Soups and broths are getting increasingly popular all over the world and there are many factors contributing to this phenomenon. Rising urbanization and a fast paced lifestyle are the factors responsible for increasing demand for packaged soups and broths across the globe as they are convenient to make and consume and support on the go lifestyle. There is a rapid increase in the demand for ready-to-consume food products due to the busy lifestyle of the people, especially in urban areas. Besides, a rapid proliferation of the supermarkets and hypermarkets, more so in emerging economies, are also stimulating the growth in the global soups and broths market. However, there is a growing awareness regarding the harmful effects of processed food, and the hazardous preservatives used in the production of such ready-to-consume food products. As there is a rapidly increasing awareness about eating fresh and preservative free food, such factors are hampering the growth of the soups and broths market.
According to the assessment of Persistence Market Research, the global soups and broths market is forecasted to reach a figure of about US$ 9,100 Mn in 2022 and is poised to exhibit a robust CAGR in the period of assessment.
APEJ Market Set to Dominate the Global Soups and broths Market in Terms of Revenue
The market in APEJ is set to dominate the global soups and broths market in terms of value and this trend is projected to sustain itself throughout the assessment period. APEJ soups and broths market is the most attractive market, growing at a robust CAGR over the forecast period.
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Traditional Product Type Segment Slated to Touch a Value of About US$ 1,900 Mn in 2022
According to the projections of Persistence Market Research, the traditional product type segment is expected to reach a value of about US$ 1,900 Mn in the year 2022. This signifies a moderate CAGR during the forecast period of 2017-2022. The traditional product type segment is estimated to account for more than one-fifth of the revenue share of the product type segment by the end of the year 2017 and is expected to lose in market share by 2022 over 2017.
Tomato Ingredient Type Segment to Exhibit a CAGR of Nearly 5% During the Assessment Period
According to the assessment of Persistence Market Research, the tomato ingredient type segment is poised to touch a figure of about US$ 1,800 Mn in the year 2022. This signifies a CAGR of nearly 5% during the assessment period from 2017 till the year 2022. The tomato ingredient type segment is estimated to account for more than one-fifth of the revenue share of the ingredient segment by the end of the year 2017 and is projected to lose market share by 2022 over 2017.
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The report also profiles companies that are expected to remain active in the expansion of global soups and broths market through 2022, which include General Mills, Inc., Conagra Brands, Inc., Trader Joe’s Company, The Hain Celestial Group, Inc., Campbell Soup Co., Baxters Food Group Limited, Knorr Foods Co. Ltd., The Kraft Heinz Co., Compass Group USA Inc., Amys Kitchen Inc. and Juanitas Foods.