The Asia Pacific soup market is projected to expand at a CAGR of 6.1% during the forecast period, 2021 - 2028. The growth of the market is attributed to the rising disposable income coupled with increasing demand for convenience foods.
Soup is a liquid dish, which is usually made by adding savories and spices to add flavor to it. Changing lifestyle is expected to positively influence the growth of the market. Growing demand for healthier and tastier food alternatives along with the rise in the sedentary lifestyle is expected to fuel the soup market in the region. Factors, such as high availability, lesser cooking time, travel friendly, and good shelf life are adding value to the Asia Pacific soup market.
Market Drivers, Restraints, Trends, and Opportunities
- Rising western influence on countries such as India and Australia and increasing awareness of the health benefits of soup are anticipated to proliferate the market growth.
- The COVID-19 pandemic had increased the demand for ready-to-eat food products. This, in turn, has stimulate the growth of the market.
- Increasing number of industry players that are preparing soup by adding natural additives are expected to boost the market growth.
Scope of the Report
The report on the Asia Pacific soup market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Soup Market - Asia Pacific 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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2020 - 2025
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Segmentation
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Categories (Vegetarian Soup and Non-vegetarian Soup), Types (Canned/Preserved Soup, Chilled soup, Dehydrated Soup, and Others), Distribution Channels (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others),
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Geography
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China, Japan, India, Australia and Rest of Asia Pacific
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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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Bambino, Campbell Soup, ConAgra Foods, Nestlé, and Unilever
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Asia Pacific Soup Market Segment Insights
Vegetarian soup segment to account a major market share
Based on categories, the market is segregated into vegetarian soup and non-vegetarian soup. The vegetarian soup segment is projected to account for a major market share during the forecasted period. Increased consumption of vegetarian soups owing to increasing inclination toward fitness activities. Moreover, rising number of people opting for vegan lifestyle is expected to propel the market segment.
Canned/reserved soup segment to exhibit a high CAGR
In terms of types, the market is divided into canned/preserved soup, chilled soup, dehydrated soup, and others. The canned/preserved soup segment is expected to exhibit a high CAGR during the forecast period. Increasing consumption of canned soup owing to convenience and easy availability in the supermarkets and convenience stores are expected to propel the market segment.
Supermarkets/Hypermarkets to hold a significant market share
Based on distribution channels, the market is classified as supermarkets/hypermarkets, convenience stores, online retail and others. The supermarkets/hypermarkets segment is projected to drive the Asia Pacific soup market during the forecast period. Increasing visitors in the hypermarkets owing to easy availability and presence of preferred brands at reasonable prices is speculated to foster the segment growth.
China to dominates the market
Based on geographies, the market is categorized as China, Japan, India, Australia and Rest of Asia Pacific. Increasing consumption of soup in China owing to easy availability and presence of healthy soups is driving the growth of the market in the country. The soup market in China is expected to benefit from this trend during the forecast period. The growth of the market in China is expected to be further supported by an expansion of the ready-to-eat food market in the coming years. Conversely, the market in India is anticipated to grow at a sustainable rate owing to rising trend of opting ready-to-eat food products. Moreover, increasing number of hypermarkets and supermarkets is expected to benefit the market in India.
Segments
Segments covered in the report
The Asia Pacific soup market has been segmented based on
Categories
- Vegetarian Soup
- Non-vegetarian Soup
Types
- Canned/Preserved Soup
- Chilled soup
- Dehydrated soup
- Others
Distribution Channels
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retail
- Others
Geographies
- China
- Japan
- India
- Australia
- Rest of Asia Pacific
Key players
- Bambino
- Campbell Soup
- ConAgra Foods
- Nestlé
- Unilever
Competitive Landscape
The major players of the market include Bambino, Campbell Soup, ConAgra Foods, Nestlé and Unilever. The demand for exotic and natural flavors is high in the countries in the region.
Companies are introducing new flavors in countries such as India, Japan, and China to expand their market share. Major players are launching promotional campaigns to increase the awareness about the health benefits of soup.
