Soup is a type of liquid food that is prepared using vegetables, meat, fish, water, and other additives. Consumption of soup has many benefits. It is a source of nutrients, which are essential for proper functioning of the body. American Heart Association recommends that an adult should consume eight or more servings of vegetables and fruits per day. Soups can help to achieve this amount easily. The growing demand for convenience foods, increasing health awareness, introduction of new flavors in the market, and attractive advertisements by the soup manufactures are the key drivers of soups market. Moreover, urbanization, growing disposable incomes, increase in working women population, and hectic lifestyle are further fueling the growth of soups market. The rising awareness about health risks associated with the consumption of preservatives in ready-to-cook soups is a major restraint for soups market. However, many manufacturers are introducing products with low preservative content.
Soups Market Taxonomy
Based on product type, the soups market is segmented into
Based on distribution channel, the soups market is segmented into
Dried soup is projected to be the largest segment in the soups market, owing to the high demand for quick meals. Demand for canned soups is decreasing, owing to the increasing health awareness of consumers about the presence of preservatives in these soups and dislike for heavy metal packaging. Furthermore, consumers prefer soups, which are easier to open as compared to canned soups and come in biodegradable packaging. Hypermarkets and supermarkets are the biggest and favorable distribution channels in the soups market.
Soups Market Outlook
The companies are adopting various inorganic and organic growth strategies such as new product launch, mergers, and acquisitions to retain their market position. For instance, Campbell Soup acquired Pacific foods in June 2017 for US$ 700 million. An example of new product launch is the Well Yes! Line of soups by Campbell, which contains ingredients such as kale, farro, sweet potatoes, and quinoa in January 2017. Key market players in the soups market are Associated British Foods, Baxter’s Food Group, B&G Foods, Inc., Campbell Soup Co., Greencore Group Plc., General Mills, Inc., Nestlé S.A., Nissin Foods Holdings Co. Ltd, The Kraft Heinz Company, and Unilever Plc.
Soups Market: Key Developments
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