Key regions: United Kingdom, Russia, Philippines, United States, Spain
The Soups Market in the Convenience Food Market in APAC has been experiencing slow growth, influenced by factors such as minimal market growth rate, shifting consumer preferences, and increasing competition in the food industry. The convenience and availability of online food services have also played a role in shaping this market's current state.
Customer preferences: As consumer lifestyles become more fast-paced and hectic, there is a growing demand for quick and easy meal solutions, leading to a rise in the consumption of convenience foods like soups. Moreover, there is a trend towards healthier options, with consumers seeking soups that are low in sodium and contain natural ingredients. This is driven by a shift towards more health-conscious eating habits and a desire for transparency in food sourcing and production processes.
Trends in the market: In APAC and Soups Market of the Convenience Food Market within The Food market, convenience and health are becoming increasingly important factors in consumer purchasing decisions. This has led to a rise in demand for clean label soups made with natural and organic ingredients. Additionally, there is a growing trend of plant-based and vegetarian soups, catering to the increasing number of consumers adopting these dietary preferences. These trends are expected to continue, as consumers prioritize convenience, health, and sustainability in their food choices, presenting opportunities for industry players to innovate and differentiate their offerings.
Local special circumstances: In APAC, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the region's diverse culinary preferences and the growing demand for convenience. In China, for instance, the market is dominated by traditional soups such as hot and sour soup, while in Japan, instant ramen soups are popular due to their convenience and affordability. In South Korea, the market is driven by the increasing trend of single-person households, leading to the popularity of single-serve soup products. Moreover, strict regulations on food safety and labeling also play a significant role in shaping the market in this region.
Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market in APAC and Soups Market is influenced by macroeconomic factors such as changing consumer preferences, economic stability, and government policies. Countries with favorable economic conditions and supportive government policies are experiencing higher demand for convenience foods, including soups. On the other hand, regions with economic challenges and limited government support are experiencing slower market growth. Additionally, the increasing urbanization and busy lifestyles in APAC and Soups Market are driving the demand for convenient and easy-to-prepare food options such as soups.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
