Ready to Eat Soup Market
Ready to Eat Soup Market By Product Type ( Wet Soup, Dry Soup), By Ingredient (Vegetarian soup, Non-vegetarian soup), By Nature (Organic, Conventional), By Packaging Type (Bottles, Cans, Packets), By Sales Channel, By Region - Global Market Insights 2020-2030
Analysis of Ready to Eat Soup market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Ready to Eat Soup Market Outlook (2020-2030)
Ready to eat (RTE) soups are amongst some of the food products that consumers are stocking and panic buying owing to the fears of shortage amid Covid-19 pandemic. Eyeing this, manufacturers of RTE soups have increased production of RTE soups as their production facilities are yet to feel the brunt of lockdowns.
However, sourcing of ingredients has become difficult owing to a disruption in supply chain. RTE soup manufacturers that have been sourcing raw materials locally are in an advantageous position, whereas those largely dependent on imports are finding it difficult to cater to the rising demand.
Campbell Soup Company, for instance, sources around 90% of its raw materials from within the US and thus is capable of meeting the sudden spurt in demand due to pandemic.
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Expected Surge in Demand for Vegetarian Ready-to-Eat Soup Market will lead to Higher CAGR growth
Vegetarian Ready-to-Eat Soup currently accounts for nearly 1/3rd of the overall Ready-to-Eat Soup market owing to the shift in consumer demand for vegan food products. In South Asian market vegetarian soup segment is expected to generate higher revenue with growth pegged at 2.5X during the forecasted period. However, in United States and Europe growth is pegged at a CAGR of 5% owing to the demographic shift towards vegan products.
Opportunities Abound for Ready-to-Eat Soups in Business to Consumer Sales
The demand for Ready-to-Eat Soup has been observed to surge through online stores. Online stores are one of the trending channels in the countries which are generating significant demand for Ready-to-Eat Soup products. In the current pandemic, customers are heavily relying on online sales channels in developing countries like India and China, thus bolstering growth within the ready-to-eat soup market.
North America has exhibited the strongest distribution networks where nearly 50% of the sales are carried down by modern sales channels for ready-to-eat soup market. Departmental stores account for nearly 12% of the global supply distribution channel for Ready-to-Eat Soup market however, it is forecasted to grow up to 15% by 2029 tending to be an opportunity.
Besides, easy availability of soups through multiple sales channels has enabled a smooth supply-chain framework for manufacturers. Innovative aisle marketing in supermarkets and retail stores are set to position the Ready-to-Eat Soup products to match the consumer behavior. This has been turning out to be a new trend among players, owing to the strong partnership between companies and stores.
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Emerging Countries to Create Notable Opportunities for Marketers
The emergence of veganism and clean label products have increased market share for ready-to-eat soups in South Asia and is projected to bolster growth of the market in this region. India is expected to retain its dominance in revenue generation for Ready-to-Eat Wet Soup. However, demand from other emerging markets like China, Turkey, Russia, Thailand etc. will show a prolific absolute $ opportunity.
Competition in Ready-to-Eat Soup Market heating up with Innovative Product Launches
Global Ready-to-Eat Soup market is a consolidated market where tier 1 players hold nearly 80% of market share. Among tier 1 players, Campbell’s holds nearly 90% share, while tier 2 and tier 3 companies are focusing in emerging markets and are expanding their processing plants in these regions.
- In October 2019, Campbell’s launched Signature Reduced Sodium Soups, where the company has targeted the Ready-to-Eat Soup market to cater to the growing low sodium soup demand. The company states that its products is for patients and consumers who follow low sodium diets.
- In February 2020, Knorr launched three different flavored vegan soups in United Kingdom, where the products were part of “cheat on meat” campaign carried out by the company.
- In October 2019, Amy’s Kitchen launched a new range of soup products in a new packaging format to attract more consumers. Along with this, company is opening up a new facility in New York to increase sustainable capacity.
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Impact of Covid-19 on ready-to-eat soup market
Ready to eat soups are considered healthy and an effective remedial measure for consumers suffering from cough and cold. COVID-19 positive consumers showcasing similar symptoms are accelerating the demand for RTE soups owing to which sales for ready to eat soups have soared.
A moderate demand-supply gap is expected for 2020, as supply will be limited to fewer manufacturing facilities and is dependent on a limited operational workforce. Moreover, due to disruption in trade, export to other countries is stalled, thereby representing a heterogeneous distribution of ready to eat soups.
“South Asia has a consolidated market for ready-to-eat soup market. However, vegetarian ready-to-eat soups have comparatively better growth opportunities than non-vegetarian soups owing to an expanding vegetarian population in the region” says Fact.Mr analyst.
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, France, U.K, Spain, Benelux, Russia, Rest of Europe)
- South Asia (India, Thailand, Malaysia, Rest of South Asia)
- East Asia (China, Japan, South Korea)
- Oceania (Australia & New Zealand)
- Middle East and Africa (GCC Countries, North Africa, South Africa, Turkey, Rest of MEA)
Ready-to-Eat Soup Market: Segmentation
FactMR’s study has done the segmentation of ready-to-eat soup market on the basis of product type, base ingredient, nature, packaging type, sales channel and region.
By Product Type :
- Wet Soup
- Dry Soup
By Ingredient :
- Vegetarian soup
- Other ingredient
- Non-vegetarian soup
- Sea food
- Other ingredients
- Vegetarian soup
By Nature :
By Packaging Type :
By Sales Channel :
- Modern Trade
- Online Stores
- Drug Stores
- Departmental Stores
- Conventional Stores
- Departmental Stores
- Convenience Stores
- Other Sales Channels
By Region :
- North America
- Latin America
- W. Europe
- E. Europe
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The market share of conventional ready-to-eat soup has a dominance in the overall soup demand. However, organic ready-to-eat soup will grow at a CAGR of nearly 7% during the forecast period.
United Kingdom is expected to dominate the European market by accounting for 40% of the market, owing to its rising contribution to modern trade and efficient sales channels.