The
Europe
soup market has emerged significantly in the last couple of years
and is expected to expand further by the end of 2020. The hectic
daily schedule of people living in Europe and their shifting
preference towards healthier food are expected to boost the demand
for soup in major European countries such as France, UK, Russia and
Germany among others. Additionally, the availability of a wide range
of products, growing popularity of health and wellness trends and
active promotion by soup manufacturers have emerged as key driving
forces of soup markets in European nations.
Europe
Soup Market - Trend and Market Segmentation
The
Europe soup market is studied largely on the basis of types of soups
and their corresponding demand generated in individual countries.
With
the evolution of technology, consumers today are treated with better
and wider options of soup types. According to types of soups, the
Europe soup market can be classified into variants of chilled soups,
frozen soups, canned soups, UHT soups and dried soups. This
segmentation promotes better understanding in terms of volume and
value of soup consumption across different European nations.
The
market for canned soup among others is experiencing bit of a setback
in its European pockets. Trends depict a declining interest among
customers towards metal canned soups since they are difficult to
open. Moreover, given their heavy packaging formats, these canned
soup containers are also responsible for carbon footprints. Soup
manufacturers in Europe can capitalize on the huge scope in market to
increase the demand for their products by replacing the traditional
metal canned containers with newer and more improved stand up
pouches.
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Among
the different types of soups available in the market, the consumption
of dried soups has emerged as a favorite among consumers. The market
for dried soups has registered a steady increase in demand and
significant growth is predicted in the period between 2014 and 2020.
People living in European nations lead fast paced lives and quick
meals have come across as the most convenient dietary option for
them. This lifestyle has given a boost to the demand for dried soups
in European markets. However, canned soups could fetch only little
from this lucrative trend, since most people believe that the metal
format soups contain preservatives which are harmful for health and
should be avoided.
Growth
Prospect across European Nations
Nation
wise the market for soup in Europe can be segmented into UK, Italy,
France, Germany, Spain and Russia. In countries like France, Russia
and UK the demand for soup is expected to grow significantly in the
years to come. This can be attributed to the rising health
consciousness that has further increased the demand for western and
healthier food. The soup market in Germany is also expected to grow
in the forecast period.
The
market for soups in Russia and UK is expected to register growth at a
higher CAGR compared to other European nations in the forecast
period. The increasing demand for healthy and affordable food,
changing demographics and other similar factors is anticipated to
boost the soup market in Italy as well.
Among
the different European nations the market behavior in Spain is
distinctly different from the rest of Europe. Due to a high rate of
unemployment, soup consumers across the country sees price as a key
variable while making their purchase decisions. This has resulted in
mottled shopping habits among soup consumers in Spain. Hence, the
growth prospect of soup market in the country seems meager. Similarly
consumers in France consume soup only during winters. Manufacturers
therefore, are investing on product
innovation
so that they can boost soup consumption in France throughout the
year.
Soup
in European region is distributed through chains of supermarkets,
hypermarkets and convenience stores, cash and carries and food and
drinks specialists.
Key
Players - Dominant brands in Europe Soup Markets
Knorr,
Maggi, Heinz, Liebig and Progresso among others enjoy having the
maximum market share in the European region. For instance, the soup
market in France is dominated by Knorr and Maggi. In 2014, the Europe
soup market was valued at US$ 3919.1 million and it is predicted to
reach US$ 5008.1 million by the end of 2020 registering growth at a
CAGR rate of 4.2% in the forecast period.
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