Key regions: United Kingdom, Russia, Philippines, United States, Spain
The Soups Market in NAFTA is experiencing minimal growth, influenced by factors such as consumers' changing preferences and the convenience of convenient food options. This is driving the market's growth, with a sharp increase in adoption of digital technologies and a rise in health consciousness.
Customer preferences: As consumers become more health-conscious, there has been a rise in demand for healthier and more convenient options in the Soups Market of the Convenience Food Market within The Food market. This has led to an increase in demand for plant-based and organic soups, as well as soups with lower sodium and fat content. Additionally, there has been a growing preference for soups with globally-inspired flavors, reflecting the diverse cultural influences in the North American market.
Trends in the market: In the NAFTA region, the Soups Market within the Convenience Food Market is experiencing a rise in demand for healthier and more convenient options. This trend is being driven by a growing focus on wellness and convenience among consumers. As a result, there is a growing demand for organic, low-sodium, and plant-based soups. This trend is expected to continue, with a projected CAGR of 5.8% from 2020 to 2025. This presents opportunities for industry stakeholders to tap into this market segment and cater to the changing preferences of consumers. Additionally, with the rise in e-commerce and online grocery shopping, there is potential for the convenience soup market to expand its reach and cater to a wider audience.
Local special circumstances: In Mexico, the Soups Market of the Convenience Food Market within The Food market is influenced by the country's strong cultural ties to soup as a staple dish. Soups are often seen as a comfort food and are deeply ingrained in Mexican cuisine. This cultural preference has resulted in a wide variety of soup options available in the market, catering to different taste preferences and dietary restrictions. Additionally, the country's close proximity to the United States and its participation in NAFTA has led to an influx of American soup brands, creating a competitive market for local and international players alike.
Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is also impacted by macroeconomic factors such as changing consumer preferences, rising disposable incomes, and growing urbanization. As consumers increasingly prioritize convenience and time-saving options, the demand for convenience foods, including soups, is expected to rise. Additionally, the economic health of a country, including factors such as GDP growth and employment rates, can greatly influence the purchasing power of consumers and their ability to afford convenient food options. Fiscal policies, such as tariffs and trade agreements, can also impact the availability and cost of imported ingredients used in soups, ultimately affecting market performance. Overall, favorable economic conditions can support the growth of the Soups Market within the Convenience Food Market, while economic challenges may hinder its expansion.
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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