LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent soup market in the US report. This market research report also lists nine other prominent vendors that are expected to impact the market during the forecast period.
Competitive vendor landscape
According to the research analysis, the soup market in the US is a large market and is one of the leading markets in the global soup market. A large variety of soups are available in the market. The rising consumer inclination toward healthy food products is driving the demand for soups in the US.
There are several large vendors like General Mills, CSC Brand, Unilever, and others in the soup market in the US. Several small vendors are also present in the market; however, most of the market share is captured by the large brands. CSC Brand alone holds a share of more than 30% in various soup segments. The availability of a wide variety of products in the market allows consumers to choose products based on packaging, flavor, and type (canned, microwavable, chilled, frozen, and others).
“Vendors compete based on product offerings, product differentiation, and customer base. There is intense competition in the market among the top players which necessitates continuous innovations in products to sustain in the market as consumer demands change frequently. With the trend of healthy eating, vendors are now trying to reformulate their products and reduce the use of artificial preservatives,” says Manjunath Reddy, a lead food research analyst from Technavio.
The report also states that there has been an increase in demand for instant, ready-to-serve, microwavable, and canned soups. The concept of cold soups has also aided the market growth with the availability of chilled and frozen soups. Packaged soups, both dry and wet soups, can be consumed with minimal preparation. Being a complete dish with healthy ingredients, soups are largely preferred by health-conscious consumers. Thus, the convenience factor associated with soup products available in the market increases the volume consumption of these products.
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Technavio market research analysts identify the following key vendors:
Conagra Brands is one of the leading players in the food industry and offers several variants in the soup category. The Healthy Choice brand of the company offers a wide range of canned and microwavable soups, which are packaged in such a manner that they are portable and easy to consume. The Marie Callender’s brand offers a range of chicken soups in various flavors. The foodservice division of the company offers products to retailers, restaurants, commercial customers, and others.
CSC Brand (Campbell Soup Company)
CSC Brand is one of the leading manufacturers of food and beverage products and is the leading player in the soup market in the US. The company owns several brands that offer soup products and offers several varieties of soups like condensed soups, stock, broth, and others through these brands.
General Mills is a multinational manufacturer of consumer foods. The PROGRESSO brand of the company is one of the best-selling soup brands in the US. It offers a wide range of soup products in different categories. The brand also offers products for specific customers like vegetarian and those who are intolerant to gluten. Several flavors are offered under different categories, and thus consumers have a variety of options to choose from. The Annie's brand offers an organic range of products for health-conscious consumers.
The Kraft Heinz Company
The Kraft Heinz Company is engaged in various segments such as cheese and dairy, sauces and condiments, and confectionary. The company offers a variety of soups like noodle soup, broths, and stocks in different flavors. Brands like TrueSoups and Heinz offer a wide variety of soup products in the market. The soup variants are available in both vegetarian and non-vegetarian segments.
Unilever is one of the leading consumer goods companies globally. Their product range caters to different segments ranging from food and beverage to health and wellbeing. The company is one of the leading players in the soup market in the US with Knorr being a popular soup brand in several regions. The brand, apart from offering flavors that have global acceptance, also offers regional variants to increase sales. Other brands like Lipton also offer products in the soup category.
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