Soup is set to see a slight increase in value growth compared to 2019, with growth of 5% predicted for 2020, compared to 4% recorded the previous year. This growth is mainly being driven by frozen soup, which offers a convenient option for many households; allowing them to prepare soup with ease, and within a short time frame.
As the government encouraged consumers to support small, family-run businesses during the outbreak of COVID-19, many new independent, home businesses emerged. Some of these sold frozen soup, keen to sell consumers items that align with the growing health and wellness trend.
Locally produced soup products are popular in Indonesia as domestic players are better able to tailor their products to local taste preferences and eating habits. For example, frozen meatball soup is highly demanded because it is a common dish in Indonesia, while sales of Campbell Soup are lower because the soup is not only more premium in pricing, a high disadvantage during the outbreak of COVID-19, but it also does not offer tastes and textures that highly appeal to the majority of Indonesia consumers.
Soup is set to continue driving volume and value growth across the forecast period, with these figures increasing year-on-year. However, shelf stable and dehydrated soup are not expected to see much improvement in 2021, or beyond.
E-commerce is predicted to increase across the forecast period, playing a more important role in soup retailing; especially within the frozen soup landscape. Leading soup players such as So Good Food PT and Eloda Mitra PT, have already taken the initiative to make their products available through popular e-commerce sites such as Bukalapak, Tokopedia and Shopee.
Packaging size is expected to be adapted to two consumer groups across the forecast period. The first group consists of families looking for products packaged in bigger sizes, offering better value for money.
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Understand the latest market trends and future growth opportunities for the Soup industry in Indonesia 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 Indonesia, 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.
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