Cooking ingredients and meals in 2024: The big picture
Cooking ingredients and meals is set to see retail sales grow in both volume and value terms in Malaysia in 2024. Retail volume sales of edible oils are expected to improve as the rise in the price of raw materials for products such as palm oil has stabilised in 2024, which has encouraged consumers to purchase these products.
Key trends in 2024
Cooking ingredients and meals has seen product innovation spur growth in areas such as frozen ready meals in 2024. For example, CJ Foods targeted the growing consumer interest in Korean culture, and Korean food in particular, which has been particularly prominent amongst younger consumers, with the introduction of bibigo halal Korean mandu and hoppang (dumpling and steamed bun) in March 2024.
Competitive landscape
Players have tried to maintain a foothold or gain a competitive edge across cooking ingredients and meals categories through investments in new product development and marketing campaigns in 2024. Companies have introduced products to provide greater convenience for consumers, enabling them to prepare dishes quickly with simple steps when they cook at home.
Channel developments
The supermarkets channel is growing slightly more strongly than hypermarkets due in part to the ongoing expansion of the store network by players such as Village Grocer (Hartamas Shopping Centre and Sierra Fresco). In addition, convenience stores and small local grocers have enjoyed growth, especially for edible oils and sauces, dips and condiments, as these channels offer affordable brands, such as Buruh, Saji, Jalen, and Maggi, and the outlets are located near to consumers, which is becoming increasingly important in the midst of ever more hectic lifestyles.
What next for cooking ingredients and meals?
The stability of raw material prices such as the fruit from oil palm trees, fresh chilli, tomatoes, herbs, and spices as well as a stable supply of labour, will lead to less dramatic increases in unit selling prices for vegetables and seed oil, and sauces, dips and condiments during the forecast period. Remaining budget conscious, consumers are likely to be reluctant to spend on visiting foodservice outlets and look to cook more frequently at home.
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Overview:
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Malaysia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in Malaysia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Cooking Ingredients and Meals in Malaysia report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Cooking Ingredients and Meals in Malaysia?
- Which are the leading brands in Cooking Ingredients and Meals in Malaysia?
- How are products distributed in Cooking Ingredients and Meals in Malaysia?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Cooking Ingredients and Meals?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in Malaysia?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Cooking Ingredients and Meals in Malaysia
Cooking ingredients and meals in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for cooking ingredients and meals?
DISCLAIMER
Edible Oils in Malaysia
KEY DATA FINDINGS
Edible oils retail volume growth improves as unit price stabilises in 2024
Olive oil sees volume growth dampened in both retail and foodservice in 2024
Lam Soon (M) Bhd and Sime Darby Group flourish in 2024
Corn oil, palm oil, sunflower oil and other edible oil are anticipated to see stable demand over the forecast period
Olive oil set to continue to face challenges over the forecast period
Existing players are predicted to offer new products over the forecast period
Meals and Soups in Malaysia
KEY DATA FINDINGS
Frozen ready meals enjoys retail volume and value growth in 2024
Frozen pizza sees dampened demand in 2024 linked to strong foodservice competition and retail shifts
Soup seeing volumes fall in retail channel in 2024
Frozen ready meals is expected to stand out over the forecast period
Soup facing challenges over the forecast period
Contraction of private label offer
Sauces, Dips and Condiments in Malaysia
KEY DATA FINDINGS
Consumers cook at home to save money in 2024
Players enlarge foothold through channel expansion and affordability in 2024
Consumers are increasingly looking for convenient ways to cook meals at home in 2024
The stability of the raw material supply is likely to encourage players to boost volume sales over the forecast period
Players are predicted to organise frequent marketing campaigns to attract consumers’ attention over the forecast period
New sauces, dips and condiments products likely to be introduced to excite consumers over the forecast period
Sweet Spreads in Malaysia
KEY DATA FINDINGS
Retail volume growth decelerates as consumers spend less on sweet spreads in 2024
Consumers switch to affordable options and spend cautiously in 2024
Private label underperforms in retail channels in 2024
Consumers are likely to trade down to less expensive brands over the forecast period
Shrinkflation is likely to be adopted by players over the forecast period
Nut and seed based spreads is anticipated to see retail value decline over the forecast period
The following categories and subcategories are included:
Cooking Ingredients and Meals
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- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
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- Dried Ready Meals
- Shelf Stable Ready Meals
- Chilled Ready Meals
- Frozen Ready Meals
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- Dry Soup
- Shelf Stable Soup
- Chilled Soup
- Frozen Soup
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- Chilled Pizza
- Frozen Pizza
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- Meal Kits
- Quick Recipe Kits
- Chilled Lunch Kits
- Prepared Salads
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- Liquid Stocks and Fonds
- Stock Cubes and Powders
- Gravy Cubes, Powders and Pots
- Monosodium Glutamate
- Herbs and Spices
- Tomato Pastes and Purées
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- Liquid Recipe Sauces (excl pasta sauces)
- Dry Recipe Sauces
- Pasta Sauces
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- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
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- Dips
- Yeast-based Spreads
- Pickled Products
- Other Sauces and Condiments
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- Honey
- Chocolate Spreads
- Jams and Preserves
- Nut and Seed Based Spreads
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This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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