The COVID-19 pandemic is likely to lead to increased demand for soups in 2020 as Greeks stockpiled these products in mid-March 2020. Consumers were concerned that they would run out of packaged food and therefore stockpiled as much as they could.
Elais Unilever Hellas SA is the leading player in soup in Greece in value terms in 2020, with its Knorr brand. The Knorr range offers a relatively wide choice of flavours and is also more widely available than its main rival Maggi from Nestlé Hellas SA, which is the only other major brand present in the category.
Despite low and declining sales over the review period, there are new companies trying to get into the soup category and boost consumption in Greece. These include Cook at Home, Orini Kozani and Free and Easy.
In Greece, packaged soup is a small category and generally sees little to no growth, as it is not the habit of Greek consumers to eat soup. Despite the likely increase in retail value growth in 2020, soup’s CAGR at constant 2020 prices is expected to decline in the forecast period.
One of the reasons that packaged soup in Greece has not seen growth over the review period, unlike in other European countries, is that it is not seen as healthy. Shelf stable canned soup in particular is believed to contain a high level of salt, which is bad for health, whilst dehydrated and instant soup are not perceived to be healthy either, especially not compared with home-made soup.
From May 2019, VAT rates changed on several basic products, with the rate being reduced from 24% to 13%. The list of products affected includes foods such as soups, broths and more, which could have a slight positive impact on sales of soup in the forecast period, although this is never going to be a big category for the many reasons stated above.
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This report originates from Passport, our Soup research and analysis database.
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