LONDON–(BUSINESS WIRE)–May 14, 2020–
The global instant soup market is expected to grow by USD 2.86 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 3%.
Technavio has announced the latest market research report titled Global Instant Soup Market 2020-2024 (Graphic: Business Wire)
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The global spread of the COVID-19 pandemic is expected to positively impact the instant soup market. Vendors are adopting strategies such as product launches and advertisement campaigns to promote their products. For instance, in April 2020, Kraft Heinz introduced Heinz at Home in the UK to cater to the growing demand from its consumers during the lockdown period. Such marketing strategies are promoting the sales of instant soup, thereby fueling the growth of the instant soup market.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
The market is driven by new product launches. In addition, the evolving retail landscape is anticipated to boost the growth of the instant soup market.
The growing consumer preference for convenience food has been encouraging vendors to expand their product portfolio by introducing new varieties of instant soup. Successful product launches help vendors increase their sales, market share, and attract new customers. For instance, in October 2018, Nestlé launched two new variants under its MAGGI soup range, namely Creamy Potato and Chicken Pasta. These products primarily focused on children and are thus free of additives, artificial ingredients, flavors, and colors. Similarly, in April 2020, Baxters Food Group Ltd. launched vegan soups available in three flavors, namely Butternut Squash & Lentil Dhansak; Jackfruit, Three Bean & Chipotle; and Sri Lankan Sweet Potato. The company launched this range to cater to the growing demand from vegan and flexitarian consumers. Such successful products are fueling the growth of the global instant soup market.
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Major Five Instant Soup Companies:
B&G Foods Inc. operates its business through a unified segment. The company offers a wide range of instant soup variants such as “Darn Good” Chili Soup, Cheddar Broccoli Soup, Cheddar Potato Soup, Creamy chicken with rice soup, and others.
Campbell Soup Co. operates its business through segments such as Meals and Beverages and Snacks. The company offers a wide range of instant soup variants such as creamy tomato soup, cheesy chicken Tortilla soup, cheesy potato with bacon flavour soup, etc.
Conagra Brands Inc. operates its business through segments such as Grocery and Snacks, Refrigerated and Frozen, International, Foodservice, Pinnacle foods, Commercial Foods. The company offers a wide range of canned vegetarian, beef, and chicken soups such as chicken dumplings, country vegetable, vegetable beef, etc.
General Mills Inc. operates its business through segments such as North America Retail, Convenience Stores and Foodservice, Europe and Australia, and Asia and Latin America. The company offers a wide range of instant soup variants under its brands, PROGRESSO and Annie’s Home Grown.
Nestle SA operates its business through segments such as AMS, EMENA, AOA, Nestle Waters, and Other businesses. The company offers a range of single-serve soups in Instant Form, these include Tomato Margherita, Winter Vegetables with Ginger, Vegetable with Chilli Pepper, Green Pea with Coriander, Dal Shorba with Roasted Garlic, and Cream of Corn with Pepper.
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Instant Soup Market Distribution Channel Outlook (Revenue, USD Billion, 2020-2024)
Instant Soup Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- North America
- Europe
- APAC
- South America
- MEA
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Global Instant Coffee Market – Global instant coffee market by product (spray-dried and freeze-dried) and geography (APAC, Europe, MEA, North America, and South America).
Global Pasta Market – Global pasta market by product (dried pasta, chilled and fresh pasta, and canned and preserved pasta) and geography (APAC, Europe, MEA, North America, and South America).
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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INDUSTRY KEYWORD: RETAIL SUPERMARKET FOOD/BEVERAGE
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 05/14/2020 11:30 AM/DISC: 05/14/2020 11:30 AM
Copyright Business Wire 2020.
