North America to Lead the Ready-to-Eat Soup Market with a CAGR of over 6% during 2017-2022

Covid-19 pandemic has disrupted the supply chain of several food products including ready to eat soups. With people panic buying and hoarding on several food products irrespective of brand, companies have been planning to cut their advertisement and marketing budgets and offering large-scale discounts to further speed up sales.

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During the second and third quarter, a moderate demand-supply gap can be expected owing to high pressure on production and limited mobility for shipment of ready-to-eat soups. The ready-to-eat soups market is poised to grow at a CAGR of 5% during the forecast period (2020-2030).

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

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• North America & Europe hold nearly 4/5^th 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.

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Tier 1 Players to Hold Nearly 90% of Overall Ready-to-Eat Soup Market in Terms of Value

The Ready-to-Eat market has seen a dominance of tier 1 players in many regions however, the strategies of new players to penetrate the market through developing nations have turned out to be effective. These players are extending their focus on the markets where the continuous demand for Ready-to-Eat soup are projected. An emerging market player Tideford organic food ltd. is channelizing its Ready-to-Eat soup products through e-commerce in U.K and Germany in order to standardize growth over the region.

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