Soup is among the categories that benefited from the increased number of meals being eaten at home in 2020 as both value growth and volume growth spiked in 2020 when there was a drastic shift in consumer lifestyle among a significant percentage of the population owing to the pandemic. Category performance is expected to stabilise in 2021 as consumers’ lifestyles have remained the same as they were in 2020.
With consumers shifting to online channels for almost all of their needs, soup is no exception as it is another packaged food category expected to record robust e-commerce sales growth in 2021. It has been a growing trend for companies to establish their own e-commerce sites to improve consumer access to their brands.
A new brand option in dehydrated soup is UFC, which entered the category in the second quarter of 2021. It should be noted that Knorr generates almost all sales of dehydrated soup in the Philippines as it is the only major brand of dehydrated soup available in major grocery retailers.
The volume CAGR of soup over the forecast period is expected to be more on a par with pre-crisis growth rates, albeit with a minimal slowdown. The soup category will likely continue to benefit from the home-bound lifestyle, which is set to persist until consumers feel comfortable to go out again as often as they used to.
There has been no active product innovation in soup over the review period. In shelf stable soup, where the majority of the brands are imported, whatever new options are introduced in the local market are the result of the product development efforts of the global company.
The spread of COVID-19 has helped develop among consumers the idea of buying ready-to-eat food in frozen format. Since consumers are now more acquainted with the notion of buying restaurant food in frozen format for them to heat at home, foodservice players have the opportunity to enter frozen soup, which is currently negligible in the Philippines due to unavailability.
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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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