While New Zealand has been facing high levels of inflation in 2022, this is likely to only be the start of cost of living pressures challenging local consumers over the forecast period. While inflation levels are expected to ease, a key driver of this is predicted to be rising interest rates, with the Reserve Bank of New Zealand expected to raise the Official Cash Rate to 3% by 2023.
Private label plays an essential role in consumers’ grocery shopping decisions. Over the review period, both Foodstuffs and Woolworths invested significantly in revitalising and refreshing their private label ranges, repositioning them from being economy-oriented to firmly mid-priced, whilst offering a more dynamic range that appeals to the growing demand for more premium at-home dining that has developed during the pandemic.
Conscious consumerism is a trend which has begun to influence nearly all grocery products in New Zealand, and while this has not yet presented itself within meals and soups, the speed at which it has spread through other packaged food categories and its high appeal to New Zealanders, means that it offers players a unique point of differentiation and first-mover advantage over the forecast period. A key concern of many New Zealanders is the amount of plastic waste that their consumption generates, and therefore categories such as chilled soup and shelf stable soup lend themselves well to this.
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Understand the latest market trends and future growth opportunities for the Meals and Soups industry in New Zealand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Meals and Soups industry in New Zealand, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Meals and Soups
This is the aggregation of ready meals, pizza, food kits, prepared salads, and soup. Includes: These are products that have had recipe 'skills' added to them by the manufacturer, resulting in a high degree of readiness, completion and convenience. Food kits is an exception where typically the extent of preparation is much shorter than other meal products; includes meal kits where consumers are to put together pre-portioned ingredients and cook with the guidance of recipe cards. Ready meals are generally accepted to be complete meals that require few or no extra ingredients. However, in the case of shelf stable ready meals, the term also encompasses meal 'centres’; for food kits, they do require a degree of cooking and preparation. As such, some meals may require cooking (ready-to-cook); others may simply need reheating, prior to serving (ready-to-eat). Excludes: Any products sold unpackaged and/or by weight, including food sold from a retail deli counter.See All of Our Definitions
This report originates from Passport, our Meals and Soups research and analysis database.
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