According to a recent report released by Transparency Market Research, the North America soup market is expected to expand poorly at a CAGR of 0.70% during the period from 2014 to 2020. The report, titled “Soups Market – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020”, estimates the North America soup market to reach a valuation of US$5,729.5 mn by 2020. The overall market was worth US$5,478.4 mn in 2014.
Soups have been a traditional food item in the North America region. The report points out that busy lifestyle has led to increased consumption of soups in North American households. The growing inclination towards healthy and natural-ingredient-based foods has impelled manufacturers to ensure that the newly launched products in soup market carry attributes such as fresh ingredients and minimum preservatives. All these factors will boost the growth of the North America soup market during the forecast horizon. On the basis of product type, the report segments the North America soup market into dried, canned, chilled, UHT, and frozen soups. Dried soups or soup powders are preferred owing to the convenience offered by the packaging of the product. Dried soups are typically available in small sachets, and can be consumed immediately after mixing with water. This makes them easy to carry. As canned soups are perceived as highly processed, the demand for canned soups is gradually decreasing. According to the report, the North America region will exhibit steady demand for chilled soups and dried soups. The demand for chilled soups will be particularly high in Mexico compared to the U.S. and Canada during the forecast period.
In terms of distribution channels, the report categorizes the North America soup market into supermarkets, hypermarkets, convenience stores, and food and drinks specialists. The report states that supermarkets, hypermarkets, and convenience stores will continue as the most preferred channels for distribution.The report studies the North America soup market across three key countries: the U.S., Canada, and Mexico. In terms of volume and value, the North America soup market is dominated by the U.S. During the forecast period, Mexico is expected to display rapid growth owing to the growing purchasing power among the population.
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The report analyzes the share of the leading brands in the North America soup market. Campbell Soup Co. is a leading key player in the soup market and manufactures a range of soup products such as chilled, UHT, and condensed. The manufacturer carries out operations through distinct brand names such as Campbell’s Select Harvest, Campbell’s Chunky, Soup at Hand, and Campbell’s Healthy Request. These different brands appeal to different consumer segments. To cater to the changing tastes of consumers, companies are launching new and improved soup varieties with unconventional flavors and ingredients.