North America Soups Market to Post Marginal CAGR of 0.7% to 2020, Product Innovation Sustains Growth

2024-04-13 07:47:02 Lifestyle

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North America soups market has experienced unique trends across different countries such as the U.S., Canada and Mexico. Soups in the U.S. and Canada are perceived as a conventional and traditional food product. Traditionally soups are consumed heavily during winters in these countries. However, leading brands have introduced new flavors and types to attract consumers. For example, companies have launched chilled soups which are people?s favorite during summer season.

This market has segmented by types of soups produced and consumed into five types such as canned, chilled, dried, frozen and UHT soups. It also provides an insight into value (USD million) and volume (kg-million) of soups consumption in North America market. The study highlights current market trends and provides forecast from 2014 to 2020. In addition, current and future trends are also covered in this report.

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By country, the market has been segmented into the U.S., Canada and Mexico. This report also covers country wise preferences for different soups. Countries of North America such as the U.S., Canada and Mexico would see a stable growth in volume and value of soups over the forecast period. Traditionally, soups are one of the major items in the day to day meals in the countries of North America. The major factor contributing to the growth of soups market in North America region is the increasingly busy life style of people in the countries like U.S. and Canada, where people opts for ready to go meals. The canned soups market in North America is expected to see decline over the coming years. People here find canned soups as an old food item and opt for new food items.

However, the leading soups companies have launched new premium soups items to attract more customers, especially the younger generation. The dried soups market is expected to witness steady growth over the coming years. This is due to the reason that it can be made ready to consume by only adding water and heat. People can buy it or can carry it to their work places and can consume it whenever required. The trend shows that the overall demand for dried soups and chilled soups would increase over the forecast period and the demand for canned soups would decrease in the coming years.

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In North America, the U.S. has the largest market size in case of value and volume terms followed by Mexico and Canada. The chilled soups market is expected to have a steady growth over the forecast period in the countries like the U.S., Canada and Mexico. The trend shows that the chilled soups market is the fastest growing market in the North America.

In the U.S., the demand for soups is becoming heavily influenced by addition of premium flavors by different soup companies. One of the leading soups companies Campbell?s have introduced new brands having different premium tastes including Campbell?s Go Soup to reach out to younger customers. In Canada soups market is having difficulty to find growth especially in canned soups segment. However, introduction of new flavors by top soup companies would see a change in demand in the coming years. Another factor driving the soups market in Canada is the increasing demand for chilled food items. As a result chilled soups market in Canada is expected to have decent growth over the forecast period in the coming years. In Mexico, the chilled soups market is expected to grow at a decent rate over the forecast period because of the hot weather. Dried soups market is also estimated to have a decent growth in Mexico as it is easy to consume.

Soups are sold through a variety of channels. Major distribution channels such as, supermarkets, hypermarkets, convenience stores, food and drinks specialists are among the most preferred destinations/channels for the sale of soups. Supermarkets and hypermarkets have become popular channels for purchase of goods due to the availability of a huge range of products under one roof. Supermarkets and hypermarkets are likely to dominate the distribution channel by 2020.

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