Monday, May 28, 2018
Myanmar - Southeast Asia's Fastest Growing Market
Myanmar - Asia's Fastest Growing Market.
As the fastest growing economy in Southeast Asia, Myanmar continues to experience widespread development and is now at the forefront of business plans for international exporters from around the world. The remarkable recent expansion seen in Myanmar’s tourism, retail, hospitality and F&B industries means there is more demand than ever for exporters to focus on their export plans in The Golden Land.
With a forecast GDP growth of over 7% for the next 3 years, and a median age of just 27 years old Myanmar offers a huge number of opportunities to companies focusing on the market now. Continued growth means that the people of Myanmar have more disposable income, which in turn has meant increased demand for restaurants, fast food outlets, coffee shops and bakeries. The young population are educated, tech-savvy and well informed about international cuisine, and eager to see even more international food and beverage products and brands.
Tourism is also a key factor of Myanmar’s forecast growth, as the country sees continued development in its airports, travel infrastructure and hotels in order to accommodate an ever-increasing demand from international arrivals. A result of this is even more international flavors bring brought into Myanmar, and of course a huge injection of outside investment.
Our Southeast Asian FoodTech Hana will visit the upcoming Food and Hotel Myanmar exposition in June to survey the market and make contacts. We anticipate launching a market assessment and other activities in the new year. This could be interesting!