Global Canned Soup Market - Growth, Trends and Forecasts (2017 - 2022)

Published - Jan 2017 | Category - Food & Beverages | No. of Pages - 169 | Published By - Mordor Intelligence

Report Highlights

Market Insights

The global canned soup market is expected to grow at a CAGR of 2.8% during the forecast period, from 9.29 billion USD in 2016 to reach a value of XX million USD by 2021. Canned soup constitutes about 35% of the total soup consumed, globally, of which North American consumption accounts to about 80%. The growing demand for convenience food is a major driver of this market, while health concerns restrain the growth. New product launches by vendors is helping in keeping the healthy competition within the segments of canned soup industry. Campbell, Nestle, Kraft Heinz, and Unilever are some of the key players in the global market.

Market Dynamics

The increasing demand for convenience food, coupled with a rise in disposable incomes, drive the growth of this market. The long shelf-life of canned soups is another factor driving the market. The popularity of canned soups with the older generation can be attributed to its strong demand as a cupboard staple in the kitchen for use during emergencies. However, the addition of preservatives to increase the shelf-life results in health concerns among the people. Also, cans are not popular with the younger generation as they are difficult to open, heavy, and are also harmful to the environment. New product launches, like the organic canned soup, can be considered as opportunities in the market.

Market Segmentation

The global canned soup market has been segmented by type into condensed and ready-to-eat. The ready-to-eat segment dominates the global market. By content, the market is segmented into vegetarian and non-vegetarian.

Regarding preparation, the market is segmented into regular and organic. The regular canned soup segment dominates the global market. However, the demand for organic canned soups is constantly increasing due to health awareness among consumers. The market is further segmented by the distribution channel, into super markets/hyper markets, convenience stores, specialty food stores, online retailers, and others. Of all these, the supermarkets/hyper markets segment contributes the highest revenue.

Regional Analysis

North America accounted for the largest market share in 2015, followed by Europe and Asia-Pacific. This region accounts for 80% of the total canned soup consumption. However, sales have been on the decline in this region due to the associated health concerns. The U.S is a major market in North America. The growing demand for high-quality meals, which can be prepared at short notice, has helped the growth of canned soup market in Europe. Russia is the most attractive market in Europe, followed by Italy and the UK. China and India are the major markets in the Asia-Pacific region. The rising disposable incomes and shift in the taste of consumers are expected to drive the growth of the market in the region.

Competitive Environment

The market for canned soups has a monopolistic competition; wherein, the producers sell similar products but are slightly different from each other; hence, cannot be considered as perfect substitutes. Such markets are not efficient productively, as the manufacturers produce below their capacity. The vendors compete for innovation, pricing, and distribution. Private brands are gradually increasing their market share and are threatening the position of leading brands.

Some of the major players in the market include -

Campbell Soup

Kraft Heinz

Nestlé

Nissin Foods

Unilever

Key Deliverables in the Study

Market analysis for the global canned soup market, with region specific assessments and competition analysis on global and regional scale.

Market definition along with the identification of key drivers and restraints.

Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.

Extensively researched competitive landscape section with profiles of major companies along with their market share.

Identification and analysis of the macro and micro factors that affect the market on both global and regional scale.

A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.

A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.

Insights on the major countries/regions where this industry is growing and also identify the regions that are still untapped

 

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