Soups Industry Market Research Reports, Analysis & Trends
Soups industry comprises companies that manufacture, produce and supply products that are commonly liquid dishes that are prepared from vegetables, fish, chicken or any other meat stock which is combined with other flavored ingredients. Soup is basically a comfort food staple that has been growing at an impressive rate and especially in the last five years with over 30% growth rate. Globally, soups are traditionally divided into clear and thick and they can be again divided into vegetarian and non-vegetarian. It was the invention of canning that resulted in commercializing of soup in the food market. Now, the most common retail soups such ready to serve are being sold at hotels, restaurants, prepared at home, and ready mix packets that required addition of hot water. It is the convenience aspect that attracts most consumers to soups.
The global economic recession made consumers help understand the value of soup and according to Mintel International, the soup products industry is expected to maintain the momentum for many years in the future. Its health benefits and high quality nutrition filled convenience has made soup products and its sales to shoot up at a good rate across the world. Mintel International adds that private label soups are majorly attracting many consumers and there are different varieties such as condensed soup, dry soup mix, bouillon, ramen and frozen soup are some of the new products that are introduced. While the innovation keeps happening, the industry seems to be generating a great amount of revenues.
Commonly, condensed soups, require some preparation by adding an equal amount of water or some type of liquid. Dry soups too require some preparation and contain agglomerated starches that dissolve easily in hot liquids. Frozen soups have the shortest shelf life, and Ramen is a simple type of noodle in bouillon or broth, usually dehydrated. Basically, soups are popular and most consumed as a starter before main course among consumers as filling and tasty dishes that can be both healthy and inexpensive.
Current Trends in Soups Industry
Soups industry mainly produces soups of different varieties. Soups usually don't spring up in mind as something as fast-moving and dynamic products that attracts consumers like a moth to a flame, but it is a big market and big enough to sustain and function for a long time to come. The soup industry is a vast industry worth over $4 billion and there are significant sector shifts, such as the dominant category such as ready to serve wet soup, condensed soup and dry soups.
Since last few decades, the convenience is defining the theme for the packaged soup market, and the soup category has reacted to the recession and constant changing consumer needs, and the number of new soups that claim to be premium has declined over the last two years while economy soups have reached a new high. As the recession and economic instability has faded, Mintel International reports that there is an increase of demand across many categories and there is an increased consumer interest in value.
Major Soups Industry Players
Major players in the soup industry include Knorr, Baxters Food Group Ltd, Associated British Foods Plc, Hain Holdings Uk Ltd, Hj Heinz Manufacturing Uk Ltd, Premier Foods Plc, Symington's Ltd and Unilever Plc