Ready-to-Eat Soup Market Forecast Covering Growth Inclinations & Development Strategies until 2022
According to a recently compiled report, the global ready-to-eat soup market is expected to reflect a CAGR of 5.9% over the forecast period, 2017-2022.
[UKPRwire, Sat Apr 13 2019] A recently published study by Fact.MR offers a comprehensive outlook and key insights into the ready-to-eat soup market. The market has been assessed by considering both the qualitative as well as quantitative growth determinants of the ready-to-eat soup market.
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According to a recently compiled report, the global ready-to-eat soup market is expected to represent a value of over US$ 800 Mn by the end of 2022.
Ready-to-Eat Soup Market – Key Insights
- The global ready-to-eat soup market grew at over 4.5% CAGR during the period 2012 – 2016, on account of changing dietary patterns
- Sales of ready-to-eat soup products were worth US$ 700 Mn in 2018 and are expected to surpass US$ 750 Mn by the end of 2019.
- North America is anticipated to remain an attractive market and is likely to exceed US$ 48 Mn by 2019 end. Easy availability of ready-to-eat soup products from online and offline distribution channels are expected to drive market growth in this region.
- Chicken soup continues to find favor among consumers, with global revenues likely to surpass US$ 115 Mn in 2019
What are the Factors Underpinning the Growth of the Global Ready-to-Eat Soup Market?
- Increasing paradigms of consumers shifting towards convenient food products, on account of their busy schedules remain the key growth determinant for the ready-to-eat soup market.
- Technological advancements coupled with the distribution channels have given birth to ecommerce portals, which are accountable for amplifying the sales prospects for the global ready-to-eat soup markets as there is a rise in online purchases among consumers.
- Demand for chicken soup as a brothy tonic to comfort sore throat, cough, and cold has been on a rise in countries with severe winters.
- Traditionally, tomato soup has remained a culinary staple and with the availability of ready-to-eat versions, sales have spiked up in recent years.
- Availability of a large variety of flavors to beat the mundane taste of soups is gradually attracting new demography of younger consumers, which is expected to offer impressive growth opportunities to the ready-to-eat soup market during the forecast period.
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What are the Challenges that the Key Stakeholders of the Ready-to-Eat Soup Market Need to Address?
- Inclusion of preservatives and artificial colors to extend the shelf life and augment the taste of ready-to-eat soups can have detrimental impact on health. Manufacturers are focusing on balancing the shelf life without using too many artificial ingredients.
- Continuous fluctuation in the cost of raw materials also has a notable impact on the production cost in general and the product cost in particular.
Ready-to-Eat Soup Market – Competitive Landscape
- With the demand for ready-to-eat food products on an increase, the players operating in the ready-to-eat soup market are entering into strategic mergers and acquisitions to pave the way for launching innovative products. Along the same lines, Campbell completed the acquisition of Pacific Foods in 2017 with an aim to scale up its distribution network and enhance the quality of its customer service. In addition, the company will be able to tap into growing spaces like functional and organic foods.
- In 2017, Kraft Heinz invested over US$ 117 Mn for new condiments plant in Neropolis, Brazil. The plant has the capacity to produce 15,000 tn condiments and increase the company’s production capacity by 50%.
- In 2016, Princes Food and Drink Group opened a new office in Paris, France meet the growing demand for its products.
Other significant players operating in the ready-to-eat soup market include Yorkshire Provender, Princes Ltd, Premier Foods PLC, Baxters Food Group Ltd, New Covent Garden Soup Co., Ltd., Amys Kitchen Inc., Campbell Soup Co., and The Kraft Heinz Co.
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