Transparency Market Research has published a new market report titled “Soups Market – Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2020.” According to the report, the soups market in Europe is valued at USD 3919.1 million in 2014 and is anticipated to reach USD 5008.1 million by 2020, growing at a CAGR of 4.2 % from 2014 to 2020. Russia is the most attractive market for soups manufacturers in Europe. Soup is one of the oldest foods that consumers prefer in Russia and the demand is expected to be high as they consume it six times a week. Health and wellness trend and increasing variety of soups are the growth drivers responsible for the growth of Europe soups market in . With such rising demand, soups manufacturers compete to offer different types of soups such as canned and dried. Dried soups leads the Russian soups market by value and volume followed by canned, frozen, chilled and UHT soups. Active promotions by key soups manufacturers are also contributing to the growth of soups market in Russia.
Busy lifestyle of people and consumer preference for healthy and ready to eat food in major markets such as U.K and Italy are expected to boost the soups market in Europe. Furthermore, active promotions by key soups and product innovation would significantly increase consumption of soups in Europe from 2014 – 2020.
Due to high unemployment rate, soups consumers in Spain considers price as a key variable while making a purchase decision, which in turn has resulted in varied shopping habits among consumers in Spain. Soups consumption shows negligible growth in the forecast period and the soup manufactures should focus on price factor to increase the demand of soups in Spain. Consumers in France prefer soups only in the winter seasons therefore soup manufacturers c invest in product innovation in order to increase demand for soups throughout the year.
Geographically (by country), Russia and U.K are likely to experience strong growth in the next six years while France, Germany and Spain are expected to witness sluggish growth than other countries in Europe in terms of soups consumption.
The leading brands which have the maximum market share in Europe include Knorr, Liebig, Maggi, Heinz, Progresso among others. For example, Knorr and Maggi dominate the soups market in France. Soups in Europe is mainly distributed through hypermarkets, supermarkets and convenience stores.
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