High Demand for Ready-To-Eat Food Products Boosts Canned Soups Market Growth - COVID-19 Impact and Global Analysis
Pune, India, March 04, 2021 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on the Canned Soups Market was valued at US$ 4,889.04 million in 2019 and is projected to reach US$ 6,494.95 million by 2027; it is expected to grow at a CAGR of 3.8% during 2020–2027. Rising advancements in food and packaging technology and increasing variety of organic canned soups are propelling the demand for canned soups across the world.
In 2019, North America held the largest share of the canned soups market, followed by Europe and Asia Pacific. Major players such as Amy’s Kitchen Inc.; Campbell Soup Company; The Kraft Heinz Company; and General Mill, Inc. are based in North America. By type, the global canned soups market is bifurcated into condensed and ready-to-eat. The condensed segment led the market in the year 2019. Based on category, the canned soups market is segmented into vegetarian and non-vegetarian. The non-vegetarian segment dominated the canned soup market in 2019, with more than half of the share in global market. Based on processing, the canned soup market is categorized into regular soup and organic soup. The organic soup segment is anticipated to grow at a higher CAGR during the forecast period. By distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, online, and others. The hypermarkets/supermarkets segment dominated the market in 2019.
“Canned Soups Market to 2027 – Global Analysis and Forecast – by Product Type, Category, Processing, and Distribution Channel,”
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The paradigm shift of consumers from traditional homemade soups to ready-to-eat canned soups due to advantages such as convenience, time saving, and easy availability is stirring its demand. Growing working population, changing eating habits, and increasing health concerns are among the factors influencing consumer preference for purchasing processed food products, as these are known to be healthy alternatives. Currently, ready-to-eat soups are among food products that consumers are stocking up due to fears of food shortage during the COVID-19 pandemic.
Canned Soups Market: Segmental Overview
Based on product type, the canned soup market is segmented into condensed and ready-to-eat. In 2019, the condensed segment dominated the global canned soup market as the consumption of condensed soup offers numerous health benefits, and it is a concentrated source of protein and calcium. Thus, the market for condensed soups is expected to grow significantly during the forecast period. Based on the category, the market is categorized into vegetarian and non-vegetarian. In 2019, the non-vegetarian segment led the canned soup market. Non-vegetarian canned soups are nutritional supplements for people focusing on weight loss, joint pain reduction, slow skin aging, and reduced appetite. Based on processing, the canned soup market is segmented into regular soup and organic soup. The organic soup segment is expected to grow at a higher CAGR during the forecast period owing to rising demand for healthy organic food options, as well as increasing disposable income. Based on distribution channel, the hypermarkets/supermarkets segment dominated the global canned soup market due the factors such as hassle-free transactions, bulk purchasing, and better services, as well as pleasing customer experience that encourage buyers to shop from hypermarkets and supermarkets.
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Canned Soups Market: Competition Landscape and Key Developments
Campbell Soup Company, Amy’s Kitchen Inc, General Mills Inc., The Kraft Heinz Company, Baxters Food Group, Unilever, Struik Foods Europe NV, Vanee Foods Company, BCI Foods Inc., and Hain Celestial are among the major players operating in the global canned soup market. These companies provide a wide range of product portfolio for canned soups. These companies have presence in developing regions, which provide a lucrative opportunity for canned soup products. These market players are highly focused toward the development of high quality and innovative products to fulfill customer requirements. The companies have realized the immense potential pertaining to canned soup and were observed highly involved in mergers and acquisitions, product news, and market initiatives. In April 2020, Baxters food group introduced plan-based soup range that includes three delicious flavors—Jackfruit; Three Bean & Chipotle Chilli; Sri Lankan Sweet Potato; and Butternut Squash & Lentil Dhansak.
Impact of COVID-19 Pandemic on Canned Soups Market
The pandemic has adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The growth of the canned soups market is being hindered due to the shutdown of factories, obstacles in supply chain, and downturn in world economy.
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