Retail volume sales of soup continued to decline during 2021 but at a more moderate pace than in the previous year. Demand for soup is largely limited to expatriates, and the number of these has declined as a result of the pandemic.
All of the packaged soup sold in Nigeria is imported, so unit pricing is extremely vulnerable to fluctuations in the foreign-exchange value of the naira. As a result, the economic shock of the pandemic, which destabilised the naira, drove significant increases in the unit pricing of soup during both 2020 and 2021.
Unilever Nigeria with Knorr and Kraft Heinz Co’s Heinz brand remained the dominant players in soup during 2021, accounting for more than three quarters of retail value sales between them. With its Batchelors brand, Campbell Soup Co was the only other player with a retail value share in excess of 10%.
Retail volume sales of soup will rebound during 2022 and expand at an accelerating pace over the course of the forecast period. A post-pandemic economic rebound will swell the ranks of the country’s expatriate community, boosting demand for soup.
Over the forecast period, companies are expected to emphasise the convenience of packaged soup in order to attract affluent urban consumers with busy lifestyles and little time to cook. Good positioning in modern grocery retail outlets would help to boost visibility.
The forecast period could also see domestic players launch local soup varieties, such as pepper soup and egusi (a type of vegetable soup). These would likely be much more appealing to domestic consumers than the Western types of soup currently found on store shelves.
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Understand the latest market trends and future growth opportunities for the Soup industry in Nigeria 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 Nigeria, 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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