The customer base of the North America soups market mainly comprises people aged sixty and above and one-person households, Transparency Market Research (TMR) finds in a new study. Leading soup companies are introducing new and premium flavors of soups to attract consumer attention.
Companies are mainly targeting the younger generation when introducing new flavors owing to the lesser popularity of soups among this consumer base. The growing appeal for healthy and natural-ingredient-based foods in North America is forcing manufacturers in the soup market to ensure that the newly launched products are made using fresh ingredients, with minimum use of preservatives. Campbell Soup Company is one of the key players operating in the North America soups market.
The North America soups market is expected to be worth US$5.7 bn by 2020. The market was valued at US$5.5 bn in 2015. The U.S., followed by Mexico is expected to lead in the soups market. The U.S. soups market is expected to be worth US$4.6 bn by 2020. The soups market in the U.S. is expected to grow in the coming years owing to a rise in the demand for healthy and ready-to-eat food products. The introduction of new flavors to attract the younger consumers will also contribute to the growth of the market. On the basis of type, the dried soups segment is expected to witness a significant growth owing to the convenience offered by the packaging of the product.
Increasing Preference for Convenience Foods Driving North America Soups Market
The North America soups market is driven by an increased demand for convenience food products that help save time and effort of consumers. The demand for packaged soups has increased due to the minimal time required for preparation and the wide variety available. Vegetable, chicken, fish, tomato, clear soup, and mushroom are the different types of soups available, which are attracting consumers and driving the market.
The increasing busy lifestyles of people and also a rise in the number of working women are driving the North America soups market. The increasing preference for quick meals and the easy availability of soups are helping the market to grow. The introduction of newer flavors in soups such as masala curry and red pepper are expected to attract more consumers, driving their demand.
Negative Perception Regarding Packaged and Canned Soups being Less Healthy behind Declining Demand
“Negative perception among consumers regarding packaged soups being relatively-less healthy food products or about canned soups not being fresh and inferior in terms of quality acts as barriers for the market,” said a lead TMR analyst. The demand for chilled soups and frozen soups is high during summer and declines as the temperature drops. Additionally, chilled soups require highly efficient cold chain management, including technology and timely delivery, to eliminate the risk of spoilage and foodborne illnesses. In Mexico, the preference for frozen soups is particularly low, as they needs to be refrigerated and stored. Moreover, frozen soups are perishable, thus impeding their demand.
The less popularity of soups among the younger generation is one of the restraints affecting the market in North America. The monotonous taste of soups is one of the reasons behind the declining consumption among the younger consumer base.
Frequent New Product Launches to Ensure Continued Interest in Soups
The soups market in North America is highly competitive. Thus, manufacturers operating in the soups market strive to gain competitive edge by means of frequent innovation in soup ingredients and by introducing new variants of soups. One of the key trends emerging in the soups market is the development of soups that have high quality ingredients and also high in terms of nutritional value. These nutritional soups have high appeal among an expanding segment of the society who are health conscious.
This information is based on the findings of a report published by Transparency Market Research titled “Soups Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020.”
The soups market in North America segmented as follows:
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