The Africa soup market size is estimated to register a substantial CAGR of 3.8% during the forecast period, 2021–2028. The growth of the market is attributed to rising demand for convenience food and growing awareness regarding health benefits of soups. Soups are rich source of vitamins, minerals, nutrients, and protein.
The COVID-19 pandemic had an unpleasant impact on the Africa soup market due to halt in production and fluctuating supply in the market; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Rising health consciousness and expanding demand for convenience foods are the key factors boosting the African soup market’s growth.
- Increasing disposable income, urbanization, growing working population and changing preference for soups are anticipated to spur the market in near future.
- Factors such as lesser cooking time, travel-friendly, high availability, and good shelf life are further projected to drive the market expansion during the forecast period.
- Innovation in terms of additional convenient packaging and extensive flavor offerings are estimated to propel the African market’s growth in coming years.
- High content of salt and corn in dried products is considered to hamper an individual’s health and impede the market growth.
- R&D investment and technological advancement in Africa soup market are expected to offer lucrative opportunities for the market players.
Soup Market Scope
The report on the Africa soup market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Soup Market - Africa Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Category (Vegetarian Soup and Non-Vegetarian Soup), Type (Dehydrated Soup, Instant Soup, and Others), Packaging (Canned, Pouch, Other Packaging), Distribution Channels (Supermarket/Hypermarkets, Convenience Stores, Online Retail and Others)
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Geography
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South Africa and Rest of Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Unilever, Campbell Soup Company, Kraft Heinz, Mars, Incorporated and Nestle SA
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Soup Market Segment insights
The vegetarian soup segment is projected to constitute a large market share
Based on category, the Africa soup market is segregated into vegetarian and non-vegetarian soup. The vegetarian segment is expected to account for a key share of the market during the forecast period owing to changing taste and preference of consumers towards vegan food.
The instant soup segment is anticipated to grow at a rapid pace
Based on type, the Africa soup market is segregated into dehydrated soup, instant soup, and others. The instant soup segment is anticipated to dominate the market due to growing working population and busy schedule of consumers, thereby, opting for instant soup which consumes very less time.
The Pouch segment is expected to register a substantial CAGR
Based on packaging, the Africa soup market is divided into canned, pouch and others. The pouch segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to high consumption of convenience, packed, and healthy processed food in the working population. Working people are more inclined towards healthy food including easy to make and eat food products; however, canned segment is anticipated to expand at a rapid pace during the forecast period due to consumers inclined towards ready to eat products on account of busy schedule. The manufacturers are focusing on making new flavors and products with associated health benefits.
The Supermarket segment is estimated to propel the market expansion
Based on distribution channel, the Africa soup market is divided into supermarket/hypermarkets, convenience stores, online retail and others. The supermarket segment is expected to account for a key share of the market during the forecast period. Soups are primarily sold in supermarkets due to the persistent demand for such products in the country. Moreover, consumers who are brand conscious prefer shopping from supermarkets, because of the brand assortment in these stores.
South Africa is expected to dominate the market
In terms of geography, the market is broadly classified as South Africa and Rest of Africa. The market in South Africa is anticipated to expand at a robust CAGR during the forecast period. Consumers in this region are mainly middle to higher income groups, who can afford to pay more for added convenience, and is anticipated to boost the market growth over the coming years.
Segments
The Africa soup market has been segmented on the basis of:-
Category
- Vegetarian Soup
- Non-Vegetarian Soup
Type
- Dehydrated Soup
- Instant Soup
- Others
Packaging
Distribution Channels
- Supermarket/Hypermarkets
- Convenience Stores
- Online Retail
- Others
Geography
- South Africa
- Rest of Africa
Key Companies
Competitive Landscape
Key players competing in Africa soup market include Unilever, Campbell Soup Company, Kraft Heinz, Mars, Incorporated and Nestle SA
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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