While Sri Lanka started coming out from the pandemic with success, the country was faced with its worst economic crisis in the history. In 2022, Sri Lanka was going through hyperinflation, while Sri Lankan currency depreciated by over 75%, leading numerous challenges for manufacturers in importing raw materials across many businesses which led to extraordinary price hikes across most FMCG categories. Hyperinflationary situation resulted in steep drops in FMCG volumes as well in the country, which has impacted across all socio economic classes.
The shoppers have used multiple coping mechanisms to manage their wallets – reducing consumption of the essentials, lapsing from not so essential categories, moving to VFM brands, downgrading to smaller packs, shifting to unbranded options wherever possible.
Some of the key stories of this year's ranking are a beverage brand which increased by 3 positions within the top 10 FMCG brands; We have more stories and talking points in the report, and I do hope you will have as much fun reading it as we had to put it all together.
