According to Future Market Insights (FMI)’s recently published report, the global dried soup market will soar at a CAGR of 2.6% between 2017 and 2022, to reach a valuation in excess of US$ 2,000 Mn.
Dried soup is also referred to as instant soup mix that comprise of dehydrated ingredients such as grains, vegetables, legumes, and meat among others. There a number of procedures or methods available for dehydration of ingredients, however, freeze drying or slow air drying techniques remain the prominent ones. Dried soup is also gaining momentum owing to its high nutritional offerings in oppose to other varieties of instant or ready-to-eat soup available in the market.
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Additional factors such as changing consumer preference, rising disposable income and changing lifestyle is further influencing the pattern of consumption of various convenience food items including dried food. Increased reliance on such easy-to-make and reasonably healthy food items is expected to drive the global sales of dried soup over the next couple of years.
Introduction of new flavours and implementation of creative promotional strategies by brands are proving to be quite effective in driving the sales of their products. Some of the new and innovative packaging concepts are successfully drawing consumers’ attention. New packaging styles are playing an important role in influencing the consumers’ mind set, making them more curious about the product. Manufacturers usually use pouches, cup or boxes to pack dried soup and try to create designs that can appeal to consumers.
In addition, growing popularity of the convenience food and increasing consciousness about healthy food among consumers is likely to make a positive impact on the global market for dried soup during the forecast period. The arrival of dried soup that has zero gluten content and are prepared using organic ingredients is anticipated to support the growth of the market. However, the artificial flavouring and preservatives added to dried soup may increase blood pressure and blood sugar levels, which remains a major issue for most manufacturers.
Additional Highlights of the Report Include:
- FMI’s report reveals that the Europe will continue to be the most lucrative market for dried soup during the assessment period. Europe currently commands for the largest revenues share of the global market in terms of revenue. This is primarily attributed to the robust consumption of dried soup in the regions.
Moreover, a number of hotels, bars and restaurants in Europe include various dried soup dishes in their menu. Meanwhile, North America and Asia-Pacific excluding Japan (APEJ) regions will also remain important markets for dried soup over 2022.
- On the basis of product type, the dehydrated dried soups segment will retain its top position over 2022. This segment currently represents over 84% market share in terms of revenue and the figure is likely to witness a slight uptick by the end of the forecast period.
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- On the basis of packaging, the pouches segment is expected to remain highly attractive through the forecast period. Currently, the segment commands for close to 43% revenue share of the market and likely to remain dominant in 2017 and beyond. By 2022-end, the pouches segment is expected to surpass a market valuation of US$ 900 Mn.
Competitive Landscape
In order to gain a competitive edge, leading companies operating in the global market for dried soup are actively focusing on introduction of new and unique dried soup flavours that have higher food value. General Mills, Inc., Campbell Soup Co., Nestlé S.A., B&G Foods, Inc., Greencore Group Plc. Unilever Plc, Associated British Foods, The Kraft Heinz Company, Baxter’s Food Group, and Nissin Foods Holdings Co. Ltd. are some of well-known companies that manufacture dried soup.
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Market Taxonomy Product :
- Dehydrated Dried Soups
- Instant Dried Soups
Packaging :
- Pouches
- Cups
- Boxes
Sales Channel :
- HORECA
- Modern Trade
- Convenience Stores
- Online Stores
- Others
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