The soup market in Asia Pacific has been advancing at a strong CAGR of 5.3% and is estimated to reach a market value of US$2,766.6 million by 2020. Up from US$2,025.5 million in 2014, the Asia Pacific soups Market will grow due to several cultural as well as dietary reasons.
Over centuries, soup has been an integral part of Asian diet. Traditionally, they are made out of broths of vegetables and meat, devoid of dairy products. The elaborate process of making soups uses the boiling technique and simmering the broth over long exposure to heat. However, with busy lifestyles and hectic schedules, packaged soups or ready-to-eat soup mixtures have replaced the conventional ways of soup making. The radical change in eating patterns and the convenience of packaged food are two important reasons for the growth of the Asia Pacific soups market in the next few years.
Browse Soups Market Report with Full TOC at
Increasing Disposable Incomes to Drive Asia Pacific Soups Market
The Asia Pacific soups market is influenced by the dynamic economic trends in countries such as India, Hong Kong, China, Australia, Japan, Malaysia, the Philippines, Thailand, Singapore, and New Zealand. As these economies rise in the global economic hierarchy, the average disposable income of their citizens is growing. This rise in spending capacity is the fundamental reason for the growth of the Asia Pacific soups market and will propel the market in the next five years.
The Asia Pacific soups market has been segmented into chilled soups, frozen soups, canned soups, dried soups, and UHT soups on the basis of product type. India, Japan, Hong Kong, New Zealand, China, and Indonesia are expected to witness steady growth of the soups market, in terms of both value and volume. This upward movement of the APAC soups market will be supported by the relentless urbanization in these countries, the fast-paced lifestyles of consumers, and changing dietary habits due to health reasons. Canned soups and dried soups will be the two crucial segments dominating these countries in the forecast period.
Dried Soup Segment Leads in Indonesia and India
Food manufacturers are looking at various ways of expanding in countries such as India and Indonesia, since these only have a high demand for dried soups. Manufacturers are primarily looking at cutting down the cooking time by innovating with read-to-eat mixes that only need the addition of warm water or milk. To add to this, soup makers are also trying to launch a huge array of soups into the market to cater to every taste and to serve their consumers a unique dining experience.
Browse Press Release
The demand in China is tilting toward local soup brands, as these are catering to the conventional tastes, which foreign brands cannot yet compete against. Thus, local soup sellers are grabbing a stronger foothold in the China soup market, with a growing revenue share.
Some of the key players in the Asia Pacific soups market are Maggi, Unilever, and Campbell’s. Cost-effectiveness, taste, and innovation are likely to allow these companies to lead the Asia Pacific soups market in the coming years.