Soups Market Analysis: Consumer Preferences and Market Dynamics
Research Reports
May 20, 2024
Soups Market Overview:
The global soups market is likely to grow continually in future years. The growing number of health-conscious populace inclined towards adopting a healthy lifestyle would drive the market growth. Market Research Future (MRFR) asserts that the global soups market will garner USD 19,655.9 MN by 2027, posting a 5.4% CAGR during the review period (2020–2027).
The recent product launches are driving the market for packaged soups indirectly. Additionally, the growth of the convenience food market and advancements in food technology influence the soups market revenues. People are increasingly becoming aware of the benefits of consuming soups, which further encourages the demand in the market.
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The innovation and introduction of soup types made with natural and organic ingredients positively influence the market growth. Simultaneously, the spreading awareness and the popularity of soups escalate the market value. Also, the ever-increasing population and the healthy food consumption trends adopted by consumers is the key driving force behind the market’s growth.
Segmentations:
The market has been segmented into types, distribution channels, and regions. The type segment is sub-segmented into dry, wet, and others. The distribution channel segment is sub-segmented into supermarkets & hypermarkets, convenience stores, and others. By regions, the soups market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Geographical Analysis:
The European region, heading with the changing consumer preferences, will continue its dominance over the global soups market throughout the forecast period. Moreover, factors such as the growing importance of health and wellness among consumers, especially in Germany, the UK, and Russia, support the region’s market growth. Furthermore, the developing economy in the region has led to an increase in disposable income, enabling Europe to generate a substantial revenue pocket.
Competitive Landscape:
Highly competitive, the soups market appears fragmented, with many large and small-scale players. Innovation, M&A, and brand reinforcement remain key trends for these players. They strive to develop a cost-competitive manufacturing method that can reduce the product price as a whole, meant to minimize downtime and increase the product’s shelf life.
The market competition is estimated to intensify with the expected product innovations and extensions. Matured key players are increasingly inclined towards enhancing the production of gluten-free and non-GMO – soups to satiate the growing consumer demand. These players emphasize more on delivering unique products, and to create product differentiation, they are making products with improved shelf-life.
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Major Players:
Leading soups market players are Associated British Foods PLC (UK), Conagra Brands Inc. (US), TSC Foods (UK), Maruchan Inc. (US), Premier Foods (UK), Campbell Soup Company (US), The Kraft Heinz Company (US), The Kroger Co. (US), AMY’s Kitchen Inc. (US), General Mills Inc. (US), Unilever PLC (UK), Symington’s Ltd (UK), Hain Celestial (US), Baxters Food Group Limited (UK), Kettle Cuisine LLC (US), The Original Soupman (US), among others.
Industry/Innovation/Related News:
Aug. 07, 2023 – Campbell Soup Co. announced its plan to acquire Sovos Brands Inc. to strengthen its foothold in the market. Sovos is the parent of Rao’s pasta sauces and other foods sold under the brand names. The deal enables Campbell’s Meals & Beverages division to diversify and enhance its market-leading premium brand portfolio, providing sustained profitable growth.
Discover More Research Reports on Food, Beverages & Nutrition Industry by Market Research Future:
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APAC Frozen Fruits and Vegetables Market- https://www.marketresearchfuture.com/reports/apac-frozen-fruits-vegetables-market-1759
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Fruits and Vegetables Ingredients Market– https://www.marketresearchfuture.com/reports/fruit-vegetable-ingredients-market-2292
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