After seeing strong current value sales growth in 2020, due to the COVID-19 pandemic and ensuing lockdown, soup is anticipated to see growth slow down in 2021 overall. Whilst in the course of 2021 COVID-19 related restrictions have been eased and Ecuadorians spend more time outside of the home than during the initial stages of the pandemic, many still continue to work from home and prepare meals 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 2021. 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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Understand the latest market trends and future growth opportunities for the Soup industry in Ecuador 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 Soup industry in Ecuador, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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 DefinitionsThis report originates from Passport, our Soup research and analysis database.
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