In a relatively stagnant category during the early-to-mid-review period, retail volume sales of soup are expected to decline over 2021, following a spike in demand during the Coronavirus (COVID-19) pandemic in 2020. Nonetheless, retail volume sales in 2021 are projected to remain higher than in 2019.
In October 2020, a new labelling regulation came into force in Mexico. The regulation requires companies to attach and display black seals on products with excess sugar, calorie, or sodium content, amongst other potentially harmful to human health ingredients.
Unilever de México is expected to remain the clear leading player in soup in retail value share terms at the end of the review period. The company’s position is mainly due to its dominance of the best-selling category, dehydrated soup, although it is also ranked joint second in shelf stable soup, albeit well behind the dominant Conservas La Costeña (Campbell’s).
Soup is expected to continue to see a slide in retail volume sales in the short term, before stabilising to return to slow-to-moderate growth over the second half of the forecast period. Meanwhile, at constant 2021 prices, small increments in the average retail unit price are set to maintain retail value growth from the mid-forecast period.
The country’s economic outlook remains uncertain, and the expectation is that growth rates in soup are unlikely to be strong in the short to medium term. In line with heightened economic concerns in light of squeezed purchasing power and job insecurity, the presence of private label is expected to increase significantly over the forecast period.
New entrants in 2021 may lead to more competition to the leading players in the short to medium term. Among the new entrants is the Maggi brand by the global giant Nestlé.
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Understand the latest market trends and future growth opportunities for the Soup industry in Mexico with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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 Mexico, 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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