The soup market in
Asia Pacific is dynamic and diverse. Over the past couple of years,
the region has been experiencing a steady rise in soup consumption.
Growing urbanization has prompted people to develop a liking for
healthier and more convenient options of food. Despite having an
already established popular perception as a healthy food, leading
soup manufacturers in the Asia Pacific region are eyeing to
capitalize on its health image so that they can boast more
value-added claims. Significant steps taken by the industry over the
last couple of years to delight its consumers with a multiplicity of
choice in terms of packaging and flavor have paved the way for soup
manufacturing companies to churn better revenues and expand their
markets.
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Presently, the Asia
Pacific soups market is valued at US$2025.5 million as per market
reports for 2014, and is expected to reach US$2766.6 million by the
end of 2020. This translates into expected growth at a CAGR of 5.3%
from 2014 to 2020. Countries like China and India provide a fertile
landscape for the soup market to thrive on and the leading brands
across the region are looking to capitalize on such opportunities in
order to pocket the major share of the market.
Canned and Dried
Soups Emerge as Popular Types of Soup
The market for soup
in Asia Pacific is broadly classified on the basis of the types of
soups available across the region. Canned soups, dried soups, chilled
soups, UHT soups, and frozen soups are the segments on the basis of
which the market is classified. Among the different types of soups
available in the region, canned soups and dried soups are the most
popular. The demand for dried soup is exceptionally high in India.
Consumers from China on the other hand have shown preference for both
dried and canned soups.
Consumers in Asia
Pacific show a strong preference for each of the five different types
of soups. This has encouraged food manufacturers to launch a variety
of soups to help consumers cut down on cooking time without
compromising their dining experience.
Asia Pacific
Provides a Lucrative Market for Soup Manufacturers
The unique
commercial landscape of Asia Pacific provides unrivaled opportunities
for the soup industry to benefit from. Much like the cultural
diversity showcased by the region, there is an attractive spectrum of
sale prospects that Asia Pacific offers to the industries operating
therein. For an industry to dominate the distinct markets of the
region, it should tap into the pulse of the respective consumer
demography. On the basis of growing demand for soup as an alternative
food option, the region of Asia Pacific can be classified into China,
India, Australia, Thailand, Malaysia, Hong Kong, Japan, Singapore,
New Zealand, and the Philippines.
Increased
Urbanization and Surge in Disposable Income to Boost Demand for Soup
in Asia Pacific
The growing demand
for soup in Asia Pacific as an alternative healthy option is
increasingly aided by factors such as changing food habits and
lifestyle preferences. Surge in disposable incomes and hectic daily
schedules of a majority of the population coupled with increased
urbanization have given a significant boost to the demand for soup in
the region. Given the scarcity of leisure time, only a handful of the
population will be keen to spend more time in their kitchens. Soups
provide them with healthier and more convenient option of food
without compromising on the taste. This has contributed to the
increased demand for the same in the region.
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Distribution Network
for Soups in Asia Pacific
Soups in Asia are
made available to consumers through a variety of channels. The
distribution network of soups in the region is aided by channels such
as supermarkets and hypermarkets, cash and carries, convenience
stores, local retail shops, foods and drinks specialists, and many
more. Among these, supermarkets and hypermarkets are expected to
emerge as the most preferred channel in the distribution network by
the end of 2020.
Growth Opportunities
for the Leading Market Players
The market for soup
in Asia Pacific is mainly dominated by leading brands like Unilever,
Maggi and Campbell’s. The demand for soups manufactured by these
companies is expected to grow in the next five to six years, given
its high quality and pocket-friendly prices.
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