Soup Market Is the Next Big Thing| Fortune
As per the report by Grand View Research,
Inc., the Soup
Market is poised to rise to a valuation of USD 19.8 billion and is
estimated to witness a CAGR of 3.0 % by 2025. Increasing demand for packed,
processed, and ready to eat food and increasing women workforce are anticipated
to drive the soup demand in the years to come.
Increasing disposable income and changing
consumer lifestyle in developing countries such as India and China are expected
to surge the demand for soups. The other major factors include rising demand
for convenience food and rising consciousness regarding the health benefits of
soups since they are rich in minerals, protein, vitamins, and nutrients. In
addition, increasing inclination toward consumption of healthy food products is
anticipated to fuel the market growth over coming years.
Increasing urbanization and launch of new
flavors are also anticipated to propel the global demand for the market in the
near future. Moreover, increasing consumption of soup as a meal replacement is
also expected to fuel the market growth. On the other hand, excess use of
preservatives and high salt content in canned soups is presumed to be a cause
of high blood pressure thereby hindering the market growth. Moreover, the
distribution and supply chain of the canned foods is another restraining factor
for the market since canned foods need timely delivery due to low shelf life.
However, constant product improvement by
companies like Campbell Soup Company, which offers novel flavors like butternut
squash and sweet potato, harvest carrot and ginger, and roasted red pepper and
tomato, is anticipated to positively influence the buying behavior of young
population across the globe. Additionally, growing customer preference for
instant soups as a snack item and increasing demand for instant noodles soup
are driving the growth of the market.
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Additionally, companies offering high
nutritious content in soups and growing preference for convenience foods are
propelling the growth of instant soup market segment. Numerous players working
in the sector are coming up with new product launches and growing their product
portfolio, for instance, Nestlé introduced six varieties of single-serve soups
in a premixed format.
Europe is one of the emerging regional
markets for soups and is anticipated to account for a major market share in the
years to come, followed by North America. The regional growth is owing to large
consumption of soups by the populace of Europe and North America, advanced
lifestyle, and high disposable income of the consumers.
The market in the Asia Pacific and the rest
of the world has a development opportunity for new sectors. The population in
emerging economies such as China, India, Thailand, and Bangladesh is accepting
the western culture of working and living. This, in turn, can propel the demand
for dried and canned soup products in these regions.
The major players in the soup market include
Nestlé; Baxters Food Group Limited.; AMY's Kitchen Inc.; Associated British
Foods PLC; and The Original Soup Man.
About Grand
View Research:
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based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
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View Research database is used by the world's renowned academic institutions
and Fortune 500 companies to understand the global and regional business
environment. Our database features thousands of statistics and in-depth
analysis on 46 industries in 25 major countries worldwide.
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