With rapidly changing customer preferences, companies in the instant soup market are developing innovative products according to their specific needs. Key manufacturers, with the help of dedicated research & development, are introducing products that best suit customer tastes, taking into account cultural differences. A broad product line with different flavors for customers to choose from is a factor complementing the high sales of instant soup. Along with different flavors, customized products such as gluten-free instant soup, soup with decreased amount of sodium for health-conscious consumers, non-GMO project verified, halal, and kosher verified soups are also being offered by manufacturers to cater to changing market dynamics, thus driving the sales of instant soup.
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The global instant soup market has witnessed substantial growth over the past few years, and this trend is expected to continue through the course of the forecast period (2020 to 2030). The market is estimated to rise at a steady CAGR of 5.5% through 2030.
Key Takeaways from Instant Soup Market Study
- Organic instant soup is among one of the emerging products across the world, and is expected to witness a high growth rate over the forecast period. This growth is attributable to rising preference for organic food products among consumers.
- By form, dry instant soups will hold the largest value share over the forecast period in the global instant soup market. Easy and convenient way of cooking dry soup is the main factor for this high value share.
- The foodservice industry is expected to witness a high CAGR under the end use segment during the forecast period, owing to substantial growth of the HoReCa sector and institutional catering in developing countries.
- By source, plant-based soup products are gaining more traction as compared to animal-based soup products. This is attributable to rising consumer preference for vegan food products, along with growing consumption of mushroom- and corn-based soup products.
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Instant Soup Market: Competitive Landscape
The instant soup market is fragmented in nature. Key players in this space are focusing on increasing the scope of their distribution channels to reach a large number of customers. They have partnered with large retailers, along with e-Commerce retailers, direct sales to consumers, and brick and mortar online sales, to increase the penetration of their products. Manufacturers of instant soup are also focusing on the brand awareness strategy through the aggressive marketing and promotion of instant soup products.
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