Sauces, dressings and condiments is poised to record robust growth in overall retail volume sales in 2020, which would be a marked turnaround from the category’s consistently negative results in this respect earlier in the review period. The recovery is directly attributable to changes in consumer behaviour brought about by COVID-19.
Herbs and spices looks set to be the most dynamic performer in retail volume growth terms over 2020 as a whole, followed by tomato pastes and purées and stock cubes and powders. These categories have been among the chief beneficiaries of Argentinians spending more time cooking at home since the beginning of the COVID-19 pandemic, as the product types in question are considered necessities by many consumers and can be used in the preparation of many different types of meals.
While Unilever remains the clear leader in sauces, dressings and condiments, its overall value share has declined slightly in 2020. This is partly because the economic shock of the COVID-19 pandemic has led some consumers to trade down from Unilever products to cheaper alternatives, including private label lines.
With the anticipated easing of the COVID-19 pandemic likely to result in consumers cooking for themselves at home less often, overall retail volume sales of sauces, dressings and condiments are expected to decline in 2021. Another reason for the projected decline is that having engaged in stockpiling in 2020, many consumers will not need to purchase certain product types in the short term.
During the latter part of the review period, many companies in sauces, dressings and condiments started expanding their offer of healthy alternatives to keep pace with the changing preferences of Argentinian consumers. For example, at the beginning of 2020 Unilever extended its Hellmann's Light brand – previously only available in mayonnaise – into ketchup with the introduction of a new product that is low in salt and sugar and made with 100% sustainable tomatoes.
While GDP growth is expected to rebound from 2021, structural problems that have long plagued the Argentinian economy look set to persist in the short to medium term. Accordingly, macroeconomic challenges will continue to have a major bearing on company strategies and the wider competitive landscape in sauces, dressings and condiments over the forecast period.
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This report originates from Passport, our Sauces, Dressings and Condiments research and analysis database.
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