Key regions: United Kingdom, Russia, Philippines, United States, Spain
The Convenience Food Market, specifically the Soups Market, is experiencing minimal growth in North America. Factors such as increasing consumer health awareness and convenience of online services are impacting this growth rate in The Food market.
Customer preferences: The Soups Market of the Convenience Food Market within The Food market is experiencing a rise in demand for healthier and more nutritious options, with consumers becoming more health-conscious. This trend is reflected in the growing popularity of plant-based and organic soups, as well as soups with lower sodium and sugar content. Additionally, there is an increasing demand for convenient and on-the-go soup options, catering to busy lifestyles and the need for quick and easy meals. This shift towards healthier and more convenient soups is driven by the growing focus on wellness and the desire for balanced and nutritious meals.
Trends in the market: In North America, the Soups Market of the Convenience Food Market is experiencing a shift towards healthier and more convenient options. This is driven by the increasing demand for clean label and organic products, as well as the rise of plant-based and ethnic soups. Additionally, there is a growing trend of online ordering and delivery services, providing convenience to consumers. These trends are significant as they cater to the changing preferences and lifestyles of consumers, and also present opportunities for industry stakeholders to innovate and expand their product offerings. However, this also poses a challenge for traditional soup brands to stay competitive in the market.
Local special circumstances: In North America, the Soups Market of the Convenience Food Market is heavily influenced by the busy lifestyles of consumers and their demand for quick and easy meal options. This has led to the development of a wide range of ready-to-eat soups in various flavors and packaging sizes. Additionally, the region's cold climate has also contributed to the popularity of soups, especially during the winter season. In South America, the market is driven by the growing demand for healthy and convenient meal options, with a focus on traditional and regional flavors. This has led to the introduction of unique soup varieties, such as quinoa and black bean soup, catering to the diverse palates of consumers in the region.
Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market in North America is heavily influenced by macroeconomic factors such as consumer spending, economic growth, and government policies. The stable economic conditions and increasing disposable income in countries like the United States and Canada are driving the demand for convenience food products, including soups. Additionally, favorable government policies and investments in the food industry are promoting market growth. However, rising health concerns and the demand for healthier food options are also shaping the market, as consumers are increasingly looking for soups with natural ingredients and no preservatives.
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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