The global canned soup market is experiencing a significant growth, and is anticipated togrow considerably in next few years. Canned soup can be referred to as a preserved soup, which is either condensed form or in ready-to-eat from. Canned soups are available in market in ample mixes, flavors, and variants, catering to the diverse needs of the customers. The global canned soup industry is focusing on encouraging the customer attraction by delivering nutritional benefits along with a good taste. Consumers are gradually drifting their interests from homemade soups to canned soups, owing to their convenience, easy-to-cook attributes, and improved shelf life, making their consumption healthier and storage easier.
Companies covered: Kraft Heinz, Nissin Foods, General Mills, NK Hurst Company, Kroger, Baxters Food Group, Nestle, House Foods Group, Campbell Soup, Premier Foods, and Unilever.
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COVID-19 scenario analysis
Production shutdown scenario
The manufacturing operations for canned soup has been temporarily ceased, owing of the outbreak of the COVID-19 pandemic. This resulted in contraction of global market production for canned soups.
Disruptions in supply chains
Global lockdown situations across many regions have caused disruptions in the supply chains of raw material that has hampered the production, ultimately affecting the supply of product in the market.
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Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Hectic lifestyle of individuals is propelling the need forhealthier food products, which are easy-to-cook and store, and offer high nutritional value to the consumers. Soups have been traditionally consumed by preparing at homes, and this time-taking activity has transformed into effortless utilities by the leading manufactures. The manufacturing of canned soups, backed with increased shelf life with advancements in food and packaging technologies, is expected to boost the worldwide demand for global canned soup. The market is diversifying its offering in the form of organic canned soups to tap the health-conscious consumers segment. Wide range of products available at multiple distribution channels is fueling the pace of market growth for canned soups.
The global canned soup market trends are as follows:
New product launches to flourish the market
The launch of new products with improved capabilities has always been accepted and appreciated by the consumer base through means of increased demand. This clarifies the dilemma of whether or not the health and nutrition segment should be tapped.
Increase in working class population and rise indisposable income along with surge in consumer awareness regarding health concerns have significantly contributed toward the growth of the global market. Thus, the population is likely to choose healthier products over any other relatable products available in the market. Canned soups are consumed by diverse consumer segments. Its application gets diversified in the residential as well as commercial sectors,which augments the production of the same. The market has been witnessing a significant demand from the urban class for the canned soups due toits rich nutritional content, convenience in cooking, and longer shelf life. This has fastened the pace of growth for global canned soup market.
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Market capturing through diversified distribution channels
The application of canned soups has widened in the food & beverage sector, whichhas boosted its demand across the globe. Rise in awareness regarding nutritional benefits of canned soups among the population intrigues the customers to purchase the product from different platforms, and this brings out the initiation from the manufacturers’ end to diversify the distribution channel.
Canned soups either condensed or ready-to-eat, in conventional flavors or organic, and other variants are available at different stores be it online or offline. The offline stores have supermarkets and departmental stores that ease the supply of canned soups conveniently. The specialty stores for processed foods allow consumers to avail utility products. Surge in demand from the online platforms of selling is anticipated to flourish the market duringthe forecastperiod. This has not just diversified the channel of distribution but encouraged the global demand for canned soups.
Key benefits of the report
- This study presents the analytical depiction of the global canned soup industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global canned soup market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global canned soup market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis dependingon competitive intensity and how the competition will take shape in coming years.
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