11 Jan 2021
Posted in Consumer
Indonesia’s soups market expected to reach US$9.2m in 2024, says GlobalData
The Indonesian soups sector is projected to grow from Rp98.9bn (US$7.0m) in 2019 to Rp136.4bn (US$9.2m) in 2024 at a compound annual growth rate (CAGR) of 6.6%, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Indonesia Soups – Market Assessment and Forecasts to 2024’, reveals that the sector is majorly driven by growth in the frozen soup category, which is forecast to register the fastest value CAGR of 7.2% during 2019-2024. The category is followed by dried soup (mixes) and ambient soup, which are expected to record CAGRs of 6.1% and 5.8%, respectively, during the next five years.
Sanchi Agarwal, Consumer Analyst at GlobalData, says: “The Indonesian soups sector is being driven by the growing consumer demand for convenience food amid busy lifestyles and growing urbanization. Additionally, novel soup products with unusual taste and flavors are also driving the sales in the sector.”
‘Hypermarkets & supermarkets’ was the leading distribution channel in the Indonesian soups sector in 2019. It was followed by convenience stores and food & drink specialists.
The value share of Indonesia in the global soups sector is expected to remain constant at 0.04% in 2024 as it was in 2019. Similarly, the country’s share at the regional level stood at 0.2% in 2019 and is expected to remain same in 2024.
So Good, Unilever and Daesang were the top three companies in the Indonesian soups sector in 2019. Bakso Kua and Royco were the leading brands in value terms during the year.
Ms Agarwal concludes: “While convenience and novelty remain the most important drivers in the Indonesian soups sector. The demand for Halal certified food products is also on the rise in the country with 87% Muslim population. Consequently, manufacturers are launching products with the Halal certification to appeal to these consumers.”