Market Overview
Global Soups Market has been witnessing rising sales, invariably over the past few years. Factors, such as the adoption of a healthy lifestyle among the populace, drive the growth of the market. Besides, rising trends of fitness and inclination towards healthy eating habits are impacting the market sales, significantly. The ever-increasing population and the healthy food consumption trends adopted by consumers act as a significant driving force for the market growth. Soups include several health-promoting ingredients such as meat, lentils, or beans & vegetables and are generally served as an appetizer or a quick hot meal. Loaded with a power pack of minerals, vitamins, and nutrients, soups provide several health benefits, such as boosting immunity levels and healthy digestion. Nowadays, soups are majorly included in medical/clinical nutrition or medical/clinical diet. Especially, vegetable soups, including soups with potatoes and leafy veggies, are given to patients for rapid recovery.
Global Soups Market is expected to reach the valuation of USD 19,655.9 MN by 2025. In its recent market analysis, MRFR also asserts that the market would register around 3.07% CAGR over the review period (2016 to 2025). Recent product launches in the packaged soups segment are driving the market to an extent. People nowadays are increasingly becoming aware of the benefits of soups, which further encourages the market demand. Factors like the surge in the convenience food market and the rising popularity of soups are fueling the market growth globally.
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Simultaneously, advancements in food technology and innovations & the introduction of new flavors and soups made with natural & organic ingredients are boosting the sales in the market. Conversely, price volatility and the demand-supply gap in the raw materials required for the soups production are two of the major factors expected to impede the growth of the market. Nevertheless, augmenting demand from the international market would support market growth over the review period, enhancing export revenues in the market.
Major Players
Players leading the global Soups Market include General Mills Inc. (US), Nestlé (Switzerland), Bear Creek Country Kitchens LLC (US), Associated British Foods PLC (UK), Premier Foods (UK), Unilever PLC (UK), Symington’s Ltd (UK), TSC Foods (UK), Conagra Brands Inc. (US), Maruchan Inc. (US), Baxters Food Group Limited (UK), Hain Celestial (US), Campbell Soup Company (US), The Kroger Co. (US), The Kraft Heinz Company (US), Kettle Cuisine LLC (US), The Original Soupman (US), and AMY’s Kitchen Inc. (US), among others.
Industry/Innovation/Related News
December 07, 2019 – CTH Invest (Belgium), a holding company affiliated with the Ferrero Group, announced its acquisition of a baked snacks manufacturer – the Kelsen Group from the Campbell Soup Co. for USD 300 MN.
The sale further supports Campbell’s strategy to focus on North America, where it has iconic brands and strong market positions while reducing debt. Recently, in February 2019, Campbell Soup had sold its international operations to a New York-based private equity business – KKR & Co., Inc. The transaction valued at USD 2.2 BN, expected to reduce the grain-based foods portfolio of Campbell Soup.
Market Segment
MRFR has segmented the report into three dynamics to widen the scope of understanding,
By Product Type: Dry, Wet, and others.
By Distribution Channel: Store-Based (Supermarkets, Hypermarkets, Convenience Stores, others) and Non-Store- Based.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Geographical Analysis
North America is to account for the immensely growing region in the Global Soups Market over the forecast period. Changing food consumption pattern alongside the rising consumption of convenience food due to busy schedules, allows the regional market to generate high revenue pockets globally. Besides, the presence of many production bases, well-established players, and consumers are expected to continue to drive the soups market, increasing the production volume in North America. Manufacturers operating in the regional market have adopted many advanced technologies to achieve the desired organoleptic properties of soups, which, in turn, is expected to expand the market, bringing continuous improvement in the existing products.
Soups Market in the European region stands the second-largest position, heading with the changing consumer preferences. The well-spread awareness about health & wellness among consumers, especially in Germany, the UK, and Russia are supporting the regional market growth. Furthermore, the developing economy is substantiating the market growth in the region, leading to increasing disposable income in the region.
The Asia Pacific soups market has emerged as a profitable market globally. Rapid urbanization and high production capacities contribute to the market growth in countries, such as New Zealand, Australia, China, and India. Furthermore, change in consumer preference, and increasing awareness towards the health benefits associated with the consumption of soups are impacting the growth of the regional market.
Competitive Landscape
Highly competitive, the soups market appears to be fragmented due to the presence of many large and small-scale players. To remain competitive in the market, players incorporate strategies, such as innovation, M&A, and brand reinforcement. They strive to develop cost-effective manufacturing methods, which can not only reduce the price of the product as a whole but also minimize the downtime while increasing the shelf life of the product. With expected product innovations and extensions, the market competition is estimated to intensify further.
Matured key players are increasingly introducing gluten-free and non-GMO – soups to satiate the growing consumer demand. These players emphasize more on delivering unique products and product differentiation; they are making products with improved shelf-life.
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