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I AgreeAnalysis 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 (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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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.
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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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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.
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.
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.
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.
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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.