Global Soup Market
The market is expected to grow at a CAGR of 3.8% during the period 2017-2022. The demand for convenience foods is one of the key factors driving the growth of the soup market. About 59% of all the U.S retail canned and packaged wet soup sales are done by Campbell. The company offers a wide range of products under distinct brand names.
Packaged soups require minimal effort to prepare. Hence, they are very convenient for people with busy lifestyles, the world over. This is one of the major factors driving the market. The rise in awareness of health benefits of soup consumption, also propels the growth of this market. Moreover, new product launches ensure future growth of the global soup market. One of the major restraints of this market is the supply chain management. Chilled soups require an efficient cold chain supply and also timely delivery, which increases the cost, thus reducing the demand. Canned soups contain a lot of preservatives that are not good for health. Another deterrent is the inability to control fat intake while consuming canned soups.
The global soup market has been segmented by form into liquid, dehydrated, instant, chilled, frozen, and UHT. By sales, the market is segmented into canned soup and dried soup. The demand for dried soup is more than that of canned soup, due to the health concerns in consuming canned soup, especially with all the added preservatives.
The global soup market is also segmented by the distribution channel into super markets/hyper markets, convenience stores, online, direct selling, and others. Of these, supermarkets/hyper markets segment contributes the highest revenue.
The soup market has been geographically segmented into North America, Europe, South America, Africa and Asia-Pacific. The European region held the largest market share in 2016, followed by Asia-Pacific and North America. In Europe, countries like Spain, the UK, and France possess greater market share due to the demand for higher value chilled soups and better packaging. In developed countries, large number of health awareness campaigns have resulted in the demand for packaged soups that contain fresh ingredients and fewer preservatives. In North America, the soup market is expected to grow at a CAGR of 1% during the forecast period. A growing demand for high-quality meals that can be prepared at short notice has also helped the growth of soup market in Europe. Currently, Russia is the most attractive market in Europe, followed by Italy and the UK.
The market for soups is highly fragmented with a large number of international and regional vendors. The vendors compete for innovation, pricing, and distribution. Some of the major players in the market include
Key Deliverables in the Study
Market analysis for the global soup market, with region specific assessments and competition analysis on a global and regional scale.
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 global soup market on both global and regional scale.
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 also identify the regions that are still untapped
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