Global Packaged Soup Market: Snapshot
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 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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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.
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.
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Global Packaged Soup Market: Geographical Segmentation
The key regions meticulously examined in the research report are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America will be a prominent market throughout the forecast period. The increasing hectic lifestyles of people is prompting them to shift towards convenience products that can be consumed directly without any preparation. Rapid urbanization and the high spending power of consumers are also propelling the growth of the region. The growth of Europe can be attributed to the changing lifestyles of the populace.
Asia Pacific will exhibit a strong growth during the same span owing to the growing population of working professionals. The increasing urbanization and rising disposable income are stimulating the sales of packaged food items, thereby augmenting the market.