The
brands having the most significant share in the Europe soups market
are Progresso, Heinz, Maggi, Liebig, and Knorr. Amongst these, Maggi
and Knorr lead the soups market within France and are hence driving
the overall Europe soups market, as per Transparency Market Research.
However, Campbell, the largest soup company globally has ceased its
operations in Russia due to the fact that this company was
unsuccessful in tapping the Russian soups market.
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The
Europe soups market stood at US$3919.1 mn in 2014 and is poised to
touch US$5008.1 mn by 2020. On the basis of consumption, the Europe
soups market’s volume is predicted to rise at a CAGR of 3.90%
between 2014 and 2020. On the basis of type, the segment of canned
soups held a significant share in the market owing to the effective
marketing strategies including new product introductions such as
stand up pouches and launch of new canned soup flavors. On the other
hand, the segment of dried soups is also predicted to rise at a 3.0%
CAGR between 2014 and 2020 owing to the rising demand for convenient
soups at economical prices.
Increasing
Preference for Refrigerated Food Products to Fuel UK Soups Market
In
terms of geography, the UK soups market is predicted to touch
US$1530.7 mn by 2020. This market is predicted to rise owing to the
growing preference for ready to eat and healthy foods. The UK soups
market is fragmented in nature and requires retailers to target the
brands that are weaker for raising their market shares. The chilled
soups segment is anticipated to rise in the UK due to rising
preference of consumers toward refrigerated food products within this
nation. The size of the chilled soups market in the UK is predicted
to exhibit a 2.80% CAGR between 2014 and 2020. It has been observed
that individuals in the UK are losing interest in metal canned soups
owing to rising issues related to health and growing preference for
standup pouches because of the fact that these pouches are
attractive, light weight, and easy to open.
Russia
Soups Market to become the Most Lucrative, Soaring Demand for Dried
Soups a key Factor
The
Russia soups
market is predicted to reach US$1117.2 mn in 2020, expanding at
an 8.40% CAGR between 2014 and 2020. As per the report, Russia has
emerged as the most lucrative market for the manufacturers of soups
in Europe. The individuals residing in this nation are said to
consume soups at least six times a week. The growing demand for
different types of soups and the increasing awareness regarding
wellness and health are behind the growth of this market in Russia.
In Russia, the segment of dried soups held the dominant share by both
volume and value and is trailed by the segment of canned soups,
frozen soups, chilled soups, and UHT soups. The segment of dried
soups is rising in Russia owing to the growing variety of these kinds
of soups and hectic lifestyles of consumers in Russia. On the other
hand, the segment of canned soups is on the rise due to the longer
expiration of these soups, hence making them a convenient option
amongst consumers.
The
Europe soups market is predicted to grow due to the busy lifestyles
and the increasing health consciousness amongst individuals residing
in this region. In addition, the growing demand for fast and
convenient food products will bode well for the development of the
Europe soups market. Furthermore, the introduction of new types and
flavors of soups by the top manufacturers have also increased the
demand for soups in the European region. The increasing preference of
consumers for refreshing chilled soup flavors, particularly in warmer
climatic conditions, will also bolster the growth of this market in
Europe. However, factors such as the use of harmful preservatives and
high sodium content in packed soups may cause health issues in
individuals. The increasing awareness on the ingredients of soups may
hamper the development of the soups market in Europe.
“Nonetheless,
numerous manufacturers are introducing new and organic soups with all
natural ingredients and low sodium content, which can bring in new
growth opportunities in the soups market in Europe” says a TMR
analyst.
This
information is based on the findings of a report published by
Transparency Market Research titled, “Soups Market - Europe
Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 -
2020.”
The
segmentation of the Europe soups market is provided below:
Europe
Soups Market, By Type:
- Canned Soups
- Dried Soups
- Chilled soups
- UHT soups
- Frozen soups
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