Technavio, a tech-focused market research firm, has published a new report on the global packaged soups market, which is expected to experience a slow but steady growth rate with a CAGR of more than 4% during the forecast period 2016-2020.

This latest report by Technavio covers the market outlook and growth prospects of the global packaged soups market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.

Based on geographical division, Technavio market researchers segment the global packaged soups market into the following key regions: the Americas, APAC, Europe, and MEA.

Geographical segmentation of the global packaged soups market for 2015 (market share %)

Americas 48.10% Europe 32.59% APAC 14.21% MEA 5.10%

Source: Technavio

Packaged soups market in the Americas

The packaged soups market in the Americas accounted for around 48% share of the global packaged soups market in 2015 and is expected to gain more prominence during the forecast period owing to the convenience offered by them. The busy lifestyles of people have increased the demand for ready to eat food such as packaged soups as it can be consumed directly without any preparation. With decreasing cooking time, it is estimated that, on an average, consumers in countries like Mexico, the US, and Brazil spent about an average of 6 hours per week for cooking, and this helps the packaged soup manufacturers to further market their products and attract consumer attention during the forecast period.

According to Manjunath Reddy, a lead analyst at Technavio, specializing in research on non-alcoholic beverages, “Two factors expected to upsurge the sales of packaged soup products during the forecast period are rising disposable income and increasing urbanization. Latin America has the highest urban population in the world which is set to grow significantly in the future. As per the World Bank statistics, almost 77% of the total population in Latin America was living in urban areas in 2015. Such rapid shift towards urbanization has increased the consumption of convenience foods in the region, contributing to the growth of packaged soups market.”

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Packaged soups market in Europe

The rising demand for packaged soups in Europe is mainly due to the convenience factor of the packaged soup products and is expected to increase further during the forecast period. The increase in the Asian population in Europe is also influencing the growth of the packaged soups market as manufacturers are launching new flavours to follow the trend like sweet corn soup and sweet corn meat soup. Factors such as urbanization, new product launches, rise in disposable income, and increased marketing campaigns by the vendors are expected to boost the demand for packaged soups in Europe during the forecast period.

Packaged soups market in APAC

The major factor responsible for the growth of packaged soups market in APAC is the increasing demand for healthy convenience foods. Owing to the ever-changing lifestyle of consumers and the rising working woman population has compelled the major vendors in the region to launch new ready-to-drink and microwavable soup products in the market. The busy lifestyle of consumers has decreased the cooking time and it is estimated that, on an average, consumers in China spent about 6 hours per week cooking, and consumers in South Korea spent about 4 hours cooking per week in 2015, which is expected to decrease further during the forecast period. The two major factors contributing to the growth of the packaged soups market in APAC are the per capita disposable income and the rate of urbanization in APAC countries.

Packaged soups market in MEA

The growth of the packaged soups market in MEA is primarily driven by the rising disposable income, increase in working women population, surging urbanization, convenience factor, and multiplying expatriate population. The number of working women in the Middle East and Africa is growing, which has also augmented the demand for convenience food products such as packaged soups owing to the limited availability of cooking time. In 2014, about 18% of the total working population in Iran was women, and this is likely to increase during the forecast period, resulting in overall sales of packaged soups in the region.

The top leading vendors operating in the global packaged soups market are:

Campbell Soup Company

ConAgra Foods

General Mills

Greencore

Hain Celestial

Other prominent vendors in the market include Amy’s Kitchen, Baxters Food, Kettle Cuisine, New Covent Garden, Pacific Foods, and The Real Soup Company.

A more detailed analysis is available in the Technavio report tilted, ‘Global Packaged Soups Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.

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