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.
North America Soups Market: Overview
Of the many types of soups in the market today, consumers are finding a greater appeal in dried and chilled soups. Chilled soups are especially finding favor in hotter regions such as places in Mexico, as well as an overall higher rate of demand for chilled foods in Canada. Meanwhile, the ease of storage and use of dried soups is imparting this market segment a very high rate of growth for the coming years.
The study highlights current market trends and provides forecast from 2014 to 2020. In addition, current and future trends are also covered in this report. This research report on the North America soups market provides a holistic snapshot of the market’s current events and statistics. It then moves into imparting predictive knowledge to its readers regarding the way the North America soups market is likely to shape itself over the coming years. The forecasts provided in the report are generated using tried and tested research methodologies that are aimed at finding out the core details of the North America soups market that all users can benefit from. These include Porter’s Five Forces analysis for market’s drivers, restraints, and threats from new entrants and substitutes. It also includes a SWOT analysis for the market’s competitive landscape.
North America Soups Market: Trends and Opportunities:
One of the key factors promoting the sales of soups in North America today is the release of new types of soups that cater to the current consumer demographics. Most consumers today want foods that are easy and quick to eat and pack a high level of nutrition. The growing awareness of nutritional needs is one of the key factors that will shape the North America soups market over the coming years. While soups do not necessarily fall in the easy to eat categories, like sandwiches, modern packaging methods are allowing manufacturers to improve the ease of consumption of soups, thereby adding to the market’s favor.
On the basis of types, the report divides the North America soups market into frozen, dried, chilled, canned, and UHT. Canned soups have found a high volume of consumers due to their older presence in the market. Consumers are showing a steady increase in the consumption of other soup types, such as UHT soups, due to various factors such as improved shelf life and advanced storage methods. The North America soups market can also be segmented on the basis of the distribution channels, into food and drinks specialists, convenience stores, supermarkets, hypermarkets, and ecommerce portals. Ecommerce is swiftly becoming a favored consumer channel due to its ease of use and the improving shelf life of packaged soups. Meanwhile, hypermarkets and supermarkets have been the leading segments in terms of demand volume, and are likely to continue leading the North America soups market till 2020.
North America Soups Market: Region-wise Outlook:
The North America soups market is segmented into the three countries of the U.S., Canada, and Mexico. The U.S. has consistently held the leading share in the North America soups market in terms of overall value. This factor is primarily attributed to the nation’s early acceptance of canned and packaged foods and beverages, allowing a large number of national and local soup makers to penetrate the market. Players such as Campbell’s have also had a massive role to play in the North America soups market, through high level marketing and gaining a consistent number of consumers over the years. In general, packaged soups or any type of soups are finding a greater preference in North America, thanks to an increasingly hectic urban lifestyle that promotes faster consumption of foods, making consumers seek more nutritive quality in smaller and simpler food preparations, and especially in packaged foods and beverages. Canada and Mexico are also showing a steady rate of increase in the demand for canned soups due to similar reasons.
The report covers a country specific preference for different brands and types of soups, extrapolating the demand volumes and profit ratings for each region. While soups have been a traditionally winter food type, manufacturers of packaged soups have invested heavily in the promotion of soups for all weathers, multiple preferences, and with as much nutritive quality as possible.
Companies Mentioned in the Research Report:
Some of the leading players in the North America soups market at the moment, are Unilever, Nissin Foods, Kraft Heinz, ConAgra Foods, and Campbell Soups. Campbell soups has been a strong contender in the North America soups market for a long time and is likely to continue being at the forefront of the market in terms of demand volume and profits. The manufacturer maintains its lead through a high trust value thanks to a very early incorporation into the mainstream market and a consistent line of new products under different brand categories, such as Campbell’s Healthy Request, Soup at Hand, Campbell’s Chunky, and Campbell’s Select Harvest.
Key segments of the North America Soups Market:
North America Soups Market, by Type:
- Canned Soups
- Chilled Soups
- Dried Soups
- Frozen Soups
- UHT Soups
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments