covers any form of pre-packaged or prepared food that is intended to be simple to prepare or consume quickly, requiring little to no cooking or other preparation. Examples include ready-to-eat meals, frozen dinners, and soups. The focus of these meals is less on quality and nutrition and more on convenience and accessibility.

Structure:

The market consists of two different submarkets:

  • The Ready-to-Eat Meals market covers products that require minimal preparation by the consumer, i.e., meals that only require heating up.
  • The Soups market covers finished products such as powders for making soup (instant soups), and broth or liquid soups that are purchased in prepared form (tinned soups).

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Ready-to-eat meals
  • Soups

Out-Of-Scope

  • Fresh cut salad
  • Frozen vegetables
  • Cut fruit
  • Out-of-home consumption
Convenience Food: market data & analysis - Cover

Market Insights report

Convenience Food: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Convenience Food Market in Sri Lanka is seeing steady growth, influenced by factors such as changing consumer lifestyles, increasing demand for easy-to-prepare meals, and the convenience of online food delivery services. Despite a subdued growth rate, the market is expected to continue expanding as more people prioritize convenience in their food choices. Factors such as high competition and price sensitivity may be impacting the market's growth rate.

    Customer preferences:
    As convenience becomes a top priority for consumers in Sri Lanka, there has been a noticeable increase in demand for convenient and ready-to-eat options within the Convenience Food Market. This can be attributed to the changing lifestyles and busy schedules of individuals, as well as the influence of Western culture. As a result, there has been a surge in sales of packaged snacks, microwaveable meals, and on-the-go food options. This trend is expected to continue as more consumers seek out quick and easy meal solutions that fit into their fast-paced lives.

    Trends in the market:
    In Sri Lanka, the Convenience Food Market within The Food market is experiencing a surge in demand for healthier and more convenient options. This trend is driven by a growing awareness of the importance of a balanced diet and the need for convenient food options among busy urban consumers. To cater to this demand, companies are introducing healthier options, such as low-calorie and organic convenience foods. This trend is expected to continue, with consumers becoming more health-conscious and demanding healthier options in the convenience food market. As a result, industry stakeholders will need to adapt their products and marketing strategies to meet the changing consumer preferences. This will require innovations in product formulations and packaging, as well as a focus on promoting the health benefits of convenience foods. Additionally, there is a potential for partnerships with health and wellness companies to offer a wider range of healthy convenience food options.

    Local special circumstances:
    In Sri Lanka, the Convenience Food Market is heavily influenced by the country's diverse and rich culinary culture. The market is driven by the local preference for flavorful and spicy foods, leading to the popularity of traditional street food and ready-to-eat meals. Additionally, the country's growing urbanization and busy lifestyles have fueled the demand for convenience foods, such as instant noodles and packaged snacks. Furthermore, the government's regulations on food safety and labeling have played a significant role in shaping the market, ensuring consumer trust and confidence in the products.

    Underlying macroeconomic factors:
    The Convenience Food Market in Sri Lanka is heavily influenced by macroeconomic factors such as the country's economic stability, consumer spending power, and government policies on food imports and exports. The global trend towards healthier and more convenient food options has also impacted the market, with consumers increasingly demanding convenience foods that are both nutritious and ready-to-eat. Additionally, the rising middle class in Sri Lanka has led to an increase in disposable income and a shift towards urbanization, resulting in a higher demand for convenience foods. The government's efforts to promote domestic food production and reduce reliance on imports have also affected the market, with a focus on promoting locally sourced and healthier convenience food options.

    Methodology

    Data coverage:

    The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

    Modeling approach:

    Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

    Additional notes:

    The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

    Consumer

    Access more Market Insights on Consumer topics with our featured report

    Convenience Food: market data & analysis - BackgroundConvenience Food: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Contact

    Get in touch with us. We are happy to help.