Asia-Pacific Soup Market – Growth, Trends and Forecasts (2017 - 2022)
The Asia-Pacific soup market is expected to grow at a CAGR of 5.5% over the forecast period to reach USD XX million by 2021. The soup markets in India and China are expected to grow rapidly. The instant soup segment is the fastest growing in India and the dried soup segment dominates the market. A stable growth is expected in developed markets of Australia and Japan.
The rising disposable income coupled with an increase in demand for convenience foods drive the growth of this market. Western influence on countries like India and the increasing awareness of the health benefits of soup in countries like Australia and Japan support the market. Pricing is a crucial factor for the success of the market in developing countries, which is evident as the supply chain management for chilled soups increases their price, thereby decreasing the demand. Health concerns in developed countries also restrain the growth of the market.
The Asia-Pacific soup market has been segmented by form into liquid, dehydrated, instant, chilled, frozen, and UHT. By sales, the market is segmented into canned and dried soup. The demand for dried soup is more than that of canned soup, due to health concerns about consuming canned soup with all the added preservatives.
The Asia-Pacific soup market is also segmented by distribution channel into supermarkets/hypermarkets, convenience stores, online, direct selling and others. Of these, supermarkets/hypermarkets contribute the highest revenue.
China and Japan are the major markets in the Asia-Pacific region. The dried soup segment is the only one to have penetrated the Indian market and is expected to grow rapidly over the forecast period, owing to the increase in urbanization and shift in consumer preferences. A stable market growth is expected in countries like Indonesia, Thailand, and the Philippines.
The market for soups in Asia-Pacific is highly fragmented with a large number of international and regional vendors. The demand for exotic and natural flavours is very high in the Asian countries and manufacturers are introducing new flavors. Also, in countries like India, the major companies are launching promotional campaigns to increase the awareness of the health benefits of soup. Some of the major players in the market include:
Key Deliverables in the Study
Market analysis for the Asia-Pacific soup market, with region specific assessments and competition analysis on global and regional scales.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the market on both global and regional scales.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insight about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions where this industry is growing and identifying the regions which are still untapped.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook