Soups Market Size to Reach USD 19,655.9 Mn by 2025 owing to Inclined Preference Towards Processed Foods

Pune, India, January 17, 2019 /MRFR Press Release/- Market Research Future (MRFR) has announced a new cooked research report on the Global Soups Market.

Market Scenario

The global soups market is considered to garner USD 19,655.9 million during the forecast period (2016-2025). The global market is considered to demonstrate 3.07% CAGR owing to the new product launches across the globe, asserts Market Research Future (MRFR). Soup is referred to as a liquid food which is generally served as a quick hot meal and offer several health benefits. The presence of health promoting ingredients such as meat, lentils, or beans and several vegetables makes it a power pack of minerals, vitamins, and nutrients. Soup helps to boost immunity, ensures healthy digestion, and prevents stomach infection, which add to its health benefits.

The global soups market is anticipated to experience a significant growth rate during the forecast period. It is witnessing frequent product launches along with innovative flavors by the market players. With the growing demand for convenience food, the market is considered to flourish during the assessment period. With rapid urbanization and their rising per capita disposable income, the demand for convenience food is increasing at an enormous rate. The growing working population with shifting preference towards processed food items is accelerating the demand for soups market across the globe. The several health benefits offered by soups is attracting a large population of health-conscious consumers. Use of ingredients such as vegetables and meat are considered to offer a number of health benefits and prevent indigestion, thereby triggering the soups market growth during the assessment period.

Moreover, the increasing consumption rate of soup as a meal replacement is augmenting the market growth. As per the analysis made by MRFR, around 45% of the total world’s population replaces one or two daily meals with a snack owing to their busy lifestyles. Also, medical conditions such as obesity has increased the consumption of healthy meal replacements, especially soups. The companies are also increasing their soup offerings as meal replacement.

On the other hand, decreasing demand for canned soups is considered to act as a major restraint to the growth of the market. Several factors such as presence of preservatives and increasing preference for freshly prepared food items are considered to dampen the market growth during the forecast period. For instance, Campbell Soup Company had reported an almost 5% decrease in the sales of canned soups in the later quarter of 2017. Moreover, canned soups comprise a high salt content which makes it inconvenient to consume. Such drawbacks are estimated to dampen the market growth in the coming years.

Segmental Analysis:

The global soups market has been segmented on the basis of type, distribution channel, and region.

By mode of type, the global soups market has been segmented into dry, wet, and others. The others segment has been further sub-segmented into bouillon and broth & stock. Dry soups are convenient to use and can be packed easily. They contain meat or vegetables that are dehydrated along with coloring agents, preservatives, and flavoring. They are gaining wide acceptance among the working population. The dry segment is estimated to exhibit 3.13% CAGR over the forecast period and likely to accrue USD 12,714.1 million by 2025. Meanwhile, wet soups are packed in airtight containers in order to avoid spillage. These soups are ready-to-eat and offer tough competition to the dry segment. The segment is estimated to register 3.11% CAGR in the coming years. It can touch a valuation of USD 5,456.1 million by 2025 with the North America region contributing the maximum to the segment.

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By mode of distribution channel, the global soups market has been segmented into supermarkets & hypermarkets, convenience stores, and others. The others segment is further sub-segmented into organic stores and grocery stores. The convenience of shopping in a single place drives the consumers to hypermarkets and supermarkets. Also, such stores provide limited space dedicated to a certain food product. Customers are also guided by the price mentioned above with discounts and offers provided to them, which attracts the buyers. The segment is estimated to register 2.85% CAGR and garner USD 12,429.9 million during the assessment period. On the other hand, convenience stores offer basic food products and limited items such as snacks, soft drinks, and microwavable and prepared foods. Meanwhile, online stores are a respectable medium owing to better prices, heavier discounts, and elimination of standing in line, thereby fueling the growth of the segment.

Regional Insights:

Geographically, the soups market span across regions namely, Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).

Among these, the North America region is considered to grab a CAGR of 1.77% and garner USD 6,648.2 million by the end of 2025. The growth is credited to the continuous improvement in the existing products. Manufactures are highly adopting latest technologies in order to achieve the desired organoleptic properties of soups. Countries like the U.S. is anticipated to maintain its dominance which is further presumed to propel the market growth in this region.

The European region is estimated to exhibit 2.60% CAGR and garner USD 7,546.6 million by the end of 2025 owing to the increasing demand for convenient meal replacers. With new product launches, advent of new flavors by the soup manufacturers, rising per capita disposable income, and increased marketing campaigns by the vendors, the soups market is likely to flourish in this region.

Asia Pacific is considered to be a lucrative region and register 4.96% CAGR during the appraisal period. The region is presumed to garner USD 3,594.9 million owing to the escalating demand for healthy convenience food coupled with the rapid urbanization in this region. Japan is anticipated to be one of the leading markets accounting for 4.35% CAGR by the end of 2025.

Competitive Dashboard

The major players operating the global soups market are Campbell Soup Company (U.S.), General Mills, Inc. (U.S.), The Kraft Heinz Company (U.S.), Nestlé (Switzerland), The Kroger Co. (U.S.), Hain Celestial (U.S.), Premier Foods (U.K.), Unilever PLC (U.K.), Conagra Brands, Inc. (U.S.), Maruchan Inc. (U.S.), Associated British Foods PLC (U.K.), TSC Foods (U.K.), Kettle Cuisine, LLC (U.S.), Baxters Food Group Limited (U.K.), Symington's Ltd (U.K.), AMY's Kitchen, Inc. (U.S.), The Original Soupman (U.S.), and Bear Creek Country Kitchens, LLC (U.S.).

For instance, Nestlé has recently launched a whole new brand of ready-to-drink herbal soups and drinks named Xingshan which has been made with traditional Chinese ingredients in November 2018.

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