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.
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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:
Product
type
- Canned
- Dried
- Chilled
- UHT
- Frozen
Country
- U.S.
- Canada
- Mexico
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