Positive growth in meals and soups continued to be seen in 2022, even if it was slower than in 2020, when consumers were looking for easy meal solutions during the long periods they were spending at home when the pandemic arrived in the region. Conditions are also becoming more difficult for industry players, with spiralling costs forcing them to push through price rises. However, in spite of the rising price sensitivity among regional consumers, they are still opting for these products, given t
This report comes in PPT.
Argentina has introduced new labelling regulations stipulating that products containing certain ingredients in quantities exceeding parameters set by the Pan American Health Organization must display black octagons on their packaging with statements such as “Excess Saturated Fats”, “Excess Sodium”, “Excess Sugar” and/or “Excess Calories”. The legislation should drive the development of new health-orientated products that contain fewer artificial additives and preservatives and have reduced levels of fat, salt, sugar etc. The similar black seals system in Mexico has already seen Unilever reformulate its Knorr products to lower the sodium content.
Consumers are increasingly looking for natural ingredients in the food products they consume. In an era of high prices and uncertainty, soup is a good option for a cheap and convenient meal, but even more so if it comes with natural ingredients that strengthen the consumers’ immune system and provide it with the nutrients necessary for the human body. This trend also offers benefits for producers to innovate with new products that satisfy these characteristics, and consolidate or even improve their position in the category.
While the pandemic saw strong growth in the e-commerce value sales share, it still only stands at less than 3% in Latin America. Supermarkets remains the main distribution channel, with a share of 35%, followed by hypermarkets with 29%. Small local grocers also accounts for 17% of meals and soups sales in the region.
Meals and soups is expected to continue growing in Latin America over the forecast period, with Brazil, the biggest market, particularly dynamic, and therefore expected to add almost three quarters of new actual sales in 2022-2027. Frozen ready meals, already the biggest product area, and frozen pizza, set to become the second biggest over the forecast period, will add the bulk of new sales in meals and soups in the region in the coming years.
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