Transparency Market Research

Soups Market Is Expected to Reach USD 130 Billion in 2019: Transparency Market Research


Albany, NY -- (SBWIRE) -- 10/09/2014 -- According to a new market report published by Transparency Market Research " soups market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013- 2019," the soups market was valued at USD 4.7 billion in 2011 globally and is expected to grow to USD 7.8 billion by 2019, at a CAGR of 7.3% from 2013 to 2019.

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Asia pacific soups market has experienced varied trends across different countries such as, Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore and Thailand. Soups consumption is expected to undergo fast changes in terms of volume consumed due to changing eating patterns and changing income levels in these countries. Soups market of different countries in Asia pacific region including China, India, Japan, Singapore and Hong Kong is expected to grow markets in the next six years.

This market has segmented by types of soups produced and consumed into five types such as canned soups, chilled soups, dried soups, frozen soups and UHT soups. It also provides an insight in terms of value (USD million) and volume (kg-million) of soups consumption in Asia pacific market. In addition, the study highlights current market trends and provides forecast from 2014 to 2020. Moreover, current and future trends are also covered in this report.

By country, the market has been segmented into Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore and Thailand. This report also covers country wise preferences for different soups.

Countries such as China, India, Japan, Hong Kong, New Zealand, Philippines, Thailand and Indonesia would see a stable growth in volume and value of Soups. The major factors contributing to the growth are rapid changes in income levels, increased urbanization, and busy life style among others. In addition, the change in food patterns and trends of spending less time in kitchen is also contributing to the growth of soups market in Asia Pacific. The trend shows that the overall demand for dried soups and canned soups are more as compared to other categories.

In India, dried soup is the only soup segment which has market penetration. Indonesia has market for canned and dried soup. However, countries like China, Australia, Singapore, and New Zealand have market for each of the five segments of soups such as canned, chilled, dried, frozen and UHT. Therefore, food manufacturers are launching a variety of soups to help consumers create a genuine dining experience while cutting down the time to cook as these soups can be made ready to consume very quickly by adding water or milk and adding temperature. Consumers from China show a strong preference for local brands of soups and believe that local companies truly understand their desire, providing better value for the money when compared with foreign brands.

The soups market in Asia Pacific is likely to expand at a healthy CAGR over the next six years due to increased income level, a change in food pattern and a busy work life. Asia pacific has become an important market for international brands due to its vast potential for growth. This report helps manufacturers, suppliers and distributors to understand the present and future trends in this market and formulate their strategies accordingly. Widening distribution channels and product innovation would further boost the growth of soups market in the near future.

Soups are sold through a variety of channels. Major distribution channels such as cash and carries, supermarkets/hypermarkets, convenience stores, food and drinks specialists are among the most preferred destinations/channels for the sale of soups. Supermarkets and convenience stores have become popular channels for purchase of goods due to improvement in the living standard of people in Asia Pacific. Supermarkets and hypermarkets are likely to dominate the distribution channel by 2020. Emerging markets such as Japan, Thailand, New Zealand, Indonesia, and Hong Kong are anticipated to witness a significant increase in consumption of soups due to increased disposable income in near future.

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