Due to COVID-19, soup is expected to see marginally stronger retail volume and current value growth in 2020, although some of the current value growth will be attributed to more sharply increasing unit prices in 2020. Demand for soup is expected to be maintained since it is seen as a practical dish to prepare.
In 2020, price and flavour are the main factors guiding consumers’ spending behaviour. While soup has prices that are accessible for all social classes, the price per kg does sometimes range from one brand to another, creating a very competitive landscape.
Nestlé Guatemala SA continues to dominate soup in 2020. Its two brands, Maggi Sopa del Dia, an international brand, and Malher Sopas Chapinas, a domestic brand that it purchased in 2010, lead in current value sales in 2020.
After the anticipated uptick in demand in 2020, soup is set to post a slower retail volume growth rate in 2021 with stagnation expected in terms of retail value growth. The retail volume decline is anticipated to be caused by less need for stocking up on the consumers’ end due to the end of quarantine, and also a result of some of the sales shifting back to foodservice outlets.
Since most standard brands tend to have similar unit prices, flavour will be one of the most important factors guiding consumers’ purchasing decisions in the forecast period. As a result, new flavours are expected to enter, aside from the typical Guatemalan flavours currently present such as tortilla soup and chicken soup.
Innovations in terms of packaging are also expected in soup over the forecast period. The most prevalent packaging over the review period included the envelope format from Maggi and Knorr, as well as the can format from Campbell’s.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Soup industry in Guatemala 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.
If you're in the Soup industry in Guatemala, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Soup research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page