In 2018, the inflation rate rose significantly in the Philippines, and in times of high inflation where a household budget can buy fewer goods, consumers are likely to forego purchasing discretionary items such as soup. As such, 2018 growth was slower than it was in 2017.
Soup is relatively underdeveloped. Only two categories – shelf-stable soup and dehydrated soup – are significant in the Philippines.
Value growth of dehydrated soup has outpaced that of shelf-stable soup for several years. It saw higher growth in 2019 and its growth rate is expected to continually exceed that of shelf-stable soup over the forecast period.
Campbell Soup continued to dominate sales of soup, as its wide portfolio accounted for more than three quarters of the total value sales of shelf-stable soup in 2019, despite its local distributor not undertaking many promotional activities. Campbell’s is still able to drive sales through its presence in grocery retailers and because of the high brand equity of its shelf-stable soup, which is the largest soup category in the Philippines.
There is not much company or brand activity in soup. There seems to be low interest among companies to enter the category or actively innovate, partly due to its discretionary nature.
In recent years, the Department of Agriculture – Cagayan Valley Research Center has been developing different products from monggo (mung bean) in an effort to support the region’s mung bean producers. Cagayan Valley is one of the country’s top mung bean producers, contributing approximately a quarter of the total output.
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This industry report originates from Passport, our Packaged Food market research database.