The market is expected to grow at a CAGR of 2.9% during the period 2018-2023. 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. The global soup market recorded a total revenue of USD 9,187.42 million in 2016
Soup Market Dynamics
Packaged soups require minimal effort to prepare. Hence, they are very convenient for people with busy lifestyles, the worldwide. 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.
Soup Market Segmentation
The global soup market has been segmented by form into dehydrated, instant, chilled, frozen, UHT, and others. 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, and others. Of these, supermarkets/hyper markets segment contributes the highest revenue.
Soup Market Regional Analysis
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.
Soup Market major players
- Campbell Soup.
- ConAgra Foods.
- Kraft Heinz.
- Nissin Foods.
Reasons to Purchase Soup Market Report
- Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
- Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
- 3 months analyst support along with the Market Estimate sheet in excel.
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Value chain analysis
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1.1 Key Deliverables of the study
1.2 Study Assumptions
1.3 Market Definition
2. Research Approach & Methodology
2.2 Research Designs
2.3 Study Timelines
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering and Econometric Modelling
2.4.4 Expert Validation
3. Key Findings of the Study
4. Market Dynamics
4.1 Soup Market Drivers
4.1.1 Rise in Disposable Income
4.1.2 Increase in Demand for Convenience Food Products
4.2 Soup Market Constraints
4.2.1 Health Concerns
4.3 Soup Market Opportunities
4.3.1 New Product Launches
4.3.2 Increasing Demand in Developing Countries
4.4 Soup Market Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Soup Market By Product Type
5.2 Soup Market By Packaging
5.3 Soup Market By Distribution Channel
5.3.1 Super Markets/ Hyper Markets
5.3.2 Convenience Stores
5.3.3 Online Channels
5.4 Soup Market By Geography
5.4.1 North America
5.4.4 South America
184.108.40.206 South Africa
6. Soup Market Competitive Landscape
6.1 Most Adopted Strategies
6.2 Most Active Companies
6.3 Market Share Analysis
7. Soup Market Company Profiles
7.1 Acecook Vietnam
7.2 Associated British Foods
7.3 B&G Foods
7.4 Baxters Food Group
7.5 Campbell Soup
7.6 Campbell Soup Co.
7.7 ConAgra Foods
7.8 Frontier Soups
7.9 General Mills
7.10 H.J. Heinz Co.
7.11 House Foods Group
7.12 Kraft Heinz
7.15 Nissin Foods