Soups have been touted as a popular comfort food for a long time. The rise in awareness of health benefits of soup consumption and new product launches can create future growth opportunities for the soup market. Also, soups are convenient for people with busy lifestyles and increasing competition between the leading market participants enhance the market growth globally. Moreover, considerable growth in the global food industry has been observed which in turn leads to increased sales of soups around the world. Another factor worth noting is growing interest of consumers towards organic and all natural products, leading to the market growth worldwide.
However, the exorbitant cost of the products may undermine the growth of the market in the near future, noted by MRFR experts. But on the other hand, soups being low in saturated fat and high in nutritional value are in high demand by consumers. During sickness, soups help soothe colds, prevent dehydration, and fight inflammation in the throat. Furthermore, soups are also preferred by diet-conscious consumers, as soups help in increasing metabolism and losing weight. These factors are guaranteed to give a sizeable boost to the market.
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Players in the soups market are Imagine Foods, Inc. (U.S.), Heinz (U.S.), Nestle (Switzerland), Wilki (Belgium), Storme (Belgium), and Kettle Cuisine (U.S.).
The market consists of a large number of manufacturers which cater to domestic and international markets. Large players in the market account for relatively large share of the soups market. The vendors are entering into a long-term contract with raw material suppliers to ensure constant supply. Many companies also focus on research and development of new products with better taste and prolonged shelf life to expand their customer base and also increase the company revenues. Manufacturers are resorting to multiple mergers and acquisitions in a bid to enhance the market share of the company. Moreover, many manufacturers are tying up with ecommerce stores to extend their reach.
For instance, Campbell Soup Co. has devised a strategy to make 3,000 recipes on its Campbell’s Kitchen website more appealing to consumers to boost its online sales. When a customer selects the “Get Ingredients” option at the bottom of a recipe and enter their area code, they will get a list of retailers that deliver to their area. The shopper is then redirected to the delivery service’s site, where a list of all the ingredients they need for a given recipe pops up. When the customer places an order, Campbell gets an undisclosed cut of all the product sales. This e-commerce initiative will help Campbell Soup to generate more demand, promote brand recognition, and also establish a direct line of communication with customers.
The soup market is segmented on the basis of type, ingredient, and format.
The types of soups are clear, thick, and others. Thick soups are highly popular and in demand because of its stomach filling properties, which is appealing to the diet-conscious population.
By ingredients, the market is segmented into vegetable, tomato, chicken, beef, grain stew, and many others. The chicken soup segment is witnessing immense growth due to its medicinal properties. It contains amino acid cysteine, which is beneficial for patients with bronchitis and other respiratory infections. Whereas tomato soups are also in high demand as it helps maintain the blood pressure, beneficial during pregnancy, and even instrumental during constipation. These factors fuel the tomato soup market growth globally.
On the basis of format, the market is segmented into cans, packets, bowls, box, bags, cups, and others. The growing demand for convenience foods, rise in disposable incomes, and long shelf life of canned soups drive the canned soup market growth.
The global market for soups is spread across North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).
In North America, busy lifestyles have led to a sharp rise in demand for packaged soups, which requires minimal effort for preparation. Rising awareness of health benefits of soups supports the growth of this market. Moreover, new product launches ensure consumer satisfaction with options for different varieties of soups. Numerous health awareness campaigns have resulted in demand for organic foods and fresh ingredients, leading to market growth in this region. In South America, the market is steadily growing due to rising disposable incomes, growing awareness about healthy foods, increasing demand for western foods, and affordable prices.
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The Europe soup market has been witnessing sizeable growth owing to increasing demand for convenience food coupled with rising awareness of the health benefits of soup and the high standard of living. For instance in Russia, people generally consume soup for about six days a week. Countries such as France, Spain, and the UK contribute to the market growth owing to the demand for advanced value soups and improved packaging of the soup products.
In the Asia Pacific region, soups are an integral part of the staple diet of the majority of the population. Soups are rapidly replacing big and calorific meals for the weight-conscious. Moreover, soups are also considered as complete meals by those with hectic lifestyles. Increasing disposable incomes of consumers are also fuelling the burgeoning soups market in Asia Pacific. Also, the convenience of buying soups and their longer shelf life appeals to a vast majority of the population in this region, giving a push to the soup market.
In RoW, private brands are steadily growing their market share in Africa, with significant companies launching campaigns in Africa to increase the awareness of the health benefits of soup. Rising health awareness and immense demand for convenience foods are establishing the soup market in Africa. Affordable prices, medicinal properties, and variety of choices available in soups appealing to all palettes are factors fueling the growth of the soups market in this region.
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