Surge in busy lifestyle is expected to rev up demand for the ready-to-eat soup products globally. Growing prevalence of cold, and cough is further expected to impact growth of the global ready-to-eat soup market positively. According to a recently compiled report, the global ready-to-eat soup market is expected to reflect a CAGR of 5.9% over the forecast period, 2017-2022.
Factors Fuelling Growth of the Global Market
Growth of the global ready-to-eat soup market is mainly bound to macro-economic and micro-economic factors. Demand for ready-to-eat soup is expected to increase mainly due to growing prevalence of obesity among the youth population. Moreover, surge in the number of health conscious people will further continue to impact growth of the global market positively. Attributed to these factors, the manufacturers are increasingly offering a variety of ready-to-eat soup as a replacement to home of home cooked meals in the global market.
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Demand for the ready-to-eat soup is also likely to rev up attributed to increase in the number of diet conscious people. Growing prevalence of obesity among the youth population is further likely to impact growth of the global ready-to-eat soup market positively. As these products are blended with healthy ingredients, consumption of ready-to-eat soup products will remain high in the upcoming years. Increasing consumption of ready-to-eat soup products among diet conscious people is expected to boost the sales of ready-to-eat soup products.
Growing prevalence of cough, cold, and sore throat is also expected to rev up demand for the ready-to-eat soup products. Consumption of chicken soup will continue to remain high attributed to increasing prevalence of sore throat. These factors are likely to contribute towards growth of the global ready-to-eat soup products during the forecast period.
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While the overall outlook on growth of the global ready-to-eat market looks positive, several factors such as high amount of corn starch is likely to inhibit demand for ready-to-eat soup products. High content of corn starch increases the level of blood sugar, and effects health of the person negatively. These factors are likely to dip growth of the global ready-to-eat soup market during the forecast period.
Tomato to Remain a Dominant Segment
Growing preference for ready-to-eat soup products among the diet conscious people will continue to increase demand for the ready-to-eat soup products. Tomato is expected to sell more than other ingredients used for production of the ready-to-eat soup products. Currently, the tomato ingredient type segment is expected to represent more than US$ 50 Mn in the global market by 2022-end.
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Sales of the ready-to-eat soup products is expected to generate high revenue through HORECA channels. The report further reveals that the HORECA segment is expected to represent more than US$ 70 Mn in the global ready-to-eat soup market. Sales of the ready-to-eat soup will remain fast through the online stores through 2022.
Major players in the global market of ready-to-eat soup are The Kraft Heinz Co., Campbell Soup Co., Amys Kitchen Inc., Premier Foods PLC, New Covent Garden Soup Co. Ltd, Baxters Food Group Ltd, Princes Ltd (Crosse & Blackwell), and Yorkshire Provender.
Mr. Mahesh Hegde is an experienced professional in market research writing. His guest posts and articles have been published in leading industry journals and websites. His interests involve fiction, philosophy, and technology.