Transparency Market Research has published a report studying the trends incumbent in the Europe soup market. The report provides insights into key growth drivers impelling the market and potential restraints inhibiting its growth. Based on in-depth findings, analysts have suggested that the Europe soups market, which stood at US$3.9 bn in 2014, will reach US$5 bn in 2020, rising at a positive 4.20% CAGR. The report is titled ‘Soups Market – Europe Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020’ and is available on the company website for sale.
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For the purpose of the study, the report segments the Europe soup market into chilled, UHT, frozen, canned, and dried soup. It investigates the consumption pattern with regard to different varieties of soup across the key regional markets within Europe. Exhaustive information on the growth trends exhibited by the Europe soup market is therefore compiled in the report. The segment of dried soup is likely to enjoy substantial growth in the market, with increasing inclination among Europe’s population towards quick meals that fit their busy schedule.
The demand for canned soup, however, is anticipated to decline across Europe. A lead TMR analyst said in this regard, “A paradigm shift in consumer preference from metal cans and heavy packaging, which add to the carbon footprint and are difficult to open, to soups with biodegradable packaging is responsible for the declining demand for canned soups”. Growing health awareness and knowledge about preservatives in canned and frozen soups also adversely impacts their demand.
Italy, Germany, Russia, the U.K., France, and Spain constitute the key national soup markets in Europe. The growing demand for high quality of meals that can be prepared at short notice has catapulted the soup industry to the forefront of the European commercial goods landscape. The report cites Russia as one of the most lucrative soup markets in Europe, followed by Italy and the U.K.
To study the prevailing competitive landscape in the Europe soup market, the report also profiles some of the key players in the market, including Maggie, Knorr, Liebig, Progresso, and Heinz. Of these, Maggie dominates the soup market in France. Campbell, on the other hand, has stopped operating in Russia, after it was unsuccessful in making significant gains in the national market. The soup market in Spain also faced much trouble due to the prevalence of unemployment and economic crisis in the country. Price being a crucial variable determining the consumption of soup, the demand for soup from Spain is anticipated to exhibit negligible growth. However, the report projects that if manufacturers could offer products to consumers in Europe at low prices, there are still opportunities for the soup market in the country to exhibit a steady growth pattern.