The demand for soup is expected to grow in the countries such as Russia and U.K among others due to increasing variety of products and consumer preference for healthy and refreshing food. The Europe soups market is valued at USD 3919.1 million in 2014 and it is projected to reach USD 5008.1 million by 2020. The Europe market is estimated to grow at a CAGR of 4.2 % from 2014 to 2020.
Albany, NY -- (SBWIRE) -- 08/08/2016 -- Soup is a winter product in Europe and thus manufacturers should introduce new soups products and take steps to reduce the seasonability. Russia among all the European countries has experienced high growth in the forecast period followed by U.K and Italy. Soup is one of the oldest foods that consumers prefer in Russia and the demand is expected to be high as they consume it six times a week. Health and wellness trend and increasing variety of soups are the growth drivers responsible for the growth of soups market in Europe. Busy lifestyles, preference for refrigerated food, active promotions by key soups manufacturers, health and wellness trends and increasing soups varieties are the drivers responsible for the growth of soups market in Europe.
However, Campbell, the biggest soup company in the world, stopped its operation in Russia as they failed to tap the Russian soups market. Knorr and Maggi are the top players in soups market and the sell through through all distribution channels. The economic crisis and high unemployment rate in Spain is responsible for low soups consumptions and this factor has acted as a restraint in the growth of soups market in Spain. Due to high unemployment rate consumers consider price as a key variable while making a purchase decision, which in turn has resulted in varied shopping habits among Spanish consumers. Soups consumption shows negligible growth in the forecast period and the soup manufactures should focus on price factor to increase the demand of soups in Spain.
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The soups market has been segmented by types of soups into - chilled, canned, frozen, dried, and UHT soups. It also provides an understanding of volume (kg million) and value (USD million) of soups consumption. The study also provides forecast from 2014 - 2020 and highlights current and future market trends.
By country, the market has been segmented into U.K, France, Germany, Italy, Russia and Spain. This report helps distributors, suppliers and manufacturers to formulate strategies based on understanding of the trends in this market.
The demand for Canned soups is declining across Europe and trend shows that consumers are shifting from metal canned soups as they are difficult to open and is also responsible for carbon footprints due to heavy packaging formats. However, there is still scope for soups companies to increase the demand of canned soups by replacing its traditional metal canned formats with innovating stand up pouches. Busy life style, changing eating habits, increasing demand towards western food and healthier food products are expected to boost the demand for soups market in the major countries of Europe including France, U.K, Russia and Germany among others in the forecast period.
Increasing varieties of products, health and wellness trend and active promotions by soups manufacturers are the drivers contributing to the growth of soups market in U.K, Russia, Italy, Germany, Spain and Russia. Among different types of soups, the consumption of dried soups is estimated to have the most significant growth over the forecast period, as people are more interested to have quick meals due to their busy life style. However, consumption of canned soups is comparatively low as consumers believe that canned metal format soup contains preservatives, which are harmful to health.
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The leading brands which have the maximum market share in Europe region includes Knorr, Liebig, Maggi, Heinz and Progresso among others. For example, Knorr and Maggi dominate the soups market in France. Soups in Europe is distributed through hypermarkets/ supermarkets, Food and drinks specialists, Cash and Carries and convenience stores.
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