In 2020, soup is expected to maintain a similar level of current value and retail volume growth to that which was seen in 2019. The slight increase anticipated for current value growth will mostly be a result of increasing average unit prices in 2020.
While soup remains dominated by dehydrated soup in 2020, instant soup is set to be the most dynamic by far, anticipated to strongly increase in both current value and retail volume terms, albeit from a low base. Dehydrated soup still remains the most popular since the products are shelf stable, widely distributed and very affordable.
In 2020, Nestlé Dominicana continues to lead soup with its top-selling Maggi brand. Maggi is both well-established in the country and trusted by Dominican households.
After the anticipated year of slightly stronger current value growth in 2020, soup is expected to post slower current value and retail volume growth rates in 2021. Throughout the rest of the forecast period, soup is expected to post relatively stagnant retail volume growth, while current value growth is expected to be stronger, some of it will be a result of increasing unit prices.
While over the review period sales have been most dynamic within modern grocery retailers, there is an opportunity for e-commerce to develop over the forecast period. In fact, e-commerce gained momentum in soup in 2020, as major players worked on expanding their various delivery services to meet consumers’ needs while under lockdown.
Overall, soup is set to remain a price-driven category over the forecast period, with availability and affordability expected to continue being the key factors driving purchasing decisions. In fact, in 2020 consumers became increasingly concerned about getting the best value for their money, as they swiftly searched for ways to ease their monthly expenses in response to having lower disposable incomes as a result of COVID-19.
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Understand the latest market trends and future growth opportunities for the Soup industry in Dominican Republic 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 Soup research and analysis database.
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