Europe Soups Market: Rising Preference for Ready to Eat and Healthy Foods to Boost Growth, says TMR
The brands having the most significant share in the Europe soups market are Progresso, Heinz, Maggi, Liebig, and Knorr. Amongst these, Maggi and Knorr lead the soups market within France and are hence driving the overall Europe soups market, as per Transparency Market Research. However, Campbell, the largest soup company globally has ceased its operations in Russia due to the fact that this company was unsuccessful in tapping the Russian soups market.
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The Europe soups market stood at US$3919.1 mn in 2014 and is poised to touch US$5008.1 mn by 2020. On the basis of consumption, the Europe soups market’s volume is predicted to rise at a CAGR of 3.90% between 2014 and 2020. On the basis of type, the segment of canned soups held a significant share in the market owing to the effective marketing strategies including new product introductions such as stand up pouches and launch of new canned soup flavors. On the other hand, the segment of dried soups is also predicted to rise at a 3.0% CAGR between 2014 and 2020 owing to the rising demand for convenient soups at economical prices.
Increasing Preference for Refrigerated Food Products to Fuel UK Soups Market
In terms of geography, the UK soups market is predicted to touch US$1530.7 mn by 2020. This market is predicted to rise owing to the growing preference for ready to eat and healthy foods. The UK soups market is fragmented in nature and requires retailers to target the brands that are weaker for raising their market shares. The chilled soups segment is anticipated to rise in the UK due to rising preference of consumers toward refrigerated food products within this nation. The size of the chilled soups market in the UK is predicted to exhibit a 2.80% CAGR between 2014 and 2020. It has been observed that individuals in the UK are losing interest in metal canned soups owing to rising issues related to health and growing preference for standup pouches because of the fact that these pouches are attractive, light weight, and easy to open.
Russia Soups Market to become the Most Lucrative, Soaring Demand for Dried Soups a key Factor
The Russia soups market is predicted to reach US$1117.2 mn in 2020, expanding at an 8.40% CAGR between 2014 and 2020. As per the report, Russia has emerged as the most lucrative market for the manufacturers of soups in Europe. The individuals residing in this nation are said to consume soups at least six times a week. The growing demand for different types of soups and the increasing awareness regarding wellness and health are behind the growth of this market in Russia. In Russia, the segment of dried soups held the dominant share by both volume and value and is trailed by the segment of canned soups, frozen soups, chilled soups, and UHT soups. The segment of dried soups is rising in Russia owing to the growing variety of these kinds of soups and hectic lifestyles of consumers in Russia. On the other hand, the segment of canned soups is on the rise due to the longer expiration of these soups, hence making them a convenient option amongst consumers.
The Europe soups market is predicted to grow due to the busy lifestyles and the increasing health consciousness amongst individuals residing in this region. In addition, the growing demand for fast and convenient food products will bode well for the development of the Europe soups market. Furthermore, the introduction of new types and flavors of soups by the top manufacturers have also increased the demand for soups in the European region. The increasing preference of consumers for refreshing chilled soup flavors, particularly in warmer climatic conditions, will also bolster the growth of this market in Europe. However, factors such as the use of harmful preservatives and high sodium content in packed soups may cause health issues in individuals. The increasing awareness on the ingredients of soups may hamper the development of the soups market in Europe.
“Nonetheless, numerous manufacturers are introducing new and organic soups with all natural ingredients and low sodium content, which can bring in new growth opportunities in the soups market in Europe” says a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “Soups Market – Europe Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”
The segmentation of the Europe soups market is provided below:
Europe Soups Market, By Type: