Global Canned Soups Market: Snapshot
The global canned soups market is prognosticated to create new prospects in the near future as manufacturers hope to better settle themselves even outside of the older consumers group with the help of new innovations. There is already an influx of the development of a greater count of health-conscious soups and more diverse range of flavor offerings. Millennials are studied to get attracted to organic products that feature lower sodium content and no artificial ingredients. One of the leading companies dealing with soups, Campbell offers a broad scope of condensed and ready-to-serve options, which gives a positive picture of the market.
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The global canned soups market is envisaged to expand at a CAGR of 5.8% during the forecast period 2017–2022 to achieve a valuation of US$6.5 bn by the final forecast year. In 2017, the market was valued at a US$4.9 bn.
Ready-to-serve Wet Soup Scores Higher than Other Products in View of Revenue
The researchers foresee the world canned soups market to be classified according to two categories, i.e. product and ingredient. By product, the market could be segregated into ready-to-serve wet soup, condensed wet soup, and others. Out of these segments, ready-to-serve wet soup is prophesied to secure a larger revenue of US$3.6 bn by 2022 end. It could flaunt an absolute revenue growth of US$0.1 bn annually, which could be greater than other segments in the categorization.
In terms of type of ingredient, the world canned soups market is foretold to see a classification into tomato, beans, chicken, beef, broths, artichokes, mixed vegetables, and other ingredients.
Each of these segments by product and ingredient segmentations are entirely analyzed in the publication, taking into consideration their revenue, market share, and year over year (Y-o-Y) growth comparisons by region.
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APEJ Gathers Substantial Share but Japan and MEA Fall Back in Revenue Growth
As per the research of the publication, the international canned soups market could be classed into Europe, North America, Asia Pacific except Japan (APEJ), Latin America, the Middle East and Africa (MEA), and Japan. Readers are informed that APEJ is expected to be one of the most lucrative regions with a higher revenue growth projected to continue to show face in the next few years. By the concluding forecast year, APEJ could garner a revenue of US$1.9 bn.
North America could be another opportunity for players to capitalize on in the coming years. This region is anticipated to collect a handsome revenue by 2022 at a 6.2% CAGR. Europe could bag a decent revenue share in 2017 but also lose 117 basis points (BPS) by 2022. Japan and the MEA, however, are predicted to be on the slower side of growth.
Some of the crucial players in the worldwide canned soups market could be Campbell Soup Co., Knorr Foods Co. Ltd., The Kraft Heinz Co., Compass Group USA, Inc., and Juanitas Foods. More players are comprehensively studied in the publication while estimating vital statistics such as company share. Buyers of the publication are expected to receive complete knowledge about the competition landscape of the market.
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The global canned soups market is acquiring energy because of the developing ubiquity and interest for prepared to eat and accommodation food varieties. The developing dispensable wages of individuals and expanding prevalence of canned soups among the more seasoned age is a portion of different components supporting the development of this market. Canned soups in various flavors are being dispatched by market players and this will likewise help raise the ubiquity and lift client fascination towards the various flavors accessible.
One of the key variables affecting the market then again, is the developing wellbeing worries among purchasers. The canned soups contain numerous additives for expanding their time span of usability, which thusly is causing worries among buyers. Natural canned soups, anyway are relied upon to acquire prevalence and diminish the effect of this limitation. Another test in regards to trouble to open canned soups goes poorly with youths. Henceforth they incline toward moment soups in powdered structure which come in simple to convey pockets that are light in weight instead of canned soups.