Introduction of New Products and Flavors Will Significantly Drive the Global Dried Soup Market Until 2020, Says Technavio

LONDON--()--According to the latest market research report by Technavio, the global dried soup market is expected to reach close to USD 29 billion in revenue by 2020.

In this report, Technavio covers the present scenario and growth prospects of the global dried soup market for 2016-2020. To calculate the market size, the report has taken into consideration revenue generated from the retail sale of dried soups across the world.

In terms of distribution channel, the report considers the following segments to calculate the market size:

  • Hypermarkets and supermarkets
  • Cash-and-carry retailers
  • Convenience stores
  • Others

“One of the main trends emerging in the market is the launch of new products to cater to the changing needs of consumers. Vendors are introducing new products and extending their flavor portfolios to remain competitive in the market and meet consumer demand. In September 2015, Batchelors launched a new range of dry soups under the brand name Deliciously Thick in different flavors such as Thai inspired chicken & Sweet potato, Mediterranean style tomato & red pepper, southern style pulled pork, and classic carrot & coriander. Following this trend, many more product launches are anticipated in the market over the forecast period,” said Vijay Sarathi, one of Technavio’s lead industry analysts for food and beverage research.

Global dried soup market by region 2015

  • Europe 36.45%
  • APAC 33.50%
  • Americas 26.23%
  • MEA 3.82%

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Dried soup market in Europe: largest market

Dried soup market in Europe was worth USD 2.96 billion in 2015. The dried soup market in Europe had a market share of 36.45% by revenue during the forecast period. The convenience of dried soup products is the main reason for the rising demand for this product in Europe, and the demand is expected to increase during the forecast period. Due to their busy schedules, consumers spend less time cooking at home and look for convenient food products that require minimal preparation.

New product launches, and increased marketing campaigns by vendors are some of the factors expected to increase the demand for dried soup products in Europe during the forecast period. In 2015, Knorr rolled out a new advertising campaign ("Flavor of Home") in the UK. Through a short film, based on a true story of a mother and daughter, the advertisement highlights the significance of home-cooked meals.

Dried soup market in APAC: second largest region

The dried soup market in APAC was worth USD 2.72 billion in 2015. The dried soup market in Asia-Pacific (APAC) had a market share of 33.5% in terms of revenue in 2015. Dried soup products are expected to have a higher penetration rate in APAC countries such as India and Indonesia during the forecast period. The changing eating habits of consumers due to their busy lifestyles and increased per capita income are some of the factors that will drive the growth of the market in the region.

It is estimated that the average consumer in South Korea spent about 3.7 hours in the kitchen per week in 2015, and consumers in China spent about 5.8 hours per week in the kitchen. Time spent in the kitchen is expected to decrease further during the forecast period and augment the growth of this market.

Dried soup market in Americas

The dried soup market in the Americas was worth USD 2.13 billion in 2015. The dried soup market in the Americas had a market share of 26.23% in terms of revenue during the forecast period. Dried soup can be consumed after it is mixed with boiling water, thereby requiring minimal preparation time and effort. This convenience is likely to appeal to consumers who have increasingly busy lifestyles. It is estimated that the average consumer in the US spent an average of 5.9 hours per week cooking, those in Mexico spent 5.8 hours, and those in Brazil spent 5.2 hours.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest market research report by Technavio, the global dried soup market is expected to reach close to USD 29 billion in revenue by 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com