South America Soup Market Growth, Trends and Forecasts (2020 - 2025)

The South America soup market is forecasted to witness a CAGR of 3.25% during the forecast period (2020 - 2025).

• Several factors are contributing to the rise in demand for soup in South America, including rapid urbanization, busy lifestyles, and a substantial rise in the demand for packaged and ready-to-eat food products.
• Moroever, factors such as minimal effort for the preparation and consumption of packaged soups, the increase in awareness of the health benefits in soup consumption to the overall health and new product launches is ensuring that sales of the soup is increasing in the market studied.
• One of the restraints, which is exptected to hamper the sales of South America soup market is that these South Amerian countries have an ineffecient supply chain management, as chilled soups require an efficient cold chain supply and timely delivery. This increases the cost and reduces demand.
• One of the other factor, which is hindering the growth of the market is that in light of the economic crisis in the region, for an instance, Argentinians are opting to create homemade soup rather than buying packaged soup in independent small grocers and hypermarkets. The reason for this is financial crises, and homemade soups are significantly cheaper.

Key Market Trends

Rise in Demand for Natural Soup Options

Younger consumers in the South American countries are not attracted by dehydrated soup, and those which is considered unhealthy due to a high sodium and carbohydrate content. Also, the consumers are concerend abouth the other unhealthy and artificial ingredients being added to these packaged soups, such that flavors,fragrances, colors and other, therefore are moving towards the 'free from' package food products. Considering this, Argentinian family business Green Seed launched the first shelf stable soup in Argentina during 2019; a liquid soup that comes in a bottle, ready to consume. The launch of the soup is a response to the health and wellness trend in Argentina, as the products use natural ingredients and have no preservatives.

Increasing Inclination Towards Instant Soup

With the rapidly changing lifestyles over the last couple of decades in the Southern America, ready-to-cook and instant food soups have become almost indispensable in the urban kitchens, as they are easy-to-cook foods and moroever are great time-savers besides being easy on the palate, and also because they are greatly relished by all the family member. Considering the rising demand of instant soup, Unilever has a large portfolio in dehydrated and instant soup in Argentina and with the growing trend towards healthy products it has introduced a variety of flavours both in reduced salt soup and reduced fat soup, in the instant noodles categoty/segment.

Competitive Landscape

The South America soup market is a competitive market, and consist of the following major player such as Nestle SA, Unilever, and CSC BRANDS, L.P.. These companies are leveraging on the efforts to experiment with the taste and flavors of soup, and are making the soup market highly competitive and dynamic in South America. Innovative packaging and marketing activities form successful growth strategies for the players to consolidate their position in the market.

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