Global Ready-to-Eat Soup Market Rising Demand Leads to Sustained Growth during the Period 2017-2022
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As our routine continues to remain packed with several residential, and official tasks, cooking becomes a challenge. Banking on this opportunity, several manufacturers in the food industry are focusing on offering replacement of the home meals. Increasing need for ready-to-eat food is likely to fuel demand for ready-to-eat soup. Growing trend of purchasing pre-cooked food products among customers is becoming a new battlefield for various manufacturers. In a bid to optimize on the ease of consumption and preparation, the manufacturers in the food industry are offering ready-to-eat soup products that include protein, and vegetable ingredients. Attributed to growing competition among market players, the global market is likely to witness range of new products for the vegetarian and non-vegetarian consumers.
According to a recently compiled report, the global ready-to-eat soup market is expected to represent a value of over US$ 800 Mn by the end of 2022.
Consumption of soup will continue to remain high in majority of the cold countries. Moreover, growing prevalence of cold, cough, and sore throat is expected to fuel sales of chicken soup in the cold countries in the upcoming years. As these brothy tonic have comforting connotation, increasing demand for the ready-to-use chicken soup is expected to impact growth of the global ready-to-eat soup market.
Increasing preference for flavor over ingredients has led to an upsurge in demand for ready-to-eat soup products significantly. However, these products contain high amount of corn starch, which adds to the blood sugar content. These factors are expected to inhibit growth of the global ready-to-eat soup market during the forecast period.
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HORECA to Represent a Leading Segment
As consumption of ready-to-eat soup continues to increase, tomato soup is expected to witness increasing demand in the food industry. Tomato as compared to other ingredients is expected to witness the highest revenue growth, recording a value of over US$ 50 Mn by the end of 2022. However, chicken is expected to register the highest CAGR in the global market throughout 2022.
By sales channel, the HORECA segment is expected to represent a value of over US$ 70 Mn by the end of 2017. Online stores is expected to register the highest CAGR in the global market throughout 2022.
Leading market players operating in the global ready-to-eat soup market include Campbell Soup Co., The Kraft Heinz Co., Premier Foods PLC, Amys Kitchen Inc., Baxters Food Group Ltd, New Covent Garden Soup Co. Ltd, Yorkshire Provender, and Princes Ltd (Crosse & Blackwell).
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