Published on : May 13, 2016
Since the past many years, soup has been a key part of the Asian diet plan. Conventionally, they were made of broth of meat and vegetables, and do not contain dairy products. Owing to hectic and busy lifestyles of individuals, ready-to-eat or packaged soup mixtures have taken over the traditional ways of soup making. The radical change in the eating habits of people and the packaged food’s convenience are the two major reasons for the development of the soups market in the region of Asia Pacific in the coming years.
The key trends prevalent in the market are as follows:
- Soaring Demand for Canned Soups: The market for soups in Asia Pacific is impacted by the ever changing economic trends in nations such as that of Hong Kong, India, Australia, Malaysia, Japan, China, and the Philippines, Thailand, and Singapore. The consumption of food is predicted to experience a fast change on the basis of volume consumed owing to the changing income levels and eating patterns within these nations. The soup market in Asia Pacific is categorized into frozen soups, chilled soups, dried soups, and UHT soups in terms of product type. The segment of dried soups and canned soups will be the two top segments leading the nations in the forecast horizon.
- Dried Soups Segment Dominates India and Indonesia: A number of food manufacturers are looking at numerous ways for expanding in countries such as Indonesia and India owing to the fact that these nations have a great demand for dried soups. Manufacturers are majorly looking to cut down the cooking time by launching a number of ready-to-eat mixes that only require warm or milk to be added. In addition, soup makers have also tried to introduce a great array of soups in the market for catering to the taste of each consumer and presenting them a unique dining experience.
- Strong Foothold by Local Soup Sellers in China: The demand for soups in China is shifting towards local soup brands owing to the fact that these have catered to the traditional tastes, which can be competed by the foreign brands. Hence, the local soup sellers have grabbed a robust foothold within the China soup market, with an increasing revenue share.
The prime players operating in the soups market in Asia Pacific are Unilever, Maggi, and Campbell’s, among others.