Packaged soup consumption has been falling for several years in Argentina. This is mainly the result of weakened purchasing power arising from the country’s prolonged economic crisis, as these products are considered an unnecessary expense that offer poor value for money as compared to home-made soup.
Chilled soup is the most dynamic category in current value growth terms in 2021. This is mainly because sales are increasing from a very low base, as this category only emerged in Argentina in mid-2019 with the launch of the Green Seed brand.
Unilever has long been the dominant player in soup in Argentina thanks to the strength of its Knorr brand, which has an early mover advantage and enjoys high levels of consumer trust and loyalty. Covering dehydrated and instant soup, Knorr’s extensive product range offers multiple flavours and includes healthy alternatives such as reduced salt and reduced fat variants.
Soup looks set to show an improved performance over the forecast period, with retail volume sales projected to return to growth in 2022 and then increase steadily thereafter. Recovery will be supported by the easing of the COVID-19 pandemic, which should result in a more favourable macroeconomic climate.
Chilled soup is expected to be by far the most dynamic category in retail volume and current value growth terms over the forecast period. While this is mainly because sales are emerging from a very low base, its performance should continue to be lifted by the success of the Green Seed brand.
Having seen off challenges from major multinational and domestic manufacturers such as Nestlé and Molinos Río de la Plata in recent years, Unilever looks set to maintain its commanding lead in soup over the forecast period. Together with the crisis-prone state of the Argentinian economy, it is likely Unilever’s dominant position will continue to discourage the entry of other large companies, which will stifle innovation to some extent.
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Understand the latest market trends and future growth opportunities for the Soup industry in Argentina with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
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Soups is the aggregation of dried (dehydrated formats), shelf stable and chilled and frozen soups. Includes: Ready-made, pre-packaged soup, regardless of format. Excludes: Liquid stocks and or stock/bouillon cubes. These are tracked in sauces, dressings and condiments, under cooking ingredients. Herbal soup mixes common in Asia are also excluded.See All of Our Definitions
This report originates from Passport, our Soup research and analysis database.
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