Due to COVID-19, the retail volume and current value growth rates of soup have increased slightly in 2020. This was due to a brief period of stockpiling products with a long shelf life, such as dehydrated and instant soup, at the beginning of the pandemic in March, when consumers were unsure whether there would be a lockdown to prevent the spread of the virus.
Hot pot has always been a popular cuisine choice amongst consumers in Taiwan. Of all the chained restaurants in the country, hot pot restaurants account for approaching half, and there are over 10,000 hot pot restaurants if including non-chained outlets.
Unilever Taiwan has maintained its lead in soup in value terms in 2020. It owns the well-known brand Knorr, which has been successfully advertised and has established a strong brand image, offering consistent quality and flavours that fit well with local consumer preferences.
Due to the short-lived impact of COVID-19 in Taiwan, as the virus has been well-controlled in the country, in 2021 soup is forecast to return to similar rates of retail volume and current value growth to those seen in the review period. With greater consumer confidence, more people are likely to return to eating out, which will hamper growth in retail sales.
Chilled soup is expected to see the strongest retail volume and current value growth in the forecast period. This product is considered to be fresher and healthier than dehydrated and instant soup in particular, and the closest to fresh soup.
Within dehydrated and instant soup, Western flavours such as corn soup or mushroom soup are the main products chosen. However, most consumers would rather buy freshly-made Chinese traditional flavours of soup, such as four-herbs soup or pork ribs soup, from street vendors.
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This report originates from Passport, our Soup research and analysis database.
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