Soups Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 04/20/2015 -- The soup market in Asia Pacific is dynamic and diverse. Over the past couple of years, the region has been experiencing a steady rise in soup consumption. Growing urbanization has prompted people to develop a liking for healthier and more convenient options of food. Despite having an already established popular perception as a healthy food, leading soup manufacturers in the Asia Pacific region are eyeing to capitalize on its health image so that they can boast more value-added claims. Significant steps taken by the industry over the last couple of years to delight its consumers with a multiplicity of choice in terms of packaging and flavor have paved the way for soup manufacturing companies to churn better revenues and expand their markets.
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Presently, the Asia Pacific soups market is valued at US$2025.5 million as per market reports for 2014, and is expected to reach US$2766.6 million by the end of 2020. This translates into expected growth at a CAGR of 5.3% from 2014 to 2020. Countries like China and India provide a fertile landscape for the soup market to thrive on and the leading brands across the region are looking to capitalize on such opportunities in order to pocket the major share of the market.
Canned and Dried Soups Emerge as Popular Types of Soup
The market for soup in Asia Pacific is broadly classified on the basis of the types of soups available across the region. Canned soups, dried soups, chilled soups, UHT soups, and frozen soups are the segments on the basis of which the market is classified. Among the different types of soups available in the region, canned soups and dried soups are the most popular. The demand for dried soup is exceptionally high in India. Consumers from China on the other hand have shown preference for both dried and canned soups.
Consumers in Asia Pacific show a strong preference for each of the five different types of soups. This has encouraged food manufacturers to launch a variety of soups to help consumers cut down on cooking time without compromising their dining experience.
Asia Pacific Provides a Lucrative Market for Soup Manufacturers
The unique commercial landscape of Asia Pacific provides unrivaled opportunities for the soup industry to benefit from. Much like the cultural diversity showcased by the region, there is an attractive spectrum of sale prospects that Asia Pacific offers to the industries operating therein. For an industry to dominate the distinct markets of the region, it should tap into the pulse of the respective consumer demography. On the basis of growing demand for soup as an alternative food option, the region of Asia Pacific can be classified into China, India, Australia, Thailand, Malaysia, Hong Kong, Japan, Singapore, New Zealand, and the Philippines.
Increased Urbanization and Surge in Disposable Income to Boost Demand for Soup in Asia Pacific
The growing demand for soup in Asia Pacific as an alternative healthy option is increasingly aided by factors such as changing food habits and lifestyle preferences. Surge in disposable incomes and hectic daily schedules of a majority of the population coupled with increased urbanization have given a significant boost to the demand for soup in the region. Given the scarcity of leisure time, only a handful of the population will be keen to spend more time in their kitchens. Soups provide them with healthier and more convenient option of food without compromising on the taste. This has contributed to the increased demand for the same in the region.
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Distribution Network for Soups in Asia Pacific
Soups in Asia are made available to consumers through a variety of channels. The distribution network of soups in the region is aided by channels such as supermarkets and hypermarkets, cash and carries, convenience stores, local retail shops, foods and drinks specialists, and many more. Among these, supermarkets and hypermarkets are expected to emerge as the most preferred channel in the distribution network by the end of 2020.
Growth Opportunities for the Leading Market Players
The market for soup in Asia Pacific is mainly dominated by leading brands like Unilever, Maggi and Campbell's. The demand for soups manufactured by these companies is expected to grow in the next five to six years, given its high quality and pocket-friendly prices.
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