Prepared Soup Market Predicted to Accelerate the Growth by 2018-2028 | Top Key Players : Knorr, Nestle, Nissin Foods, Conad, General Mills
Soup is universally perceived as healthy and cost-efficient food. Over the past decade, demand for soup has spiked with the millennial population preferring the soup varieties present on the retail aisles. Prepared soup is a development of the on-the-go trend which is highly embraced by the increasing population of time-pressed consumers.
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Among the category of prepared soup, consumers can find categories of instant soup and soup mixes. Within which consumers can also enjoy dry and wet variants of prepared soups. The prepared soup category does not include noodles soups, gravies and stocks available in the soup marketplace.
Prepared Soup Market – Notable Developments
BOU, the better for you line of cooking ingredients launched a new line of instant soup cups in October 2018. The BOU soup cups features non-GMO, no artificial flavors and healthier alternative packed in microwaveable and recyclable cup with transparent lid.
Mug Shots, an instant snack brand launched of a range of cup soups in October 2018. The instant soup range includes eight flavors and available in the pouch packaging.
In July 2018, Nissin, a global leader of instant noodles and soups announced the company’s expansion plans that includes collaboration with ramen noodle with an aim to introduce options of ‘premium’ instant.
In September 2018, Cargill launched three label-friendly potato starches – SimPure starches for meat and culinary applications. The new starch offering is developed for both cook-up as well as instant applications.
Some of the most prominent competitors operating in the competitive landscape of global prepared soup market include –
Prepared Soup Market Dynamics
Preference for Cup Packaging Picking Up among Prepared Soup Consumers
Although pouches are the traditional packaging solutions available on the retail aisles in the prepared soup category, demand for cup packaging in prepared soup market is increasing. With manufacturers introducing innovative and sustainable packaging solutions, prepared soups available in attractive and convenient packaging are gaining significant consumer traction. Also, prepared soup cups fit well in the ongoing on-the-go trend wherein takeout packaging that allows easy carriage is being highly embraced. In a bid to accommodate consumer demand, prepared soup producers are collaborating with packaging innovators to introduce out-of-the-box, shelf-stable and convenient cups made of biodegradable and recyclable materials.
Prominent Players Focus on Expansion, NPD Activities at the Forefront
Industry titans in the instant snack market are leveraging expansion strategies to gain a stronghold in the high potential markets. For instance, Nissin, the cup noodle and prepared soup giant announced in November 2018 the company’s expansion plans. The company is planning to expand its business in Asia (excluding China) with a focus on premium branding and product development.
New product development (NPD) remains the key focus of manufacturers to introduce novel product offerings and win over extensive market competition. Major NPD activities are aimed at introducing prepared soups that are healthy, without artificial ingredients and satiate consumer palate for diverse flavors.
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Prepared Soup Sales Soar with Extensive Penetration throughout Distribution Channels
Prepared soup manufacturers with their strong reach across different distribution channels have increased the exposure of prepared soup. Currently, prepared soups are available throughout all retail channels that include direct to consumer channel. Consumers highly prefer convenience stores and supermarket/hypermarket to purchase multiple prepared soup variants. Also, sales through online retailers are gaining momentum in tandem with rising consumer preference for prepared food.
Prepared Soup Market – Segmentation
Prepared soup market is segmented on the basis of product type, packaging type and distribution channel.
Based on product type, the prepared soup market is segmented into,
Based on packaging type, the prepared soup market is segmented into,
Based on distribution channel, prepared soup market is segmented into,
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