But both McKinsey and BCG point to the potential for growth in Myanmar's consumer class. BCG expects the "middle-class and affluent" consumer (MAC) population will nearly double to 10.3 million in 2020 from 5.3 million in 2012, although that compares with around 6 million MACs in Bangkok alone.
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In a sign of how different frontier-market consumers are from their emerging-market counterparts, BCG noted "an affluent consumer in Myanmar today has the same purchasing power as a new member of the middle-class in Thailand."
Whether Myanmar's consumer population is fully ready for fast-food or not, some expect Western-style fried chicken will get a warm embrace from those who can afford it.
"Just like KFC is still one of the leading and fastest growing fast food franchising chains in Vietnam since its first outlet in Ho Chi Min City in 1997, we expect an equally positive reception to KFC in Myanmar," Tan Ai Teng, an analyst at DBS, said in a note this week. "We are positive that Myanmar's close to 6 million urban population would contribute profitably to KFC outlets rather quickly."
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KFC may initially take a piecemeal approach to selling its food to the country's consumers.
"Consumers in Myanmar may not yet be looking to (or able to) incorporate KFC into their daily routine, but they are likely eager to try out a branded experience," Elizabeth Friend, a senior analyst of consumer foodservice at Euromonitor, said via email. KFC will need "multi-tiered" pricing, with full meals for high-income consumers and lower-priced snacks, desserts and beverages for those who want to experiment, but can't afford a meal, she said.
Friend also expects the secret recipe will catch on quickly.
"KFC is a smart choice as an initial launch," she said.. "Chicken is popular in Myanmar, and it is by far the operator's most popular and well-known global brand in Asia."
And if locals can't stretch their budgets for fast-food just yet, it's possible tourists might pick up the slack.
Myanmar saw more than 2 million tourist arrivals last year, nearly doubling from the previous year, with expectations the numbers will continue to rise.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1