Pune, India, April 29, 2019 (GLOBE NEWSWIRE) -- Soups Market is poised to touch USD 19,655.9 Mn by 2025 at an impressive 3.07% CAGR during the forecast period (2016-2025), reveals the latest report by Market Research Future (MRFR).
The era of fast-paced lifestyles has encouraged the growth of consumables. Consumables are foods which can be consumed immediately or used in a certain period of time. Soups are consumables which are on the top of the grocery list of all consumers due to its health benefits.
Market Outlook
The worldwide Soups Market is predicted to scale to a size of USD 19,655.9 million by 2025, as per the latest report by Market Research Future (MRFR). It can grow swimmingly due to presence of healthy ingredients such as meats, vegetables, and others. Introduction of new flavors by manufacturers is expected to entice consumer buying behavior and influence the market growth positively. The market is likely to exhibit a 3.07% CAGR from 2016 to 2025 (forecast period).
Inclination of the working populace towards ready-to-eat processed foods is another factor driving market growth. Rising wave of health consciousness is bound to favor the market in the forthcoming years. But the waning sales of canned soups pose a challenge to market growth.
The focus on clean ingredients has taken center stage with a majority of manufacturers focused on attaining fresh vegetables and fruits. For instance, Curation Foods has turned its attention to plant-based foods to be included in their line of refrigerated soups, Now Planting.
Key Players and Industry Buzz
Prominent soup manufacturers in the Soups Market include Maruchan Inc., The Original Soupman, General Mills Inc., Campbell Soup Company, Associated British Foods PLC, AMY's Kitchen Inc., Kettle Cuisine LLC, The Kroger Co., Hain Celestial, TSC Foods, Nestlé, Premier Foods, The Kraft Heinz Company, Bear Creek Country Kitchens LLC, Symington's Ltd, Unilever PLC, Conagra Brands Inc., Baxters Food Group Limited, and others.
Acquisitions are a common strategy of players to reduce the competition. In April 2019, Kettle Cuisine decided to acquire Harry’s Fresh Foods which has a broad portfolio of foods including vegan and gluten-free soups. This move can increase the visibility of the former and expand its presence.
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Private Labels Gaining Traction
Private label Soups Market produced by stores rather than branded products have gained the attention of consumers. Retailers have recognized the impact of store products and have decided to assign shelf space to these items. This is evident by the introduction of items by Whole Foods by Amazon on its website. The Thrive Market is another company which decided to capitalize on this trend and generate significant dollars in revenues.
Novel Packaging Formats
MatBørsen AS, a Norway based company, has designed a four-part soup package for supermarkets in the country. This would allow the owners to serve soups in a single solution.
Segmentation Analysis
The global Soups Market is segmented by type and distribution channel.
By type, the Soups Market is segmented into dry, wet, and others. ‘Others’ are further expanded into broth & stock and bouillon. The dry segment is projected to generate close to USD 12,714.1 million by 2025. The primary driver of the segment is the acceptance among the working populace and easy packing method by manufacturers.
By distribution channel, it is divided into convenience stores, supermarkets & hypermarkets, and others. Supermarkets & hypermarkets have become the preferred destination by consumers owing to the convenience afforded by these units. It can accrue close to USD 12,429.9 million by 2025 by exhibiting 2.85% CAGR during the review period.
Browse the market data and information spread across 147 pages with 154 data tables and 20 figures of the report “Soups Market Report - Forecast 2016-2025” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/soups-market-1846
APAC to be the Largest Revenue Generator
Region-wise, the Soups Market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe can enjoy 2.60% CAGR over the forecast period due to the rapid adoption of meal replacers. Introduction of new flavors, increased income growth levels of consumers, and changing palates are factors which are driving market growth. Moreover, launch of organic soups is likely to work favorably due to increasing veganism. For instance, frozen soups in Chile have become popular due to their preference over dry soups.
The APAC Soups Market is projected a bright future thanks to brisk urbanization and changing eating habits of consumers. It can register a CAGR of 4.96% over the forecast period to generate nearly USD 3,594.9 million by 2025. Japan is one of the biggest contributors of the region due to being one of the biggest producers of wet soups. In addition, the introduction of unique flavors
North America can exhibit 1.77% CAGR during the review period to garner USD 6,648.2 million by 2025. Preference of natural ingredients, emphasis on healthy eating, and focus on clean labeling on packages are factors driving the market growth. Companies in the region are focusing on acquiring startups to widen their portfolio and expand their product line for customers.
Related Report:
Organic Soup Market Research Report Information by Product Type (Ready-to-Cook, Ready-to-Drink), Source (Vegetable, Poultry, Beef), Packaging Type (Cans, Pouches/Sachets), Distribution Channel (Store & Non-Store), Region - Forecast till 2023
https://www.marketresearchfuture.com/reports/organic-soup-market-2463
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