- In Myanmar, technology is going to be part of the country’s transformation. Myanmar market expect change faster than ever before.
- According to Oxford Business Group, FMCF sector had expanded 15% since 2011, noting that food groceries, household products and personal care products account for 47% average monthly consumer expenditure in the country.
- Automotive market is also projected to record rapid mid-term growth. According to Frost & Sullivan the share of new vehicles in total sales rose to 3% as of mid-2016 compared to less than 1% two years before. Auto market will increase by an average of 7.8% through to 2019.
- Main driver is growth of Myanmar’s middle class. By 2020, middle class incomers will reach 10 million people (roughly 20% of total population and will generate soaring demand for high-quality groceries.
- Myanmar is under rapid urbanization with around 18 million people or 34% of the population live in big cities and urban areas. The urbanized share is expect to reach 37% over the next 3 years.
- About 90% of retail sales are conducted through traditional trade but the revenues of modern groceries have been growing at 8% per year.
- Myanmar Retailers Association foresees that the Myanmar Retail industry will grow at an average annual rate of 16% in 2016-2018 due to the economic growth and change of lifestyle.
World Retail Congress, Asian Development Bank, McKinsey Global Institute, SCRIBD, Euromonitor, Food Export Association of the Midwest USD and Northeast, Asia Food Journal, SCB EIC, Inside Retail, Myanmar Business Today, Myanmar Retailers Association