Key regions: United Kingdom, Russia, Philippines, United States, Spain
The Soups Market in the Convenience Food Market within The Food market in G20 has seen minimal growth, influenced by factors such as changing consumer preferences, increasing competition, and regulatory challenges. However, the market is expected to experience steady growth due to the convenience and variety offered by online soup services.
Customer preferences: As convenience becomes a top priority for busy consumers in the G20 countries, the Soups Market of the Convenience Food Market within The Food market is seeing a rise in demand for ready-to-eat and easy-to-prepare soups. This trend is driven by shifting consumer preferences towards convenient and time-efficient meal options, as well as the increasing popularity of healthy and nutritious soups as a go-to meal for busy individuals. Additionally, with the rise of health-consciousness and the demand for natural and organic ingredients, the Soups Market is also witnessing a surge in demand for clean label and plant-based soups.
Trends in the market: In the G20 countries, the Soups Market within the Convenience Food Market is experiencing a shift towards healthier options. This trend is driven by the increasing demand for plant-based and organic soups, as well as the rising awareness of the health benefits of soups. In addition, there is a growing emphasis on clean label and natural ingredients, as consumers seek transparency and sustainability in their food choices. This trend is expected to continue, with companies investing in research and development to innovate and cater to evolving consumer preferences. The increasing focus on health and wellness in the Soups Market has implications for industry stakeholders, who must adapt and diversify their product offerings to remain competitive in the market. Additionally, this trend presents opportunities for collaboration and partnerships with health and wellness companies, as well as potential for expanding into new markets and reaching a wider consumer base.
Local special circumstances: In the Soups Market of the Convenience Food Market within The Food market, the unique local factors vary from country to country. In China, the market is influenced by the country's preference for hot and savory soups as a staple food. This has led to the development of a wide range of instant soup products catering to different regional tastes. In the United States, the market is driven by busy lifestyles and the demand for quick and easy meal options, resulting in the popularity of canned and ready-to-eat soups.
Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is heavily impacted by macroeconomic factors such as consumer spending power, inflation rates, and trade policies. As the global economy continues to recover from the effects of the COVID-19 pandemic, consumer spending on convenience foods is expected to increase, driving market growth. Furthermore, government initiatives to promote healthy eating habits and the rising demand for on-the-go meals are also contributing to the growth of the Soups Market. However, trade disputes and fluctuations in raw material prices can pose challenges for market players, affecting overall market performance.
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.
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