Organic Soups Market to Reach US$2,497.8 Mn by 2022: Ready to Serve Wet Soup to be Leading Product Type - TMR
ALBANY, New York, October 5, 2017 /PRNewswire/ --
The growing demand for all-natural, fresh, and nutritious soups among populations world over is a key factor driving the organic soups market. The intensifying demand for gluten-free and non-genetically modified foods among health-conscious consumers is crucial factor boosting the sale of organic soups in various parts of the world. The soaring popularity of packaged soups that score high on the troika of health, flavor, and convenience is a prominent trend stoking the demand for organic soups in the soup market. Furthermore, the demand for ready to serve wet soups is gaining traction among consumers in various regions, thereby catalyzing the growth of the market.
The global organic soups market was valued at US$1,895.5 Mn in 2017 and is projected to reach a valuation of US$2,497.8 Mn by 2022 end. Witnessing profound potential in the food retail sector in various regions, the market is estimated to expand at a CAGR of 5.7% during the forecast period of 2017-2022.
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Key trends and factors driving the evolution of the market are:
With the growth of the food sector coupled with the constant evolution of the fresh soup segment, health-conscious world over are demanding soups that are sourced naturally, are fresh and bereft of gluten, and offers convenience of consumption. These factors are driving the evolution of the organic soup market. Not just being eco-friendly, as the ingredients are sourced naturally, organic soups are gaining prominence among various populations as they are delicious, wholesome, and high on nutrients. Coupled with this, the constant incorporation of exotic flavors and innovative spices blend in organic soups are key factors immensely contributing to the growth of the market.
Several manufacturers are adding a number of ingredients sourced naturally and incorporating exotic and savory flavors to organic soups, which has fortified the demand among discerning consumers in the food sector. To add to this, recent strides made in the food packaging sector in various developing and developing regions is a significant factor expected to open up exciting avenues in the market. A burgeoning ready-to-eat food segment in several emerging economies in various parts of the world is a prominent trend accentuating the organic soups market.
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North America Set to Witness Most Lucrative Avenue in Global Organic Soups Market
Regionally, North America is predicted to lead the global market vis-à-vis revenue in 2017 and expected to maintain its lead throughout the forecast period. The North America market for organic soups is projected to rise at a CAGR of 6% from 2017 to 2022. The dominance of the regional market is primarily attributed to the substantial demand for gluten-free and natural soups in various countries.
Meanwhile, Europe and Asia Pacific except Japan are prominent regions are predicted to rise at an impressive pace over the forecast period. The Europe organic soups market is forecast to rise at a CAGR of 4.4% from 2017 to 2022 and reach a valuation US$ 669.9 Mn by the end of 2022.
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Ready to Serve Wet Soup to Witness Substantial Consumption
The ready to serve wet soup is the dominant segment standing for 32.5% in 2017. Growing at a robust CAGR of 6.1% during 2017-2022, the market for ready to serve wet soups is projected to reach US$ 826.9 Mn by the end of 2022.
Competitive Dynamics
Several manufacturers are focused on consolidating their supply chains and keeping themselves aware of the latest food trends, in order to gain a competitive edge over others. Leading players operating in the organic soup market include Campbell Soup Company, the Kraft Heinz Company, Unilever PLC, Wolfgang Puck Worldwide, Inc., Trader Joe's Company, Blount Fine Foods, Amy's Kitchen Inc., Hain Celestial Group, Kettle Cuisine, LLC, and General Mills, Inc.
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