Press release
Soups and Broths Market Projected to be Influenced by Rising Technological Innovations
The global soups and broths market is slated to touch a value of about US$ 9,100 Mn in the year 2022 and grow at a robust CAGR during the assessment period.
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4 Forecast Highlights on Global Soups and broths Market
As per the forecast of Persistence Market Research, the vegetarian classics product type segment is slated to touch a value of nearly US$ 2,300 Mn in the year 2022. This represents a robust CAGR growth during the assessment period of 2017-2022. The vegetarian classics product type segment is estimated to account for nearly one-fourth of the revenue share of the product type segment by the year 2017 and is forecasted to gain market share by 2022 over 2017.
As per the forecast of Persistence Market Research, the beans ingredient type segment will reach a value of about US$ 1,300 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The beans ingredient type segment is forecasted to account for nearly one-fifth of the total revenue share of the ingredient type segment by the end of the year 2017 and is expected to lose in market share by 2022 as compared with the year 2017.
As per the forecast of Persistence Market Research, the wholesales/ distributor/ direct segment is slated to reach a value of nearly US$ 3,200 Mn in 2022. The wholesales/distributor/direct segment is expected to lose market share by the end of the year 2022. The largest share is contributed by the APEJ region in the wholesales/ distributor/ direct segment.
Persistence Market Research forecasts the China soups and broths market to exhibit a compound annual growth rate (CAGR) of nearly 8% from 2017 to 2022.
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Soups and broths are getting increasingly popular all over the world and there are many factors contributing to this phenomenon. Rising urbanization and a fast paced lifestyle are the factors responsible for increasing demand for packaged soups and broths across the globe as they are convenient to make and consume and support on the go lifestyle. There is a rapid increase in the demand for ready-to-consume food products due to the busy lifestyle of the people, especially in urban areas. Besides, a rapid proliferation of the supermarkets and hypermarkets, more so in emerging economies, are also stimulating the growth in the global soups and broths market. However, there is a growing awareness regarding the harmful effects of processed food, and the hazardous preservatives used in the production of such ready-to-consume food products. As there is a rapidly increasing awareness about eating fresh and preservative free food, such factors are hampering the growth of the soups and broths market.
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