North America Soups Market: Snapshot
The North America soups market, over the forecast period, is prophesied to earn a fighting fit growth due to the rocketing want for healthy food items. In countries such as Mexico, Canada, and the U.S., the burgeoning demand for ready-to-go meals and more common busy lifestyle could support the ascending consumption of soups. The changing perception about soups as a healthier food choice, frequently chosen quick meals, and launch of premium and novel flavors are expected to propel the growth of the North America soups market.
As projected by the expert panel of analysts at Transparency Market Research (TMR), the North America soups market could draw a revenue of US$5.7 bn by 2020 from US$5.5 bn in 2016.
Soup Producers to Revive Younger Market with Lip-smacking Tangs
Though not the case with other regions of the world, soups form a major part of the everyday diet in most North America countries. As the people of North America look to save time on meals by opting for quicker alternatives and demand new flavors of soups such as masala curry and red pepper, the market is anticipated to attract a commendable growth during the forecast years. The most popular types of soups prevailing in the North America soups market are ultra-high temperature (UHT), frozen, dried, chilled, and canned soups.
Despite a variety of soups available in the North America soups market, consumers prefer particular varieties over other types. For instance, canned soups are considered as an inferior or old type of food. Few consumers have a similar perception about packaged soups and regard them as a relatively less healthy type of food. Such perceptions could act as barriers impeding the growth of the North America soups market. Primarily, the consumer base of the North America soups market features adult females, one-person households, and people aging 60 years and above. Moreover, the younger consumers considering soups as having a monotonous taste has made the product less popular amongst them.
Nonetheless, the recent efforts taken by leading players to target the younger demographic with interesting and premium tastes are predicted to revive the North America soups market once again. Even in terms of volume, the market is foretold to showcase a robust growth.
UHT Soups to Help America Overshadow Canada and Mexico
Out of the three countries evaluated in the report, the U.S. is forecasted to rake in the majority of the revenue in the North America soups market. From close to US$4.5 bn in 2016, the U.S. soups market is prognosticated to reach a valuation of US$4.6 bn by the end of the forecast period. Although the progress could be on the slower side, the targeted younger group of consumers is foreseen to be turned into a vital demographic for the purpose of attracting a telling demand. As explained earlier, canned along with frozen soups could lose their popularity over the course of time whereas soups that feature novel flavors are envisaged to make the cut in the U.S.
UHT soups are envisioned to be one of the fastest growing segments in the U.S., owing to the common perception about them as being the healthiest type among all other soups. They could be easily sterilized and made spores-free by treating them above 275°F. Chilled and dried soups are anticipated to grow at a slow rate in the U.S. Players can find opportunities in Canada and Mexico as well, however, they could fall short of matching up with the flourishing growth of the U.S. in the North America soups market.