Analysis of Ready-to-Eat Wet Soup market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The shifting trend of ready to eat packaged meals are soaring on popularity among millennials and are projected to augment the growth of ready-to-eat wet soups market.
The on-the-go food consumption trend in the working population provides a significant boost to the ready-to-eat wet soup market.
The overall soup market across the globe accounts for around US$ 16 Bn out of which dry soup accounts for more than two thirds of market share.
However, wet soup accounts for around 10% of share and is poised to increase with a notable CAGR. The rise in working population across the globe is leading to busier and faster consumer lifestyles, which leaves consumers with insufficient time for cooking.
Moreover, millennials are looking for economical substitutes to cooking. These factors play a pivotal role in driving the growth in consumption within the ready-to-eat wet soup market.
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The consumption of meat such as beef, pork, lamb, chicken, and seafood is increasing at a steady growth rate. Countries such as USA, Australia, Canada, Spain, France and Russia have high annual per capita meat consumption.
Whilst the global average is 43kg of meat consumption per in a year, these countries have averaged more than 80kg of per capita meat consumption in a year.
Hence companies in the ready-to-eat wet soup market are showing greater focus on the non-vegetarian segment.
The ready-to-eat wet soup market is concentrated in regions such as North America, and Europe.
Hence, demand for non-vegetarian soups will steadily rise. Meat production in the world has increased 5X in the last 50 years, where poultry accounts for 35% of overall meat production of the world. In the overall product portfolio of ready-to-eat wet soup market, chicken soup has notably higher sales vis-a-vis other soups.
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Manufacturers are renewing their focus by catering to the myriad consumer palates in different regions. For instance, in USA, Chicken noodle soup and tomato soup is well-liked by consumers.
The popularity of these conventional soup flavors has slated North America to maintain its market lead throughout the forecast period.
North America and Europe are poised to collectively capture a significant chunk of the market share through 2029. In UK, Tomato soup and Potato soup is favored by the domestic population.
These regional changes can be seen to a larger extent in Asia, Latin America, Middle-east, and Africa.
Local companies in East Asia like wakoko, Fuki Food Institute Co. Ltd, and Oone Otomatsu Co. Ltd have diversified their product portfolio to cater to local tastes of consumers.
Vilon is one of the largest producers in ready-to-eat meals segment in Russia and its products, including ready-to-eat wet soup which comprises of conventional ingredients are highly in demand.
These traditional soup favored population to augment the sales of ready-to-eat wet soup market.
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The major companies in the ready-to-eat wet soup market such as Campbell Soup Company, General Mills, Inc., and The Kraft Heinz Company etc are front runners in the ready-to-eat wet soup market.
These players are planning to tap into the unharnessed potential in emerging markets and escalate their production capacities in order to maintain an increasing supply of ready-to-eat wet soups in new geographies.
The complex structure of these companies is propelling many of them to divest their business units. Companies can thus stabilize the overall operations of their businesses and focus on profit-making divisions.
Campbell Soup Company for instance, divested its divisions like Campbell Fresh, Campbell International, Kelsen Businesses, and Arnott’s operations for US$ 3 Bn. Campbell utilized the capital generated from divestment to reduce company’s liabilities.
This has helped Campbell to stabilize overall business operations and focus on soups, snacks, meals and beverages to increase the revenue of the company.
FactMR’s study has done the segmentation of ready-to-eat wet soup market on the basis of ingredient type, nature, packaging type, sales channel and region.
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Non-vegetarian soup ingredients account for more than three fourth market share and are expected to witness notable growth during period of forecast 2019 – 2029.
North America and Europe collectively hold one third of the market share. However, Latin America South Asia and East Asia are projected to grow at a higher CAGR than the global average.
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