Canned Soups Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Condensed and Ready-to-Eat), Category (Vegetarian and Non-Vegetarian), Processing (Regular Soup and Organic Soup), and Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online, and Others)
The global canned soup market is expected to grow from US$ 4,889.04 million in 2019 to US$ 6,494.95 million by 2027; it is estimated to grow at a CAGR of 3.8% from 2020 to 2027. The North America is anticipated to account for a remarkable share of the global canned soup market during the forecast period. The shelf life of any canned soup is the amount of time it requires to degrade to the non-palatable state. Shelf life extension ingredients added in the canned soup products slow down the process of food degradation and enable longer storage of the food items. They are both organic and conventional in origin. Shelf life extension ingredients also aid in the keeping food logistics decongested, sustain canned soups in frozen areas, and improve consumer confidence over stability of food items. Consumers have become more aware about their diet. Health benefits such as improved immunity, lower caloric intake, and high protein intake are other factors expected to influence the product demand. Moreover, canned soups with high shelf life also comprise high content of nutrition, minerals, vitamins, and proteins. On a global level, youngsters are preferring to purchase premium goods due to health attributes and are ready to change their habits toward healthier nutrition. Canned soup made from fresh vegetables, and bone and meat has gained tremendous popularity as it offers various health benefits and nutrition as well as it has a high shelf life. In addition, consumers are opting for canned soup products over other protein sources owing to its benefits such as the presence of macro and micronutrient in good proportion with a high concentration of protein. Additionally, packed soups are majorly preferred over soups served in the restaurants and food outlets due to ease of access as well as durability of packages. Drinking canned soups or making a simple soup help add more protein into the diet and prevents one from consuming too many calories. Thus, consumer’s inclination toward nutrition-based canned soup drives the market growth.
In terms of category, the non-vegetarian segment led the global canned soup market in 2019. The demand for non-vegetarian canned soups is high owing to their versatile nutritional composition and high protein content. Non-vegetarian canned soup is a rich source of protein. It is also a nutritional supplement that offers various health benefits such as weight loss, joint pain reduction, skin aging reduction, and appetite reduction. These canned soups products contain essential minerals such as calcium and magnesium in larger amounts than other animal protein-based products. Therefore, the rising demand for healthy food & beverage products across the world drives the market growth for the non-vegetarian segment.
Campbell soup company, Amy’s Kitchen Inc, General Mills Inc., The Kraft Heinz Company, Baxters Food Group, Unilever, Struik Foods Europe NV, Vanee Foods Company, BCI Foods Inc., and Hain Celestial Companies are among the players operating in the global canned soup market.
At present, most of the regions across the world are under lockdown due to the COVID-19 outbreak. In the most-affected countries in different regions, isolation and social distancing measures have been imposed. The lesser production of goods and commodities is hampering the growth of the global canned soup market as the demand for these products has been declined since the past couple of months. The outbreak and measures taken to contain the spread of the novel coronavirus are hindering the food & beverages industry across the world, mainly due to disruptions in supply and distribution chain. In addition, the overall restrictions on manufacturing processes, research, and development activities are restraining the global canned soup market.
The overall global canned soup market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the global canned soup market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global canned soup market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global canned soups market, thereby allowing players to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest `with respect to products, segmentation and industry verticals.
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