Campbell records 35% growth in soup segment as Covid-19 lockdown drives sales

Canned soup is currently appealing to many stuck-at-home consumers as a convenient, nutritious and flavourful lunch food choice. Credit: Darryl Brooks / Shutterstock.

Campbell Soup Company has had to upgrade its outlook during the Covid-19 pandemic, but why?

Campbell Soup Company raised its 2020 outlook after its Q3 results rose by 15% in net sales, bringing them to $2.2bn. By contrast, the company’s first quarter revenue, reported back in December 2019, was down by 1% on the previous year. Although this evened out in the second quarter, it is still clearly nowhere near a 15% rise.

In particular, the company recorded a stunning 35% growth in its soups segment, including ready-to-serve and condensed soups, as well as broth.

So, what’s going on?

Essentially, the Covid-19 pandemic has fundamentally altered the dynamics of buying food. On the one hand, in most countries, there were lockdowns and panic buying. Suddenly, consumers had to shift from ‘just in time’ food, bought fresh from restaurants, convenience stores or supermarkets to ‘just in case’ stockpiling. And what keeps well at an ambient temperature? Soup.

By its nature, lockdown wiped out many of the mealtimes that day-to-day neoliberal life encouraged. Offices and foodservice outlets were closed, so meal deals were less important, people in city centres were staying home and not getting fast food anymore. This meant that on-the-go consumption of hot food halted and home-cooked meals took off, especially in the middle of the day.

Soup is straightforward and to the point, and it makes for a good mid-day meal, but it can take a surprisingly long time to make on your own. Despite the greater time available to cook, many of consumers still want low-effort easy options. What’s a good, low-effort easy option? Soup. Simply put it in the microwave for a couple of minutes, and traditionally serve it with bread.

As people have been furloughed or worked from home, they’ve been less active. Many consumers have gained weight in lockdown, due in part to a mixture of economic and health anxieties and less general movement. What’s a good meal that typically revolves around vegetables and has fairly low calories? You guessed it, soup again.

Lots of soup is vegetarian and vegan, hitting one of the biggest consistent growth trends. Lots of soup is also meaty, which provides that tasty protein to flexitarians and other carnivorous cousins.

Providing consumers with nutrition, flavour, convenience, a reliable ambient shelf-life and a lower-calorie alternative, the humble can of soup is clearly the superior product during a pandemic.

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