Transparency Market Research recently published a market research report that offers an insightful take on the North America soups market . The research report, titled “Soups Market – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020”, highlights the several factors impacting the market. With the help of SWOT analysis, the research report sheds light on the strengths, weaknesses, opportunities, and threats in the soups market in North America. Furthermore, it also examines the threat of new entrants, the threat of substitute products or services, the bargaining power of customers (buyers), the bargaining power of suppliers, and the intensity of competitive rivalry.
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According to the research report, the soups market in North America was valued at US$5.4 bn in 2014 and is expected to reach US$5.7 bn by 2020, with a declining CAGR of 0.70% expected from 2014 to 2020. The soups market in North America will grow at a slow pace, as this staple food item will continue to be an integral part of the dietary intake of several Americans in the coming years, ensuring steady demand but not much scope for expansion.
The busy lifestyles of consumers in North America are the prime growth driver for the steady consumption of soups in North America. Furthermore, the increasing awareness about eating minimally processed food items and living healthy has prompted several soup manufacturers in North America to introduce a wide range of products that cater to these needs.
The soups market in North America is segmented on the basis of product and geography. The products in the soups market in North America are dried, canned, , chilled, frozen, and UHT. Geographically, this market is divided into Mexico, Canada, and the U.S.The most popular type of soups in the market are dried soups or soup powders, due to the convenience they offer to consumers. These soups are often packaged in small sachets and only require the addition of boiling water prior to consumption. The convenient packaging and minimal preparation time are making dried soups an exceptional hit amongst the North American population. Unfortunately, the high processing procedures involved in canned soups is making this category of soups lose out on its share in the soups market in North America. The research report suggests that the demand for chilled soups and dried soups will continue to grow at a steady pace. All the three regions in this market will show a decent growth rate for the chilled soups segment in the soups market in North America.