Market Research Report
Europe Soup Market - Growth, Trends and Forecasts (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||389938|
|Published||Content info||90 Pages
Delivery time: 2-3 business days
|Europe Soup Market - Growth, Trends and Forecasts (2019 - 2024)|
|Published: April 1, 2019||Content info: 90 Pages||
Europe soup market is forecasted to grow at a CAGR of 3.10% over the forecast period 2019-2024.
Europe soup market is segmented by product type, packaging, distribution channel, and geography. By type, the market is segmented as canned/ preserved soup, chilled soup, dehydrated soup, frozen soup, instant soup, and UHT soup. By packaging, the market is segmented as canned soup, pouched soup, and others. By distribution channel, the Europe soup market is segmented as hypermarkets/supermarkets, online retail stores, convenience stores, and others. The other distribution channels include warehouse clubs, discounted stores, and vending machines.
Instant Soups Hold a Prominent Market Share
The market for instant soup in Europe has great potential to grow, because of an increase in product offerings and the onset of convenient packaging options such as canned soup, natural and tasty soup, quick soup, pouched soup, and others. Moreover, there is an increasing consumer preference for instant soup as a snack item. There is also an increase in consumer preference for instant noodles soup, such as cup noodles soup. Europe is characterized by high female working population compared to most other regions of of the world, owing to which, the demand for convenience foods is increasing. Moreover, companies offering high nutritious ingredients in soups and the increasing preference for convenient food are driving the instant soup segment. Various companies operating in the segment are coming up with product launches and increasing their product offerings.
Increasing Demand For Soup in the Frozen Format
Frozen food increase the convenience of the working populartion as it can be stored for a longer period of time and can be consumed instantly. Long shelf life is one of the demanded attributes of soup, as soups otherwise have a shorter shelf life. As per the report published by British Frozen Food Federation, the retail value of frozen ready meals in Great Britain increased from being GBP 645,923 thousand in 2016 to GBP 674,999 thousand in 2017. One of the driving factors for this increase could be the increasing demand for soup and other food items in the frozen format.
Europe soup market is consolidated, with the strong presence of global and regional players, who account for more than 50% share of the market. Unilever and The Kraft Heinz Company are some of the prominent players operating in the market studied, and account for a significant market share. CSC Brands LP is one of the most active companies in terms of product launches. The major strategies adopted by the companies in the Europe soup market are new product launches, agreements/partnerships, expansions, and mergers and acquisitions.