The
market for soups in North America thrives on the presence of a large
pool of soup producers. However, only a few of them, namely, Campbell
Soup Co., ConAgra Foods Inc., Nissin Foods Co. Inc., General Mills
Inc., and Kraft Foods have managed to achieve a strong foothold in
this market, finds a research study by Transparency Market Research
(TMR).
These
players largely rely on product innovation and advancements for the
expansion of their businesses. The introduction of new products with
extra nutritional value or in different flavors has been the most
favored strategy among them over the years, which eventually, has
intensified the competition within the market. In order to normalize
the competition, companies in the North America soups market need to
shift their focus towards partnerships, mergers, and acquisitions in
the coming years, recommends TMR.
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As
per the research report, the North America market for soups held an
opportunity worth US$5.5 bn in 2014. Expanding at a CAGR of 1.08%
during the period from 2014 to 2020, the market is estimated to
increase to US$5.7 bn by the end of the forecast period. Dried soups
or soup powders have emerged as the most valued products in this
market and the trend is likely to remain so over the next few years.
Driven
by Growing Demand for Convenience Food, U.S. Soups Market to
Retain Dominance
According
to researchers at TMR, the U.S., Canada, and Mexico are the key
domestic markets for soups in North America. Among these, the U.S.
led the overall market in 2014, reaching 655.7 kg mn in terms of
volume consumed. With the growing demand for convenience and
ready-to-eat food products, the U.S. market for soups is expected to
retain its dominance in the forthcoming years.
Mexico
and Canada are also witnessing a significant rise in the demand for
soups, thanks to the growing preference for quick meals among
consumers. The introduction of new flavors, such as red pepper and
masala curry, is likely to boost the demand for soups in these
domestic markets over the next few years, states the research report.
Demand
for Soups to Augment due to Busy Lifestyles of Consumers
“The
North America soup market is highly influenced by the ever-changing
lifestyle and food habits of consumers in the region,” says the
author of the study. Due to the very little effort needed in the
preparation of soups, they are very convenient for consumers with
fast-paced routines.
On
account of this time efficiency, soups are gaining a robust
popularity across North America, which is leading to a remarkable
growth of this market. Other than this, the increase in the launch of
new flavors with added nutritional value is also augmenting the
consumption of soups in this region, supporting the market
considerably.
Lack
of Proper Supply Chain Management to Hamper Market’s Growth
While
the North
America soups market is forecast to grow steadily, the lack of
proper supply chain management is anticipated to act as a restraint
to the market’s growth in the near future. For example, an
efficient cold chain supply and timely delivery are required for
chilled soups, which escalate the cost of the product and
consequently, affect the demand.
Apart
from this, the increasing reports of adverse effects on consumers’
health caused by the high amount of preservatives used in canned
soups are also expected limit their demand over the next few years,
notes the study.
The
study presented here is based on a report by Transparency Market
Research (TMR) titled “Soups Market (Product - Canned, Dried,
Chilled, UHT, and Frozen Soups) - North America Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2014-2020.”
The North America soups market is segmented into:
By Product
- Canned Soup
- Dried Soup
- Chilled Soup
- UHT Soup
- Frozen Soup
By Country
- U.S.
- Canada
- Mexico
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