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Soups Market - Asia Pacific Industry Analysis 2014-2020
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The demand for soup is expected to grow in the countries such as China and Japan among others due to busy life style. Major developed markets such as China and Japan are expected to witness the increasing demand for canned and dried soups over the next six years. Dried soups are available in almost all the distribution channels such as general merchandise retailers, supermarkets/ hypermarkets, department store, food & drinks specialists and convenience stores among others. However, improving lifestyles in emerging and developed countries are expected to support the growth of supermarkets and hypermarket in the next six years.
The Asia Pacific soups market is worth USD 2025.5 million in 2014 and it is expected to reach USD 2766.6 million in 2020. The Asia Pacific market is expected to grow at a CAGR of 5.3% from 2014 to 2020.
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The demand for soups in the countries of Asia pacific is driven by increased urbanization and the change in the eating patterns of the people in this region. The demand is supported by increasing per capita income. The consumption of soups is expected to increase in countries such as India, Japan, New Zealand, Hong Kong, Philippines and Thailand by 2020.
The market size of soups in China and India is expected to grow at a higher CAGR than that of other Asia Pacific countries. However, the developed markets including Australia are expected to witness the current trend for soups market in the coming years.
Hypermarkets and supermarkets are the most preferred distribution channels and are expected to dominate the distribution share of soups by 2020 followed by convenience stores and food & drinks specialists.
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