Global COVID-19 Pandemic Impact on Soups Market 2020 continues to witness steady growth even after the deadly fall of COVID-19, riding on the back of increasingly hectic lifestyles and willingness to experiment with different flavors. According to Market Research Future’s Survey, 3.07% CAGR is estimated for the growth of the market during the analysis period 2016 to 2025. During these years, the analysts concluded that the market would worth USD 19,655.9 million by 2025 with more and more novel product launches, rise in supply to cater to the demand. The rise of the global soup industry is a benchmark to the entire food industry to accelerate in the coming time when the world will be free from the impact of COVID-19.
Soup Market—Boomers & Rising Trends
Volume sales of soup have been witnessing a gradual mount in the time of the pandemic when people looked for alternatives to experiment and cook soups. Due to ongoing work from home facility, people found soups much healthier and easy to cook. These factors made the market of soup more valuable than previous times. Therefore, to keep up with the demand for better quality soups with healthier ingredients, manufacturers from global corners accentuate ‘better-for-you’ quality for customers. In such as, PODRAVKA International Pty Ltd has launched a Vegetal shelf-stable low sodium soup range using SUPISOL, which is a blend of mineral salt containing 35% less sodium than regular salt. These factors garnered the global COVID-19 Pandemic Impact on Soups Market considerably and came as a positive note for the market to remain stable in economic crisis.
Despite ease being a top factor for consumers when purchasing packaged soup, the growing trend towards clean eating and home cooking is encouraging more consumers to make their soup at home. Quality liquid stocks and broths such as Broth & Co are fast in popularity as a soup base for consumers, for its rich nutrients, lower in sodium as well as suitable for overall health. MRFR notices that smaller players in the soup market have gained much prominence with healthy messaging on soup packs, motivating on consuming healthy ingredients. This factor is considered prime to pacify the soup market, which might continue to analysis period effectively.
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Other factors favoring the market are attributed to growth are rising product varieties and instant soup markers. Vegetarian Ready-to-Eat Soup presently grabs nearly 1/3rd of the overall soup industry owing to the inclination of consumer demand for vegan food products during Coronavirus pandemic. The study reveals that South Asian market vegetarian soup expects to generate higher revenue with growth pegged at 2.5X in the analysis period. However, in the United States and Europe, growth is pegged at 5% CAGR for the factor of a demographic shift towards vegan products.
Meanwhile, the declining demand for canned soups during the pandemic created a significant threat to the soup market growth. Despite such less demand, the soup market did well and expects to see a remarkable future ahead.
The noteworthy players in the Global COVID-19 Pandemic Impact on Soups Market are Unilever PLC (U.K.), General Mills Inc. (U.S.), Nestlé (Switzerland), Premier Foods (U.K.), Symington’s Ltd (U.K.), Hain Celestial (U.S.), Campbell Soup Company (U.S.), The Kraft Heinz Company (U.S.), The Kroger Co. (U.S.) and AMY’s Kitchen Inc. (U.S.).
Global Soups Market is studied further on the note of segments such as type and distribution channel.
The type segment includes dry, wet, and others. The other segment comprises bouillon and broth & stock. Among these, the dry soups are convenient, due to which it is gaining wide acceptance among the working population. The dry segment is to exhibit 3.13% CAGR in the analysis period and would garner 12,714.1 million in revenue by 2025.
The distribution channel segment includes convenience stores, supermarkets & hypermarkets, and others. The other segment comprises organic stores and grocery stores. Among these, the hypermarkets and supermarkets are gaining high preference owing to the convenience of shopping. With discounts and offers provided by hypermarkets and supermarkets, the segment might demonstrate 2.85% CAGR and garner USD 12,429.9 million in the coming years. Online stores have equally emerged as a popular medium among consumers to save time and eliminate the queues of billing counters, thereby fueling the growth of the segment.
North America is studied to be the largest COVID-19 Pandemic Impact on Soups Market for the soup industry. The region’s autonomous production capabilities have matured the market. The canned soup segment has the largest market share, after instant and dehydrated soup segments. The primary factor driving the growth of the North American soup market is the rising busy lifestyle of people, mainly in the United States and Canada. The changing perception about soups as a healthier food choice frequently preferred quick meals, and the launch of premium and novel flavors might propel the growth of the North American soup market.
The surfacing of veganism and clean label products have surged market share for soups in South Asia and would bolster the growth of the market. India is expected to retain its leadership in revenue generation for soup. However, demand from other emerging markets like Turkey, China, Thailand, and Russia will show an absolute prolific opportunity in future.
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