Asia
Pacific Soups Market: Snapshot
The
changing lifestyle in the Asia Pacific has brought about a healthy
demand for different types of soups. Going forward, the consumption
of soups in terms of volume is slated to witness changes on account
of the changing eating habits of people and rising income levels in
the region. The nations of China, Australia, Hong Kong, Indonesia,
India, Japan, Singapore, Malaysia, New Zealand, Philippines, and
Thailand exhibit different trends when it comes to soup consumption.
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Soup,
a staple of most Asian meals, has seen its market expand in the
region on the back of demand for convenient and healthy food
products. Another factor driving growth in their market in Asia
Pacific is the increasingly busy lifestyle of the people which leaves
them little time and energy to prepare elaborate meals. Besides,
rising disposable incomes and rapid urbanization in the region have
also resulted in an upswing of sales. Hence, packaged soups are
seeing swift uptake these days in Asia Pacific.
Top-tier
players in the Asia Pacific market for soups are Unilever, Maggi, and
Campbell’s. The unique selling points of their products are
cost-effectiveness, taste, and innovation. As per Transparency Market
Research, the Asia Pacific soups market was worth US$2025.5 mn in
2014. Rising at a steady CAGR of 5.3%, it is expected to reach a
value of US$2766.6 million in 2020.
Canned
and Dried Varieties of Soups Hold a Sway in the Asia Pacific Market
Based
on the different types of soups, the Asia
Pacific soups market can be classified into frozen soups, dried
soups, chilled soups, canned soups, and UHT soups. Among them, canned
soups and dried soups are the two crucial products having a
stronghold in most countries. The dried soup segment, for example,
dominates the market in Indonesia and India. Canned soups are also
seeing substantial sales in Indonesia. Markets in Singapore, China,
Australia, and New Zealand have demand for each of the five types of
soups.
Manufacturers
in the Asia Pacific soups market are exploring various methods to
make further inroads into the lucrative markets of India and
Indonesia. For example, manufacturers are trying to bring out new
varieties of ready-to-eat mixes which would just require adding some
warm water or milk, and thereby help busy consumers save their
precious time. Additionally, they are also experimenting with
different flavors to appeal to different palates.
Soups
are purveyed through different channels. Some of them are convenience
stores, cash and carries, supermarkets/hypermarkets, and food and
drinks specialists. Of those, supermarkets and hypermarkets are
dominant marketing channels on account of the rising fortunes of the
people in the region.
China
a Key Market due to Rising Disposable Incomes
The
key geographic segments in the global soups market are Singapore,
Hong Kong, India, China, Japan, New Zealand, Thailand, and Indonesia.
Among them, China is one of the key markets for soups and going
forward too will continue holding a sway on account of growing
disposable incomes, hectic schedules, and shorter meal times. Other
important markets are Japan, Australia, and New Zealand due to the
busy lifestyle and strong purchasing power of the people in the
countries. The market in India, however, is slated to expand at a
breakneck speed due to untapped opportunities. This coupled with the
increasing spending power of the people, the burgeoning supermarkets
and hypermarkets, and substantial population will bring about
significant growth in the country.
