Seattle, WA -- (SBWIRE) -- 02/26/2020 -- Soup is a type of liquid food that is prepared using vegetables, meat, fish, water, and other additives. Consumption of soups has a multitude of benefits, as they are a source of nutrients essential for the proper functioning of the body. The American Heart Association recommends that an adult should consume around eight or more servings of vegetable soups every day. The growing demand for convenience foods, increasing health awareness, introduction of new flavors in the market, and attractive advertisements by the soup manufactures are the key drivers for the global soups market growth. Moreover, urbanization, growing disposable incomes, increase in working women population, and hectic lifestyles are further fueling the global market growth. However, rising awareness about the health risks associated with the consumption of preservatives in ready-to-cook soups is a major restraint for the global soups market expansion. In the wake of this, several manufacturers are currently introducing products with low content of preservatives.
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Global Soups Market Taxonomy
Based on product type, the global soups market is segmented into:
- Canned
- Chilled
- Dried
- Frozen
- UHT
The global soups market comprises various distribution channels, such as:
- Supermarkets
- Hypermarkets
- Convenience stores
- E-commerce
The dried soups segment is projected to become the largest segment in the global soups market, owing to the high demand for quick meals. Demand for canned soups is decreasing, owing to the increasing health awareness of consumers about the presence of preservatives in these soups and dislike for heavy metal packaging. Furthermore, consumers prefer soups, which are easier to open as compared to canned soups and come in biodegradable packaging. Hypermarkets and supermarkets claimed to be the biggest distribution channels in the global soups market.
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Global Soups Market – Regional Outlook
- Europe holds a major share in the global soups market. This is, as a result of the growing demand for high-quality meals that can be prepared in short time. The U.K., France, Russia, Spain, and Germany are the major contributors to the growth of soups market in this region.
- Asia Pacific is projected to be the fastest growing market over the forecast period, owing to the availability of a wide variety of products in the market and changing consumer preference toward healthier products. Furthermore, abundance of raw materials, especially in India and China, is further fueling the growth of soups market. The market in Asia Pacific is highly cost competitive, owing to which, many brands such as Knorr by Unilever Plc. are launching inexpensive variants in local authentic flavors to attract consumer attention.
- The North America soups market is expected to witness significant growth over the forecast period. The U.S. Food and Drug Administration has imposed stringent regulations on safety of food products such as soups, which plays a pivotal role in market growth.
- In the Middle East, Latin America, and Africa, increasing per capita income, health awareness, industrialization, literacy, and changing consumer preferences are projected to be the key market drivers.
Global Soups Market – Leading Players
The key market players operating in the global soups market are Associated British Foods, Baxter's Food Group, B&G Foods, Inc., Campbell Soup Co., Greencore Group Plc., General Mills, Inc., Nestlé S.A., Nissin Foods Holdings Co. Ltd, The Kraft Heinz Company, and Unilever Plc. These companies are adopting various inorganic and organic growth strategies, such as new product launches and mergers & acquisitions, to retain their global market positions.
Key Developments
- In September 2019, Campbell Soup Co.'s official sponsor had teamed up with NFL stars Dak Prescott and Saquon Barkley for launching a new brand platform called "Champions of Chunky". This new brand platform would adopt an integrated marketing champion comprising of social media engagements and local market activations.
- In Dec 2018, Baxter's Food Group had launched an enhanced hearty range, which comprised up of the new livery of core soup products and the super goods range. The recipes of these new products focused on the importance of healthy lifestyle and included several key ingredients with numerous health benefits.
- In 2015, the B&G Foods had completed the acquisition of Beer creek business when it acquired specialty brand of America's Inc. for USD 155 million. With this acquisition, the company would be in a position of supplying hearty soup mixes, which would be sufficient for a family of more than four. These products would be available in supermarkets.
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