In a recent published report, Kenneth Research has updated the market report for Ready-to-Eat Soup Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Ready-to-Eat Soup Market products.
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The Ready-to-eat Soup Market was valued at USD 2,160 million by 2017, growing with 2.6% CAGR during the forecast period, 2018-2025
The Global Ready-to-eat-soup Market is one of the fastest growing sectors in the food and beverages industry across the globe. Soup is often considered as a healthy food item, suitable for consumption through all seasons. The growth of the ready-to-eat soup market is preliminary bound to micro-economic and macro-economic factors. The demand for ready-to-eat-soup is increasing due to the growing prevalence of obesity among the younger population. The key players are coming up with a new flavors, which is expected to drive the growth of the ready-to-eat-soup market in the near future.
The global ready-to-eat-soup market will grow at a significant rate in the near future as busy schedules make consumers shift towards convenient food products. The increasing availability of a large variety of flavors is steadily attracting the young generation, creating a positive impact on the growth of the market.
Technological advancements in packaging coupled with growing distribution channels such as supermarkets and hypermarkets has increased sales for the ready-to-eat soup market. In recent years, the sales of tomato soup have been increased due to its ready-to-eat availability. Introduction of proteins and vegetables in the ready-to-eat soups has lured in diet-conscious consumers, which is expected to stoke market growth.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
However, decreasing popularity of packaged food items due to health concerns pertaining to preservatives is creating a negative impact. Packaged food mainly contains preservatives and additives, which is acting as a major deterrent for the market.
In terms of ingredients, the market is divided as Mixed Vegetables, Tomato, Artichokes, Beans, Beef, Chicken, and Others. The tomato segment is anticipated to dominate the global read-to-eat soup market in the forthcoming years.
By Sales Channel
The market is categorized as Convenience Stores, Modern Trade, HORECA, Convenience Stores and others, depending upon sales channels. The HORECA sales channel segment is expected to lead the global market in the coming years, earning the overall market its highest revenue.
North America is expected to dominate the global ready-to-eat soup market due to the growing urban population and increasing consumption of packaged food and beverages among consumers. The demand for soups is relatively higher in countries like the U.S. due to harsh winters and the broad distribution channel networks.
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Key Vendors Takeaway
Some of the top players operating in the global ready-to-eat soup market are Campbell Soup Company, The Kraft Heinz, Yorkshire Provender, New Covent Garden Soup Limited, Amy’s Kitchen Inc., Baxter’s Food Group Limited, and Premium Foods PLC.
With the growing demand for ready to eat food products, manufacturers are entering into the strategic mergers and acquisitions to launch innovative products. For instance, The Kraft Heinz has invested US$117 mn in 2017 for a new development plant in Brazil. Campbell Soup Co. had completed its acquisitions with Pacific Foods with an aim to bring up its new distribution networks and also enhanced the quality of its customer service.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY INGREDIENTS
MARKET, BY SALES CHANNELS
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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