Soups Market Upcoming Trends, Demand and Analysis Till 2025
Europe holds a major share in the global soups market. This is, as a result of the growing demand for high-quality meals that can be prepared in short time. The U.K., France, Russia, Spain, and Germany are the major contributors to the growth of soups market in this region.
Asia Pacific is projected to be the fastest growing market over the forecast period, owing to the availability of a wide variety of products in the market and changing consumer preference toward healthier products. Furthermore, abundance of raw materials, especially in India and China, is further fueling the growth of soups market. The market in Asia Pacific is highly cost competitive, owing to which, many brands such as Knorr by Unilever Plc. are launching inexpensive variants in local authentic flavors to attract consumer attention.
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North America soups market is expected to witness significant growth over the forecast period. The U.S. Food and Drug Administration has imposed stringent regulations on safety of food products such as soups, which plays a pivotal role in market growth.
In Latin America, Middle East, and Africa, increasing per capita income, health awareness, industrialization, literacy, and changing consumer preferences are projected to be the market drivers
The companies are adopting various inorganic and organic growth strategies such as new product launch, mergers, and acquisitions to retain their market position. For instance, Campbell Soup acquired Pacific foods in June 2017 for US$ 700 million. An example of new product launch is the Well Yes! Line of soups by Campbell, which contains ingredients such as kale, farro, sweet potatoes, and quinoa in January 2017. Key market players in the soups market are Associated British Foods, Baxter’s Food Group, B&G Foods, Inc., Campbell Soup Co., Greencore Group Plc., General Mills, Inc., Nestlé S.A., Nissin Foods Holdings Co. Ltd, The Kraft Heinz Company, and Unilever Plc.
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Dried soup is projected to be the largest segment in the soups market, owing to the high demand for quick meals. Demand for canned soups is decreasing, owing to the increasing health awareness of consumers about the presence of preservatives in these soups and dislike for heavy metal packaging. Furthermore, consumers prefer soups, which are easier to open as compared to canned soups and come in biodegradable packaging. Hypermarkets and supermarkets are the biggest and favorable distribution channels in the soups market.
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