U.S. Soup Market– Statistics And Analysis & Forecast To 2025Posted by Mrudula Anil Karmarkar on March 19th, 2021 The U.S. soup market size is expected to reach USD 7,697.1 million by 2025, according to a new report by Grand View Research, Inc. Rising awareness about leading a healthy and active lifestyle is expected to propel the demand for the product over the forecast period. The rise of e-commerce portals results in ease in the product purchase with companies offering price discounts to their consumers. In addition, the product has registered an increase in demand from the on-trade distribution channel such as restaurants and hospitality chains. The fluctuating cost of raw materials is anticipated to affect industry growth. Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. Health benefits offered through the consumption of soup are expected to drive the growth of the industry. High water content in the soup results in a decrease in calorie intake, which helps weight reduction. In addition, the introduction of customized products such as low sodium and gluten-free soups is also boosting the growth of the industry. The industry exhibits the introduction of a number of soups and broths with added minerals and vegetables in a bid to improve the nutrition of the product. The products are also being promoted with high advertisement expenditure in a bid to increase product sales and revive the dwindling industry growth in the economy. The industry exhibits the presence of major manufacturers operating their business by leveraging an extensive product portfolio and distribution network. The major players in the industry are engaged in expanding their business through mergers and acquisitions. The companies also offer discounts and other offers in order to attract more consumers. Further key findings from the report suggest:
Rising disposable income, coupled with an extended shelf life of the product is expected to drive the market growth. Burgeoning demand for products with natural and fresh ingredients coupled with the introduction of customized products based on ingredients or soup base as per the consumers’ demand is expected to drive the growth of the market. U.S. frozen/refrigerated soup industry segment is anticipated to witness the fastest growth over the forecast period followed by wet broths/stocks owing to the changing consumer preferences towards convenience food. Basic ingredients such as vegetables and lean meat increase the health quotient of the product, which increases the consumer affinity towards the product purchase. The U.S. soups industry follows the growth of convenience foods, which is expected to be driven by a flexible and informal approach by the consumers towards the preparation and consumption of food. Changing consumer demographics in the U.S. are expected to contribute to industry growth over the forecast period. The raw material industry for the market is characterized by the presence of a large number of suppliers. In addition, the industry is moving towards the use of organic ingredients owing to concerns regarding the excessive use of preservatives products. The use of preservatives and artificial products is highly supervised by authorities such as the U.S. FDA. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/5059/ibb Off-trade distribution accounts is one of the dominant distribution channels for the market owing to the expansion of retail and grocery chains. Furthermore, the industry has observed a significant increase in distribution through on-trade channels such as restaurants and hospitality chains. Rise in demand for nutritional meals which can be prepared at short notice is expected to boost the growth of the market. The industry characterized by the presence of a large number of manufacturers catering to the domestic and the international markets. Large players operating in the market account for a relatively large share of the U.S. soups market. The companies enter into a long-term contract with the raw material suppliers to ensure a constant supply. The companies operate through dedicated distribution channels for major distributors such as Walmart, Costco, Target in order to sustain sales. The market players also resort to product customization such as low sodium soups, no salt soups, gluten-free soups in accordance with the demand from customers. Grand View Research has segmented the U.S. soup market on the basis of product, and distribution channel Product Outlook (Revenue, USD Million; 2014 - 2025)
Distribution Outlook (Revenue; USD Million, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |