Soups benefitted from the pandemic in 2020, with positive current value and volume growth. However, with society gradually opening up and people moving around more in 2021, current value and volume growth is expected to fall.
During the entire review period, two international players accounted for well over half of retail current value sales of soup. Leader Nestlé’s Maggi brand and Unilever Baltic’s Knorr dehydrated soup brands are very well known to local consumers, widely distributed, backed by significant marketing activity - something none of their smaller rivals can emulate.
In terms of recent products launches, a lot of the new soups offer more exotic ingredients as players tap into the increasing interest from Latvian consumers for new tastes. Asian influenced soup in particular is growing.
Of all cooking ingredients and meals, soup is expected to register the poorest performance over the forecast period, with constant value sales falling. As foodservice continues its recovery, it will steal value sales from the retail channel.
Shelf stable has the most potential for growth, and manufacturers will need to promote the healthier benefits to cash in on this growth potential. More informative labelling regarding nutritional values, as well as offering more products with organic and natural ingredients and including ingredients such as lentils, should spark consumer interest.
Dehydrated soup is predicted to record the weakest performance over the forecast period, recording a decline in terms of constant value and volume sales. Although dehydrated soup is convenient, the segment generally suffers from a poor image, with in particular its preservative ingredients deemed to be unhealthy.
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Understand the latest market trends and future growth opportunities for the Soup industry in Latvia 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 Latvia, 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 Definitions
This report originates from Passport, our Soup research and analysis database.
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