After seeing declining current value sales in 2019, soup is anticipated to recover in 2020 thanks to the COVID-19 pandemic. From 17 March 2020, Ecuador was placed under a tight lockdown that saw the majority of its population having to stay at home, thus leading to increased consumption of soup.
Nestlé Ecuador will continue to consolidate its dominance in soup with a further gradual increase in retail value share in 2020. The company’s highly recognised and popular Maggi brand has an extensive portfolio focused on cream and traditional soups and newer options containing beef ribs and noodles.
Despite concerns over their contents, packaged soup is still widely considered an important source of nutrients due to ingredients like vegetables and meat. Moreover, soup is perceived as a fast and easy way to provide children with nutrients; therefore, it is one of the main dishes that parents prepare for their children.
At the start of the forecast period, current value sales of soup are anticipated to drop noticeably in response to lockdown easing. Due to busier lifestyles resuming and growing health awareness, families are expected to reduce the number of dishes consumed at lunch and the evening meal.
Current value growth of soup is anticipated to be somewhat stunted over the forecast period, with growth rates much lower than that seen over the majority of the review period. The availability of fresh, affordable vegetables all-year-round will continue to encourage adults to prepare and consume home-made soup, rather than purchase packaged soup.
There are currently no premium brands present in soup as the offer is aimed at middle- and low-income consumers. However, premium brands are expected to develop and grow over the forecast period, with consumers being presented with an increasing offer of ready-to-eat options already available in more developed industries.
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This report originates from Passport, our Soup research and analysis database.
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