The humble soup has
long since transitioned from being a part of a traditional day-to-day
meal to being known as a one-item wholesome meal solution. Changing
lifestyles, busy work schedules, growing health concerns, and booming
economies have contributed massively to the development of the soups
market in North America.
Browse Full North
America Soups Market Report With Complete TOC @
http://www.transparencymarketresearch.com/north-america-soups-market.html
However, while
specific countries have witnessed steady growth in different segments
of the market over the past few years, the overall soups market in
North America does not hold an impressive scope for growth.
Based on a research
report published by a leading market intelligence company in the
U.S., the North America soups market will grow from US$5,478.4
million in 2014 to US$5,729.5 million in 2020, registering a mere
0.7% CAGR between 2014 and 2020.
The U.S., dried
soups, and supermarkets emerge as segment leaders
By region, the North
America soups market is segmented into Canada, the U.S., and Mexico.
On the basis of distribution channel, the regional soups market is
categorized into hypermarkets, supermarkets, food and drinks
specialists, convenience stores, and others. On the basis of type,
the soups market is divided into chilled, canned, dried, UHT, and
frozen.
In terms of
distribution channel, hypermarkets and supermarkets are the two
leading channels of purchase in North America owing to the fact that
a wide variety of soups and other products can be sold and purchased
under a single roof. These two segments are likely to continue
leading the soups market till the end of the forecast period in 2020.
As far as type of
soup is concerned, the dried soups segment is likely to see a surge
in demand from across North America owing to its convenience. Dried
soups are easy to consume since they only require hot water for
preparation and can be carried around without any issues of spilling
or bulky packaging. The trend of consumers carrying dried and chilled
soups to their work place has been a popular one across countries in
North America and this has so far fuelled the growth of the regional
soups market. While canned soups have, in the past, enjoyed a rather
strong foothold in the North America market, its demand has declined
in recent years and this segment is projected to experience a
negative outlook over the forecast period. Soup companies have been
experimenting with innovation and product differentiation to cater to
the younger generation and attract higher demand with their line of
premium soups.
The canned soups
segment in Canada has suffered a slow demise with the introduction of
new flavours and chilled soups that have gained much popularity and
demand lately. Mexico, too, owing to the dry and hot climate, has
witnessed a spike in the demand for chilled soups. Market analysts
project that along with the chilled soups segment, dried soups also
hold lucrative opportunities for growth in Mexico.
Regionally, the U.S.
leads the North America soups market as far as volume and size of the
market is concerned, with Mexico and Canada following suit. However,
trade analysts project that over the duration of the forecast period
from 2014 to 2020, Mexico is likely to emerge as a strong contender
in the soups market and witness a healthy growth in the coming years.
Speaking in terms of consumption of soups, Canada and the U.S. have
been forecast to experience a rather slow growth rate.
Catering to the
changing demographics
With changing
lifestyles and population demographics, it becomes imperative for
soup companies to alter production, sales, and marketing strategies
in order to gain a hold over the market.
When it comes to
product innovation, the U.S. soups market is the one regional segment
that has consistently tried to experiment with flavours. The addition
of premium flavours by leading soup companies such as Campbell’s
has not only widened the target market but also ensured brand and
product loyalty. Campbell’s Go range of soups is a classic example
of innovation. With its line of bold and exciting new flavours such
as Thai, Moroccan, Gouda, chorizo, and Madras curry, Campbell’s has
succeeded in increasing its consumer base and introduced the concept
of healthy yet tasty meals among the younger consumers.
Apart from premium
flavours, companies in the soup market have also been laying emphasis
on cost effectiveness and have begun competing head-on with high-end
brands available in the market. Some of the leading vendors operating
in the North America soups market are Lipton, Progresso, Campbell’s,
and Knorr.
Request a Brochure
of this Report:
About Us
Transparency Market
Research is a global market intelligence company, providing global
business information reports and services. Our exclusive blend of
quantitative forecasting and trends analysis provides forward-looking
insight for thousands of decision makers. Our experienced team of
Analysts, Researchers, and Consultants, use proprietary data sources
and various tools and techniques to gather, and analyze information.
Our data repository
is continuously updated and revised by a team of research experts, so
that it always reflects the latest trends and information. With a
broad research and analysis capability, Transparency Market Research
employs rigorous primary and secondary research techniques in
developing distinctive data sets and research material for business
reports.
Contact
Mr.Nachiiket
90 State Street,
Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll
Free: 866-552-3453
Email:
sales@transparencymarketresearch.com
Website:
http://www.transparencymarketresearch.com
