Rising Preference for Vegan
Food Products is Influencing the Market Growth
The global plant-based food
market is experiencing significant growth, largely driven by the increasing
trend of veganism as well as the rising consumption of plant-based products.
This surge in demand for plant-based alternatives is attributed to various factors,
including a growing population of individuals adopting vegan lifestyles, as
well as a heightened concern for animal welfare. As a result, the demand for
ready-to-eat vegan soups has also increased recently. Many customers are
shifting to a plant-based diet due to the health risks of consuming animal
products, as well as the ethical and environmental ramifications of animal
agriculture. As a result of the growing number of vegans, numerous prominent
firms in the packaged soup market are adding plant-based packaged soup to their
product portfolios and introducing it to the market. Furthermore, the
increasing incidence of diverse cardiovascular diseases globally is expected to
have a favourable impact on the sales of plant-based foods in the foreseeable
future. Moreover, the growing accessibility of the internet and widespread
adoption of social media platforms are playing a crucial role in raising
awareness among individuals regarding the numerous advantages associated with
the consumption of plant-based products. This factor creates lucrative business
opportunities for the ready-to-eat soup market development.
Rapid Urbanisation and Rising Demand for
Convenient Foods is Boosting the Market Expansion
The ready-to-eat soup market is
primarily driven by the increasing demand for convenient, healthy, and instant
foods. It is also benefitted by factors such as improving consumer lifestyles,
rapid urbanization, and the ease of accessing soups from multiple sales
channels. The ready to eat soup market is accelerating due to the increasing
number of quick-service restaurants and the shift from traditional homemade
soup to ready-to-eat canned soup. Manufacturers are introducing new products to
meet nutritional requirements and taste preferences, and the combination of
advances in food and packaging technology and the introduction of
regional-flavoured organic canned soups is expected to increase the sales of
the ready to eat soup during the forecast period. Long-shelf-life ingredients
also aid with food logistics, keeping packaged soups in frozen regions, and
increasing confidence in food stability. Packaged soups with a long shelf life
are rich in nutrients, minerals, vitamins, and protein, making them preferred
over soups served in restaurants. The increase in demand can also be linked to
the growing number of working women around the world and their increasing need
for quick and time-saving meal options.
New Product Launches are Stimulating the
Ready-to-Eat Soup Market Development
Major market participants are
focusing on research and development in order to create novel products that
will meet the customer demand and in turn enhance their product portfolio. They
are also employing various market strategies such as new product launches,
mergers and acquisitions in order to gain a competitive advantage in the
market. For instance, in July 2022, Upton's
Naturals had expanded its range of healthful and tasty vegan soups with three
additional varieties of ready-to-heat-and-eat soups. The new products are
Non-GMO Certified (NSF), Plant Based Certified, include no added colours,
flavours, or preservatives, and are fully free of cholesterol and trans-fat.
They provide plant-based protein (8-11g per serving) and just 180-300 calories
per bowl. Earlier, in August 2021, Tideford Organics, the exclusive organic,
plant-based, vegan, gluten-free, and nut-free food company in the United
Kingdom, is making substantial investments to revitalize its brand image. This
included an updated look as well as an expanded range of products. The company
is introducing innovative new recipes, enhancing the existing ones and
maintaining the popularity of their current best-selling soups, vegetable pots,
and cooks' ingredients. In addition,
Soupologie, the UK's best superfood, vegan, and free-from soup brand announced
the launching of three new Vitamin D soups in March 2021. The new line
comprises fresh plant-based soups supplemented with a vegan source of Vitamin
D3 that deliver at least 50% of the necessary daily consumption in one 300g
serving.
Rising Health Concerns and Government
Regulations are Acting as Restraints for the Ready-to-Eat Soup Market Growth
Given the associated effects of
cost-push and demand-pull inflation, the global ready-to-eat soup market
research projects a high rate of inflation. In the ready-to-eat soup market,
consumer preferences have shifted towards flavours rather than individual
components. This trend has led manufacturers to expand their product lines in
order to meet the demand. As a result, corn starch has emerged as a crucial
ingredient used by these manufacturers. This shift in consumer behaviour has
prompted soup producers to incorporate corn starch into their products to
enhance flavour and texture. However, consuming large amounts of corn starch
raises blood sugar levels, which can have harmful effects on health that
diet-conscious consumers are beginning to recognize. In addition, the expansion
of the packaged soup business is anticipated to be hampered by rising
consumer awareness of the negative effects of chemical preservatives. Additionally,
the health advantages of natural soups outweigh those of ready-to-eat soup. It
is anticipated that nutrients cannot be processed or kept in storage for as
long, which will impede the expansion of the packaged soup market. Furthermore,
government regulations regarding the consumption of such products is also
anticipated to be a restraint for the market growth. For instance, a public health alert had been issued by the
Food Safety and Inspection Service (FSIS) of the U.S. Department of Agriculture
in April 2023 due to worries that ready-to-eat meat soup items may have
been made, packed, or stored in unsanitary conditions, which could lead to early
spoiling of the product. Such campaigns have negatively impacted the ready to
eat soup market.
The Campbell Soup Company, Nestlé
S.A, Ottogi Co., Baxter Food Group Limited, General Mills Inc, Conagra
Brands, Inc. Premier Foods Group Limited, Hindustan Unilever Limited, Associated
British Foods plc, The Kraft Heinz Company are some of the prominent market
players operating in the global ready to eat soup market.
Technological Advancements and Changing
Consumer Preferences are Accelerating the Market Development
North America is anticipated to
witness a significant growth in the ready-to-eat soup market during the
forecast period. With its fast-paced technological advancements, hectic
lifestyles, and high disposable income, North America dominates the market for
ready-to-eat soup. On the other hand, Asia Pacific is also expected to
experience a significant growth in the ready-to-eat soup market owing to the region's
growing urbanization, shifting demographics, and shifting eating patterns of
its consumers. Furthermore, Europe market share of ready-to-eat soup is
anticipated to be substantial during the forecast period. This can be
attributed to the rising preference of people in the region for ready-to-eat products
since they are more convenient and take less time to prepare. Demand for ready
to eat soups with fresh, natural ingredients and little preservative content.
The market for packaged soup has expanded as a result of rising packaged soup
consumption, allowing manufacturers to add new flavours and health benefits to
their product line-up. The well-established soup industry in Europe has made
the region a potential ready-to-eat soup market for international soup
manufacturers to grow their businesses using a range of packaging technologies.
The report provides a detailed
overview of the ready to eat soup market insights in regions including North
America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and
Africa. The country-specific assessment for ready to eat soup market has been
offered for all regional market share, along with forecasts, market scope
estimates, price point assessment, and impact analysis of prominent countries
and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates
are also incorporated for every country and region, to provide a detailed view
of the vegan cookies market. These Y-o-Y projections on regional and
country-level markets brighten the political, economic and business environment
outlook, which are anticipated to have a substantial impact on the growth of
the vegan cookies market. Some key country and region included in the ready to
eat soup market report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy, U.K.,
BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN, India,
Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The Ready to Eat Soup Market Research
Report Covers In-depth Analysis on:
·
Ready to eat soup market segments
·
Ready to eat soup market dynamics
·
Ready to eat soup market value and share
analysis
·
Recent trends, restraints, opportunities in vegan
cookies market
·
Companies & competition involved vegan
cookies market
·
Latest technologies in vegan cookies market
·
Supply chain and value chain vegan cookies
market
·
Ready to eat soup market sales and distribution
strategies
Ready to Eat Soup Market Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size in
terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
Ready to eat soup industry trends and developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on ready to eat soup market
forecast by countries
·
Essential information to enhance market position
Plant Based Collagen Market - Forecast, COVID-19 Impact, Trend Analysis & Competition Tracking - Global Insights 2018-2033
Organic Wine Market - Forecast, COVID-19 Impact, Trend Analysis & Competition Tracking - Global Market Insights 2019-2034
CBD Edibles Market - Forecast, COVID-19 Impact, Trend Analysis & Competition Tracking - Global Market Insights 2017-2032