The global canned soups market is predicted to reap the benefits of organic products being launched as a response to the concerns of health-conscious consumers. Besides this, the trend of producing products with a minimal effect on the environment, lighter weight, and easy operability could bode well for the growth of the market. Private brands could threaten the position of top brands in the industry by gradually improving their market share. Distribution, pricing, and innovation could be three important factors basing the competition in the market. Leading regions such as Asia Pacific are expected to take advantage of the changing taste of consumers.
Transparency Market Research (TMR) forecasts the global canned soups market to garner a revenue valuation of US$6.5 bn by 2022 end from a US$4.9 bn attained in 2017 at a CAGR of 5.8%.
Global Canned Soups Market: Major Insights
The world canned soups market is foretold to gain momentum from the rising demand for convenience foods. However, health concerns could hinder the growth of the market. Nonetheless, canned soup vendors realizing the need of health-conscious consumers focus on building a portfolio of products that incorporate vital ingredients such as vitamins and minerals and more vegetable content. Thus, the effect of the deterrent could be countered significantly well in the market. Increasing disposable income and longer shelf-life of canned soups are anticipated to cement growth for the market. The market could expect to roof a healthy competition in the coming years due to new product launches within its different segments.
According to the segmentation by product, the world canned soups market is prophesied to include ready-to-serve wet soup, condensed wet soup, and others. As per the analysis presented in the report, ready-to-serve wet soup could top market share in the coming years. This market for canned soups is forecasted to rise at a 6.1% CAGR during the forecast period. In 2017, it earned a 55.0% share in the global market. As per ingredient, the market could witness a division into tomato, beans, chicken, beef, broths, artichokes, mixed vegetables, and other ingredients.
Regionally, the world canned soups market is prognosticated to be segregated into Europe, North America, Asia Pacific except Japan (APEJ), Latin America, and the Middle East and Africa (MEA). The report also foresees Japan as a segment of the market but with a dwindling growth. It is estimated to account for a mere 3.7% share in 2017 and could lose 15 basis points (BPS) by 2022. APEJ, however, could dominate the market while growing at a 7.1% CAGR. North America is envisioned to be another region with a promising growth rate. Europe could also gather a fetching share but lose some BPS in the process.
Global Canned Soups Market: Vendor Landscape
The worldwide canned soups market is projected to testify the presence of top companies such as Campbell Soup Co., Knorr Foods Co. Ltd., The Kraft Heinz Co., Compass Group USA, Inc., Juanitas Foods, General Mills, Inc., Conagra Brands, Inc., Trader Joe's Company, Hain Celestial Group, Inc., Amys Kitchen, Inc., and Baxters Food Group Limited.