Asia Pacific Soups Market: Snapshot
The changing lifestyle in the Asia Pacific has brought about a healthy demand for different types of soups. Going forward, the consumption of soups in terms of volume is slated to witness changes on account of the changing eating habits of people and rising income levels in the region. The nations of China, Australia, Hong Kong, Indonesia, India, Japan, Singapore, Malaysia, New Zealand, Philippines, and Thailand exhibit different trends when it comes to soup consumption.
Soup, a staple of most Asian meals, has seen its market expand in the region on the back of demand for convenient and healthy food products. Another factor driving growth in their market in Asia Pacific is the increasingly busy lifestyle of the people which leaves them little time and energy to prepare elaborate meals. Besides, rising disposable incomes and rapid urbanization in the region have also resulted in an upswing of sales. Hence, packaged soups are seeing swift uptake these days in Asia Pacific.
Top-tier players in the Asia Pacific market for soups are Unilever, Maggi, and Campbell’s. The unique selling points of their products are cost-effectiveness, taste, and innovation. As per Transparency Market Research, the Asia Pacific soups market was worth US$2025.5 mn in 2014. Rising at a steady CAGR of 5.3%, it is expected to reach a value of US$2766.6 million in 2020.
Canned and Dried Varieties of Soups Hold a Sway in the Asia Pacific Market
Based on the different types of soups, the Asia Pacific soups market can be classified into frozen soups, dried soups, chilled soups, canned soups, and UHT soups. Among them, canned soups and dried soups are the two crucial products having a stronghold in most countries. The dried soup segment, for example, dominates the market in Indonesia and India. Canned soups are also seeing substantial sales in Indonesia. Markets in Singapore, China, Australia, and New Zealand have demand for each of the five types of soups.
Manufacturers in the Asia Pacific soups market are exploring various methods to make further inroads into the lucrative markets of India and Indonesia. For example, manufacturers are trying to bring out new varieties of ready-to-eat mixes which would just require adding some warm water or milk, and thereby help busy consumers save their precious time. Additionally, they are also experimenting with different flavors to appeal to different palates.
Soups are purveyed through different channels. Some of them are convenience stores, cash and carries, supermarkets/hypermarkets, and food and drinks specialists. Of those, supermarkets and hypermarkets are dominant marketing channels on account of the rising fortunes of the people in the region.
China a Key Market due to Rising Disposable Incomes
The key geographic segments in the global soups market are Singapore, Hong Kong, India, China, Japan, New Zealand, Thailand, and Indonesia. Among them, China is one of the key markets for soups and going forward too will continue holding a sway on account of growing disposable incomes, hectic schedules, and shorter meal times. Other important markets are Japan, Australia, and New Zealand due to the busy lifestyle and strong purchasing power of the people in the countries. The market in India, however, is slated to expand at a breakneck speed due to untapped opportunities. This coupled with the increasing spending power of the people, the burgeoning supermarkets and hypermarkets, and substantial population will bring about significant growth in the country.
Asia pacific soups market has experienced varied trends across different countries such as, Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore and Thailand. Soups consumption is expected to undergo fast changes in terms of volume consumed due to changing eating patterns and changing income levels in these countries. Soups market of different countries in Asia pacific region including China, India, Japan, Singapore and Hong Kong is expected to grow markets in the next six years.
This market has segmented by types of soups produced and consumed into five types such as canned soups, chilled soups, dried soups, frozen soups and UHT soups. It also provides an insight in terms of value (USD million) and volume (kg-million) of soups consumption in Asia pacific market. In addition, the study highlights current market trends and provides forecast from 2014 to 2020. Moreover, current and future trends are also covered in this report.
By country, the market has been segmented into Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore and Thailand. This report also covers country wise preferences for different soups.
Countries such as China, India, Japan, Hong Kong, New Zealand, Philippines, Thailand and Indonesia would see a stable growth in volume and value of Soups. The major factors contributing to the growth are rapid changes in income levels, increased urbanization, and busy life style among others. In addition, the change in food patterns and trends of spending less time in kitchen is also contributing to the growth of soups market in Asia Pacific. The trend shows that the overall demand for dried soups and canned soups are more as compared to other categories.
In India, dried soup is the only soup segment which has market penetration. Indonesia has market for canned and dried soup. However, countries like China, Australia, Singapore, and New Zealand have market for each of the five segments of soups such as canned, chilled, dried, frozen and UHT. Therefore, food manufacturers are launching a variety of soups to help consumers create a genuine dining experience while cutting down the time to cook as these soups can be made ready to consume very quickly by adding water or milk and adding temperature. Consumers from China show a strong preference for local brands of soups and believe that local companies truly understand their desire, providing better value for the money when compared with foreign brands.
The soups market in Asia Pacific is likely to expand at a healthy CAGR over the next six years due to increased income level, a change in food pattern and a busy work life. Asia pacific has become an important market for international brands due to its vast potential for growth. This report helps manufacturers, suppliers and distributors to understand the present and future trends in this market and formulate their strategies accordingly. Widening distribution channels and product innovation would further boost the growth of soups market in the near future.
Soups are sold through a variety of channels. Major distribution channels such as cash and carries, supermarkets/hypermarkets, convenience stores, food and drinks specialists are among the most preferred destinations/channels for the sale of soups. Supermarkets and convenience stores have become popular channels for purchase of goods due to improvement in the living standard of people in Asia Pacific. Supermarkets and hypermarkets are likely to dominate the distribution channel by 2020. Emerging markets such as Japan, Thailand, New Zealand, Indonesia, and Hong Kong are anticipated to witness a significant increase in consumption of soups due to increased disposable income in near future.