Global Packaged Soup Market: Snapshot
The global market for packaged soup, one of the most promising arms of the global packaged food and beverages industry, has emerged as one of the most popular food products across the globe in the past few years. Several factors are contributing to the immense rise in demand for packaged soup across the globe, including rapid urbanization, busy lifestyles, and a massive rise in demand for packaged and ready-to-consumer food products from the urban population.
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In the recent past, growth opportunities have massively increased and a number of food and beverages and FMCG companies have entered the market to exploit the vast growth opportunities that it offers. Availability of several product varieties in terms of ways of preparation, ingredient, and flavors, clubbed with the rapidly expanding chains of supermarkets and hypermarkets across a number of emerging economies are also catalyzing market growth. These factors are expected to remain the key growth propellers for the market in the next few years as well, allowing it to tap a larger consumer base across a number of regional markets.
The market is expected to witness the entry of a number of new, small-scale players in the next few years, making it intensely competitive. Emerging economies are expected be host to several regional and domestic vendors that target consumers with customized product varieties suiting their taste preferences. However, international brands also hold promising growth opportunities as the thriving e-commerce sector and an increased exposure through social media sources and internet drive younger consumers to world brands.
Global Packaged Soup Market: Overview
The global packaged soup market is poised to grow at a steady pace in the near future. The rapid urbanization is translating into the greater inclination of consumers towards convenience foods that need less time and energy for preparation and yet are healthy. The increasing investments by international players in start-ups dealing with packaged food items are providing a tremendous boost to the growth of the market.
However, the growing awareness regarding the hazardous effects of preservatives that are used for longer shelf life is dissuading consumers from consuming packaged soups and thus impeding the growth of the packaged food market. Based on product type, the market can be divided into microwavable and ready-to-drink soups. The common channels of distribution of packaged soups are cash and carry store, convenience store, and supermarket and hypermarket.
This research report aims to estimate the market size and growth potential in the foreseeable future, by methodically examining the current scenario and the historic data pertaining to the global packaged soup market. For a lucid analysis, the report segments the market on the basis of various criteria including geography, product type, and distribution channel. Factors influencing the growth and the extent to which they impact the market are also covered in the report. The report includes information about the key players in the global packaged food market along with their latest developments, business strategies, and revenue structures.
Global Packaged Soup Market: Trends and Opportunities
The global packaged soup market is likely to witness a surge in the demand for microwavable soup in the foreseeable future. The increasing population of working class across the globe along with the changing lifestyles is encouraging consumers to seek healthy food options that require a minimum time for preparation, thereby driving the demand for microwavable soup products.
Supermarkets and hypermarkets will continue to remain the primary channel for the distribution of packaged soup products over the forecast horizon. The robust growth of the retail sector in developed and developing countries is providing a fillip to the market. Moreover, the rapid urbanization and the growing popularity of the hypermarket and supermarket retail format owing to the convenience offered by them are leading to the greater number of these outlets in developing countries.
Global Packaged Soup Market: Competitive Landscape
The continuous efforts of manufacturers to experiment with the taste and flavors of their offerings are making the global packaged soup market a highly competitive and dynamic arena. Innovative packaging and marketing activities form successful growth strategies for the majority of the players to consolidate their position in this highly fragmented marketplace. Some of the key players in the global packaged soup market are ConAgra Foods, Campbell Soup Company, Greencore, General Mills, Baxters Food Group, Hain Celestial Group, and Pacific Foods.