LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global packaged soups market report. This research report also lists six other prominent vendors that are expected to impact the market during the forecast period.
The global soup market is experiencing a steady year-over-year growth. One of the factors driving the growth of the market is the increase in demand for convenient as well as healthy food products; they are highly preferred over other unhealthy food products by families. Due to busy lifestyles of consumers and the shortage of time to prepare food, packaged soups, especially instant soups, offer convenience to consumers. Also, factors such as an increase in working women population and increase in demand among kids have resulted in the increased demand for soups. Overall, the global soup market is expected to experience steady growth during the forecast period driven by the increase in the demand for natural and organic soups.
Competitive vendor landscape
The global packaged soups market is dynamic with the presence of many regional and international players. The market is competitive and the vendors are competing based on new product launches, innovative packaging, and increased marketing activities to maintain their market share. The market is expected to remain competitive during the forecast period also due to the growing prominence of private label brands. Private label brands are gaining prominence in most of the major markets and are expected to become a threat to the leading major vendors during the forecast period.
“Vendors in the market are spending on research and development to create new products and innovative packaging and are also investing in increasing their production capabilities to meet the consumer demand. In 2015, Campbell Soup Company invested about USD 20 million in Garden Fresh Gourmet to increase the production capacity and invested about USD 18 million to expand the warehouse facilities at its plant,” says Manjunath Reddy, a lead non-alcoholic beverages analyst from Technavio.
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Top five packaged soups market vendors
Campbell Soup Company
Campbell Soup Company focuses on building shareholders' value by driving sustainable and profitable net sales growth. In FY2015, the company took several steps to strengthen its established business. The company focused on the "Real Food That Matters for Life's Moments" strategy, which strives for customer retention and expansion of business operations in new markets.
ConAgra Foods is a North America-based food company that manufactures and markets branded foods for various markets. As of May 25, 2015, the company generated a revenue of USD 15.83 billion and invested USD 90.4 million in R&D. It has 32,900 employees. The company sells its soup products under the Healthy Choice brand. These soup products are sold in the market in canned and microwave bowl formats.
General Mills is a manufacturer and marketer of branded consumer foods and sells through retail stores. The company also supplies the branded and unbranded food products to the North American foodservice and commercial baking industries.
As of May 2015, General Mills had 42,000 employees, the revenue generated by the company was USD 17.63 billion, and the company spent USD 0.23 billion on R&D. Some of the subsidiaries of the company include Annie’s Baking, Cereales Partners Latin America, General Mills Argentina, HD Marketing & Distribution, Kifissia Pastries, and Northgate Partners.
The company develops and manufactures various special recipe products for the retail, foodservice, and institutional trades. Some of the products offered by the company are soups, salads, pasta, meat salads, and desserts. As of 2015, the company had an employee strength of more than 10,000 and a revenue of USD 2.05 billion.
The company operates in two segments: convenience foods and ingredients and property. In 2015, the convenience foods segment reported a revenue of USD 1.97 million and the ingredients and property segment reported a revenue of USD 800 million.
Hain Celestial Group
The company is growing in the market through mergers and acquisition strategies and has successfully completed the acquisition of three companies: Live Clean, Hain Pure Protein Corporation, and EK Holdings. The company is also focusing on innovation and had launched over 200 products in 2015 along with new packaging and reformulations. The company expects a robust growth in all the segments during the forecast period.
The other prominent vendors in the market are:
- Amy's Kitchen
- Baxters Food Group
- Kettle Cuisine
- New Covent Garden
- Pacific Foods
- The Real Soup Company
Browse Related Reports:
- Global Dried Soup Market 2016-2020
- Baby Food and Formula Market in the US 2016-2020
- Organic Packaged Food Market in the US 2016-2020
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