Asia Pacific Soups Market: Snapshot
The changing lifestyle in the Asia Pacific has brought about a healthy demand for different types of soups. Going forward, the consumption of soups in terms of volume is slated to witness changes on account of the changing eating habits of people and rising income levels in the region. The nations of China, Australia, Hong Kong, Indonesia, India, Japan, Singapore, Malaysia, New Zealand, Philippines, and Thailand exhibit different trends when it comes to soup consumption.
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Soup, a staple of most Asian meals, has seen its market expand in the region on the back of demand for convenient and healthy food products. Another factor driving growth in their market in Asia Pacific is the increasingly busy lifestyle of the people which leaves them little time and energy to prepare elaborate meals. Besides, rising disposable incomes and rapid urbanization in the region have also resulted in an upswing of sales. Hence, packaged soups are seeing swift uptake these days in Asia Pacific.
Top-tier players in the Asia Pacific market for soups are Unilever, Maggi, and Campbell’s. The unique selling points of their products are cost-effectiveness, taste, and innovation. As per Transparency Market Research, the Asia Pacific soups market was worth US$2025.5 mn in 2014. Rising at a steady CAGR of 5.3%, it is expected to reach a value of US$2766.6 million in 2020.
Canned and Dried Varieties of Soups Hold a Sway in the Asia Pacific Market
Based on the different types of soups, the Asia Pacific soups market can be classified into frozen soups, dried soups, chilled soups, canned soups, and UHT soups. Among them, canned soups and dried soups are the two crucial products having a stronghold in most countries. The dried soup segment, for example, dominates the market in Indonesia and India. Canned soups are also seeing substantial sales in Indonesia. Markets in Singapore, China, Australia, and New Zealand have demand for each of the five types of soups.
Manufacturers in the Asia Pacific soups market are exploring various methods to make further inroads into the lucrative markets of India and Indonesia. For example, manufacturers are trying to bring out new varieties of ready-to-eat mixes which would just require adding some warm water or milk, and thereby help busy consumers save their precious time. Additionally, they are also experimenting with different flavors to appeal to different palates.
Soups are purveyed through different channels. Some of them are convenience stores, cash and carries, supermarkets/hypermarkets, and food and drinks specialists. Of those, supermarkets and hypermarkets are dominant marketing channels on account of the rising fortunes of the people in the region.
China a Key Market due to Rising Disposable Incomes
The key geographic segments in the global soups market are Singapore, Hong Kong, India, China, Japan, New Zealand, Thailand, and Indonesia. Among them, China is one of the key markets for soups and going forward too will continue holding a sway on account of growing disposable incomes, hectic schedules, and shorter meal times. Other important markets are Japan, Australia, and New Zealand due to the busy lifestyle and strong purchasing power of the people in the countries. The market in India, however, is slated to expand at a breakneck speed due to untapped opportunities. This coupled with the increasing spending power of the people, the burgeoning supermarkets and hypermarkets, and substantial population will bring about significant growth in the country.
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