Fast foods have always been high on demand, given the fast-paced lifestyles led by individuals all across the globe. Long working hours leave little time for having home-cooked meals as they require a significant amount of time and effort on part of consumers.
Therefore, the popularity of ready to cook packaged foods such as frozen fries, patties and instant soups has surged. Manufacturers are thus cashing-in on this trend, flooding supermarkets and departmental stores with ready-to-eat soups that have also augmented their online sales platforms for a better market outreach.
The COVID-19 pandemic has ushered in a sea change in consumers’ dietary habits. Nationwide lockdowns and social distancing measures have confined individuals to the four walls of their homes. Companies have mandated work-from-home in all countries. This has altered consumer meal patterns, as professionals have developed the habit of snacking intermittently within their work schedules. As a result, the consumption of ready-to-eat wet soups have increased. These soups are not only light but also provide adequate nutrition to consumers. Based on these trends, the ready to eat soup market is slated to experience an upswing throughout the course of the pandemic.
“Home confinements attributed to the pandemic has unleased consumers’ sensory experiences, willing to indulge their taste-buds in a variety of different flavored foods. With the introduction of multiple exotic flavors, the ready-to-eat soups vendors have successfully garnered customer attention, enabling them to reach a wider target audience,” concludes a Fact.MR analyst.
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Ready-to-Eat Soup Market- Important Takeaways
- Vegetarian ready-to-eat soups surge in popularity owing to increasing consumer preference for vegan and plant-based food products. However, meat-based soups will continue to dominate the ready-to-eat soups market.
- While conventional ready-to-eat soups are mainstream, organic soups will eventually acquire greater traction due to rising consumer awareness about clean-label products.
- Online sales of ready-to-eat soups is registering an uptick as consumers are becoming digitally literate, making effective usage of online sales platforms.
- Europe and North America collectively account for the majority of the market share in ready-to-eat soups while East Asia, South Asia and Latin America shall expand at a high CAGR during the forecast period.
- The global ready-to-eat soups market shall expand at a CAGR of more than 5% during the forecast period of 2020-2030.
Ready-to-Eat Soup Market- Prominent Drivers
- Expansion of quick service restaurants dispatching ready-to-eat foods has broadened the market prospects for ready-to-eat soups market.
- Increasing proportion of women workforce has led to a reduction in consumption of home cooked meals, leveraging demand for ready-to-eat soups.
- Growth of e-commerce has led to deeper market penetration, enabling consumers to have access to a variety of products. This is proving beneficial to the ready-to-eat soups market.
Ready-to-Eat Soup Market- Key Constraints
- Rising health consciousness among consumers is weaning them away from consuming instant foods as they are full of preservatives which may have a detrimental effect on their health.
- Higher prices of ready-to-eat soups renders it unaffordable for middle-income and low-income consumers, restricting their penetration.
Anticipated Impact of the COVID-19 Outbreak
The outbreak of the coronavirus pandemic has ushered in a pattern of panic buying amid fears that the nationwide lockdowns would result in a shortage of supply of essential consumer products. Capitalizing on this trend, market players augmented their sales of ready-to-eat soups and flooded the shelves of retail and departmental stores with their products.
Unfortunately, ingredients sourcing has become an uphill task attributed to the difficulty of transporting raw materials to manufacturing sites due to curbs on logistics as a part and parcel of the containment efforts to stem the COVID-19 pandemic. Instant food companies having a strong regional footprint have experienced minimal supply chain disruptions as they have strong distribution networks while those dependent on imports have registered significant shortfalls.
The demand for instant soups has also augmented due to the fact that it provides an effective remedy for people experiencing coughs and colds, which are some of the major symptoms of COVID-19. Consumption of warm liquids provides temporary relief from blockages and congestions in the abdominal area, providing a sense of comfort amongst patients. As market players are unnervingly working to sustain their supply chains, the global ready-to-eat soups market is poised to remain afloat throughout the duration of the pandemic.
Also, several countries are easing lockdown restrictions to allow their economies to rejuvenate from a prolonged period of stagnancy. This is allowing several industries to revert to normalcy, bridging the supply-demand gap and replenishing market revenues. This is also applicable to the ready-to-eat soups market.
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The global ready-to-eat soup market is highly consolidated, with Tier 1 players capturing 80% of the market. Campbell Soups is the most prominent player accounting for nine-tenths of the global ready-to-eat soup market share. The company is increasingly targeting supermarket aisle marketing as an effective strategy to attract potential customers. In its approach, Campbell has forged strategic partnerships with various retail outlets to carve out a niche for itself. This project has been christened as “The Soup Aisle of the Future.”
The company specializes in flavors which grab maximum customer attention, such as vegan, chicken, tomato and other prominent flavors. Another market players adopting this strategy is General Mills, Inc. which has effectively marketed its Progresso soup brand and has focused on developing an attractive packaging style to make consumer latch onto its product.
Find More Valuable Insights on the Global Ready-to-Eat Wet Soup Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for ready-to-eat wet soup, with historical data on demand (2014-2018) and expected projections for the period (2019-2029). The ready-to-eat wet soup report discloses compelling insights into the demand for ready-to-eat wet soup based on ingredient type i.e. non-vegetarian soup, vegetarian soup, nature (organic and conventional), packaging type (bottles, cans & packets), sales channel (HoReCa, B2C) across 7 key regions and 22 + countries.