The
global canned soups market is predicted to reap the benefits of
organic products being launched as a response to the concerns of
health-conscious consumers. Besides this, the trend of producing
products with a minimal effect on the environment, lighter weight,
and easy operability could bode well for the growth of the market.
Private brands could threaten the position of top brands in the
industry by gradually improving their market share. Distribution,
pricing, and innovation could be three important factors basing the
competition in the market. Leading regions such as Asia Pacific are
expected to take advantage of the changing taste of consumers.
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Transparency
Market Research (TMR) forecasts the global canned soups market to
garner a revenue valuation of US$6.5 bn by 2022 end from a US$4.9 bn
attained in 2017 at a CAGR of 5.8%.
Global
Canned Soups Market: Major Insights
The
world canned soups market is foretold to gain momentum from the
rising demand for convenience foods. However, health concerns could
hinder the growth of the market. Nonetheless, canned soup vendors
realizing the need of health-conscious consumers focus on building a
portfolio of products that incorporate vital ingredients such as
vitamins and minerals and more vegetable content. Thus, the effect of
the deterrent could be countered significantly well in the market.
Increasing disposable income and longer shelf-life of canned soups
are anticipated to cement growth for the market. The market could
expect to roof a healthy competition in the coming years due to new
product launches within its different segments.
According
to the segmentation by product, the world canned
soups market is prophesied to include ready-to-serve wet
soup, condensed wet soup, and others. As per the analysis presented
in the report, ready-to-serve wet soup could top market share in the
coming years. This market for canned soups is forecasted to rise at a
6.1% CAGR during the forecast period. In 2017, it earned a 55.0%
share in the global market. As per ingredient, the market could
witness a division into tomato, beans, chicken, beef, broths,
artichokes, mixed vegetables, and other ingredients.
Regionally,
the world canned soups market is prognosticated to be segregated into
Europe, North America, Asia Pacific except Japan (APEJ), Latin
America, and the Middle East and Africa (MEA). The report also
foresees Japan as a segment of the market but with a dwindling
growth. It is estimated to account for a mere 3.7% share in 2017 and
could lose 15 basis points (BPS) by 2022. APEJ, however, could
dominate the market while growing at a 7.1% CAGR. North America is
envisioned to be another region with a promising growth rate. Europe
could also gather a fetching share but lose some BPS in the process.
Global
Canned Soups Market: Vendor Landscape
The
worldwide canned soups market is projected to testify the presence of
top companies such as Campbell Soup Co., Knorr Foods Co. Ltd., The
Kraft Heinz Co., Compass Group USA, Inc., Juanitas Foods, General
Mills, Inc., Conagra Brands, Inc., Trader Joe's Company, Hain
Celestial Group, Inc., Amys Kitchen, Inc., and Baxters Food Group
Limited.
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