Ready to eat (RTE) soups are amongst some of the food products that consumers are stocking and panic buying owing to the fears of shortage amid Covid-19 pandemic. Eyeing this, manufacturers of RTE soups have increased production of RTE soups as their production facilities are yet to feel the brunt of lockdowns.
However, sourcing of ingredients has become difficult owing to a disruption in supply chain. RTE soup manufacturers that have been sourcing raw materials locally are in an advantageous position, whereas those largely dependent on imports are finding it difficult to cater to the rising demand.
Campbell Soup Company, for instance, sources around 90% of its raw materials from within the US and thus is capable of meeting the sudden spurt in demand due to pandemic.
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Key Takeaways of the Global Ready-to-Eat Soups Market
- Owing to stringent lockdowns and social distancing, sales of ready to eat soups in HoReCa has experienced significant decline in the first quarter of 2020, however, sales from this end user is expected to increase by the end of 2020
- North America & Europe hold nearly 4/5th of the global Ready-to-Eat soup market. However South Asia will grow at nearly 10% CAGR which is higher than the overall global average during the forecasted period
- Ready-to-eat soups in cans have a market share 4X more as compared to that of packets. On the other hand, demand for bottle packaging will grow at a CAGR of nearly 8% during the forecast period.
- United Kingdom is expected to dominate the European market by accounting for 40% of the market, owing to its rising contribution to modern trade and efficient sales channels
- The market share of conventional ready-to-eat soup has a dominance in the overall soup demand. However, organic ready-to-eat soup will grow at a CAGR of nearly 7% during the forecast period.
Report Benefits & Key Questions Answered
- Ready to Eat Soup Market Company & brand share analysis: Company and brand share analysis on Ready to Eat Soup Market reveals how much market share is captured by Tier 1, Tier 2, and Tier 3 players
- Ready to Eat Soup Market Historical volume analysis: The industry analysis provides data & insights on historical volume sales of Ready to Eat Soup Market
- Ready to Eat Soup Market Category & segment level analysis: Fact.MR’s Ready to Eat Soup Market sales outlook offers category and segment level analysis on lucrative and nascent product types. Market players can use this information to identify sales potential and set sales targets at local, country, and regional level.
- Ready to Eat Soup Market Consumption by demographics: The market intelligence study provides consumption by demographics analysis so market players can design their product and marketing strategies on the basis of high-value consumers
- Post COVID consumer spending on Ready to Eat Soup Market: The report includes post COVID consumer spending analysis. This information will help business leads understand the shifts in purchasing power and behavior
- Manufacturing trend analysis: Vital information on how market players are aligning their manufacturing strategies with respect to evolving consumer sentiments.
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What insights does the Ready to Eat Soup Market report provide to the readers?
- Ready to Eat Soup Market fragmentation on the basis of product type, end use, and region.
- Comprehensive assessment of upstream starting materials, downstream demand, and present market landscape.
- Collaborations, R&D projects, acquisitions, and product launches of each Ready to Eat Soup Market
- Various regulations imposed by the governments on the consumption of
- Ready to Eat Soup Market
- in detail.
· By Product Type :
- Wet Soup
- Dry Soup
· By Ingredient :
- Vegetarian soup
- Other ingredient
- Non-vegetarian soup
- Sea food
- Other ingredients
- Vegetarian soup
· By Nature :
· By Packaging Type :
· By Sales Channel :
- Modern Trade
- Online Stores
- Drug Stores
- Departmental Stores
- Conventional Stores
- Departmental Stores
- Convenience Stores
- Other Sales Channels
· By Region :
- North America
- Latin America
- W. Europe
- E. Europe
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