Global canned soup market is projected to grow at a CAGR of 4.8% during the forecast period of (2019-2024)
- The consumer's paradigm shift from homemade traditional soups to ready to eat canned soups is one of the major factor driving the canned soup market across various demographics. The canned soups manufacturers are actively launching new products in the market to cater to both nutritional needs as well as diversified taste preferences
- With the growth of advancements in food and packaging technologies to improve shelf-life, combined with the innovation and introduction of new regional flavored organic canned soups, is expected to boost the sales of canned soups market.
Key Market Trends
Rise In Spending On Convenience Products
The convenience food products market is growing at a faster pace across the globe with an increasing number of consumers primarily Millenials investing 30% of their monthly expenditure on ready to eat or on-to-go snack products. Furthermore, the sales through a robust distribution channel have strongly augmented the convenience food market including canned soups and are expected to continue to gain momentum during the forecast. As Soups are a part of several cuisines across the globe, the canned ready to serve soups with various health claims such as organic, less sodium and others have gained strong consumer attention among the growing the time constraint consumers who are seeking convenience yet healthy food products.
North America Emerges As The Largest Market
The increasing instances of obesity and health awareness campaigns in North America have resulted in the demand for packaged soups, which contain natural and fresh ingredients with minimum preservative content. Owing to increasing consumption of packaged soups, the canned soup market has paved the way for the manufacturers to expand their product range with more variants in flavors and taste as well as health claims. As the North American soup market is well established; the region’s self-sufficient production capabilities have made it a potential market for the foreign soup manufacturers to expand their business under different packaging techniques including canned. Increasing product varieties, increasing consumption of health and wellness products, and active promotions by the players in the market are contributing to the growth of the soup market in North America during the forecast period.
The global canned soup market is consolidated, particularly with the increase in the number of global and regional players who account for major share of the global market. Owing to its diversified product portfolio that includes condensed soups, microwavable soups, ready-to-eat soups, organic soups, and others, Campbell soup Company accounted for the largest share of the global canned soup market. Over the last few years, the expansion in the emerging economies has been a key strategy responsible for the company’s growtth. Other players in the market include - ConAgra Foods, General Mills, Subo Foods, The Kraft Heinz Company, General Mills, Unilever, Amy's Kitchen, among others.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.2 By Category
5.3 By Processing
5.3.1 Regular Soup
5.3.2 Organic Soup
5.4 By Distribution Channel
5.4.2 Convenince Stores
5.4.3 Food Specialty Stores
5.4.4 Online Stores
5.5.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.5.3 Asia Pacific
18.104.22.168 Rest of Asia-Pacific
5.5.4 South America
22.214.171.124 Rest of South America
5.5.5 Middle East and Africa
126.96.36.199 South Africa
188.8.131.52 United Arab Emirates
184.108.40.206 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Strategy Adopted by Key players
6.2 Most Active Companies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Campbell Soup Company
6.4.2 General Mills Inc
6.4.3 Hain Celestial
6.4.4 The Kraft Heinz Company
6.4.6 Amy's Kitchen, Inc.
6.4.7 Baxters Food Group Limited
6.4.8 Bar Harbor Foods
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.