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Global Packaged Soup Market: Snapshot

The global market for packaged soup, one of the most promising arms of the global packaged food and beverages industry, has emerged as one of the most popular food products across the globe in the past few years. Several factors are contributing to the immense rise in demand for packaged soup across the globe, including rapid urbanization, busy lifestyles, and a massive rise in demand for packaged and ready-to-consumer food products from the urban population.                 

In the recent past, growth opportunities have massively increased and a number of food and beverages and FMCG companies have entered the market to exploit the vast growth opportunities that it offers. Availability of several product varieties in terms of ways of preparation, ingredient, and flavors, clubbed with the rapidly expanding chains of supermarkets and hypermarkets across a number of emerging economies are also catalyzing market growth. These factors are expected to remain the key growth propellers for the market in the next few years as well, allowing it to tap a larger consumer base across a number of regional markets.

The market is expected to witness the entry of a number of new, small-scale players in the next few years, making it intensely competitive. Emerging economies are expected be host to several regional and domestic vendors that target consumers with customized product varieties suiting their taste preferences. However, international brands also hold promising growth opportunities as the thriving e-commerce sector and an increased exposure through social media sources and internet drive younger consumers to world brands.  

Global Packaged Soup Market: Overview

The global packaged soup market is poised to grow at a steady pace in the near future. The rapid urbanization is translating into the greater inclination of consumers towards convenience foods that need less time and energy for preparation and yet are healthy. The increasing investments by international players in start-ups dealing with packaged food items are providing a tremendous boost to the growth of the market. 

However, the growing awareness regarding the hazardous effects of preservatives that are used for longer shelf life is dissuading consumers from consuming packaged soups and thus impeding the growth of the packaged food market. Based on product type, the market can be divided into microwavable and ready-to-drink soups. The common channels of distribution of packaged soups are cash and carry store, convenience store, and supermarket and hypermarket.

This research report aims to estimate the market size and growth potential in the foreseeable future, by methodically examining the current scenario and the historic data pertaining to the global packaged soup market. For a lucid analysis, the report segments the market on the basis of various criteria including geography, product type, and distribution channel. Factors influencing the growth and the extent to which they impact the market are also covered in the report. The report includes information about the key players in the global packaged food market along with their latest developments, business strategies, and revenue structures.

Global Packaged Soup Market: Trends and Opportunities

The global packaged soup market is likely to witness a surge in the demand for microwavable soup in the foreseeable future. The increasing population of working class across the globe along with the changing lifestyles is encouraging consumers to seek healthy food options that require a minimum time for preparation, thereby driving the demand for microwavable soup products.

Supermarkets and hypermarkets will continue to remain the primary channel for the distribution of packaged soup products over the forecast horizon. The robust growth of the retail sector in developed and developing countries is providing a fillip to the market. Moreover, the rapid urbanization and the growing popularity of the hypermarket and supermarket retail format owing to the convenience offered by them are leading to the greater number of these outlets in developing countries.

Global Packaged Soup Market: Geographical Segmentation

The key regions meticulously examined in the research report are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America will be a prominent market throughout the forecast period. The increasing hectic lifestyles of people is prompting them to shift towards convenience products that can be consumed directly without any preparation. Rapid urbanization and the high spending power of consumers are also propelling the growth of the region. The growth of Europe can be attributed to the changing lifestyles of the populace.

Asia Pacific will exhibit a strong growth during the same span owing to the growing population of working professionals. The increasing urbanization and rising disposable income are stimulating the sales of packaged food items, thereby augmenting the market.

Global Packaged Soup Market: Competitive Landscape

The continuous efforts of manufacturers to experiment with the taste and flavors of their offerings are making the global packaged soup market a highly competitive and dynamic arena. Innovative packaging and marketing activities form successful growth strategies for the majority of the players to consolidate their position in this highly fragmented marketplace. Some of the key players in the global packaged soup market are ConAgra Foods, Campbell Soup Company, Greencore, General Mills, Baxters Food Group, Hain Celestial Group, and Pacific Foods.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Packaged Soup Market