Ready-to-Eat Soup Market Outlook and Opportunities in Grooming Regions with Forecast to 2022

From: Fact Market Research
Published: Fri Jul 19 2019

A new research report published by Fact.MR predicts that the global ready-to-eat soup market will grow at an estimated CAGR of 5.9% during the period 2017-2022 and exceed a value of US$ 750 Mn by the end of 2019. The study opines that ready-to-eat soups market will be driven by a cohort of factors, including rising demand for convenience foods, increasing number of women in workforce, and consumption of soups for treating common colds and sore throats. According to the study, manufacturers are aware of the evolving consumer preferences, and are diversifying their product portfolio to cater to the tastes of a wide range of consumers.

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

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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.

Introduction of vegetable ingredients and proteins in the ready-to-eat soup products that enhance the health quotient has increased the affinity of diet-conscious consumers towards their purchase, which remains an influential growth determinant for the global ready-to-eat soup market.

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.

The emergence of online channels as a viable sales channel has provided new avenues of growth to ready-to-eat soup brands. In addition, there has been an increase in the online purchasing trends among consumers, which is expected to hold a significant share of the global ready-to-eat soup market. On the whole, online stores will remain the fastest growing sales channel in the global ready-to-eat soup market with an estimated CAGR of over 6% through 2022. The online sales channel will be most lucrative in North America, with nearly US$ 31 Mn worth of ready-to-eat soups predicted to be sold in 2019.

The comprehensive study on the global ready-to-eat soup market is the outcome of a precise and tried-and-tested research methodology leveraged to compile the report and analyze the significant restraints, drivers, and trends of the global ready-to-eat soup market. Both – the primary as well as the secondary research methodologies have been employed to extract valuable information on the global ready-to-eat soup market.

Interviews with industry experts of the ready-to-eat soup market were scheduled to form the foundation of the primary research of the ready-to-eat soup market, while trade journals, press releases, paid sources and similar other publications related to the ready-to-eat soup market. At last, both the research methodologies are combined to filter out any misleading information and compile the report with only precise of the information on the global ready-to-eat soup market.

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