COVID-19 had a significant impact on BFY packaged food in Peru in 2020, while opposing forces eventually stabilised retail value sales growth during the year. Although the BFY packaged food category saw decreased growth in volume terms in 2020, the category showed the same retail value sales growth in 2020 than it did in 2019, mainly as a result of the steep unit price increases during the year, which was as a result of increased costs of logistics.
The pandemic’s subsequent lockdown resulted in more people staying at home as schools and universities closed and people started working from home where possible, while others chose to be in home seclusion. As a result, people increased their snacking behaviour during 2020.
Grupo Gloria SA continued to lead BFY packaged food in 2020, as reduced fat dairy holds the highest volume share within the overall category. Grupo Gloria SA retains its outright lead in BFY reduced fat packaged food with its popular brands including Gloria, Bonlé, and Vita Col.
Peruvians are becoming increasingly interested in BFY packaged food products. In the past Peruvian consumers believed that reduced sugar or reduced fat products meant less flavour.
Legislation passed during the review period prescribed that packaged food products high in sodium, saturated and/or trans-fat, or sugar had to have a black nutritional hexagon on the packaging by June 2019 as part of the first phase. A second stricter restriction will be implemented in September 2022 where companies must reduce by half the limit allowed in the first phase.
Towards the end of the review period, chocolate confectionery began showing strong potential in the country for reduced sugar and reduced fat products with Fábrica de Chocolates La Ibérica SA being the only local player present with such variants via its Milky La Ibérica brand. However, Cía Nacional de Chocolates is expected to launch a reduced sugar and/or reduced fat variant in chocolate confectionery over the forecast period.
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Understand the latest market trends and future growth opportunities for the Better For You Packaged Food industry in Peru with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Better For You Packaged Food research and analysis database.
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