Leading stakeholders in the ready-to-eat wet soup market are envisioned to stay on top of food trends by offering exotic, ready- to- eat wet soups from various cuisines of the world. The marker is projected to show a positive growth trend of 5.6% during the forecast period.
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Demand upswing can be attributed to expanded flavor varieties and the convenience of comfort food. Manufacturers are further cashing in on the substantial demand through modern trade like supermarkets and hypermarkets. A surge in the number of solo households has led to remarkable changes in food consumption and dietary habits of consumers. This has consequently augmented demand for ready-to-eat wet soups.
Key Takeaways of Ready-to-Eat Wet Soup Market
- Non-vegetarian soup ingredients account for more than three fourth market share and are expected to witness notable growth during period of forecast 2019 – 2029. This can be attributed to the increased meat consumption across the globe.
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- Conventional ready-to-eat wet soups are a major contributor to global ready-to-eat wet soup market and are projected to grow 1.7X over period of forecast 2019 – 2029, owing to increased production of conventional ready-to-eat wet soups by manufacturers in regions such as North America, Europe etc.
- North America and Europe collectively hold one third of the market share. However, Latin America South Asia and East Asia are projected to grow at a higher CAGR than the global average.
- East Asia ready-to-eat wet soup market is anticipated to hold more than 10% market share in terms of value and is anticipated to gain 280 BPS over forecast period 2019 – 2029.
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Market Leaders Are Focusing on Aisle Marketing to Beat the Competition
Campbell, one of the frontrunners in the ready-to-eat wet soup market is focusing on innovation within the aisles of supermarkets and other retail shops for better product positioning, in keeping with consumer trends. Campbell has recently announced that by strengthening its relationship with retailers, it plans to command a niche for itself in the market through strategic placement of its soup products. This product positioning strategy, they are labelling as the “The Soup Aisle of the Future”. The approach of unique presentations on aisles of supermarkets is attracting customers to purchase specific products. Hence, placement of products which are in trend such as vegan soups or soups with high revenue generating potential like Chicken soup, Tomato soup and Mushroom soup can be used to create widespread interest among customers.
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Further, Progresso brand of General Mills, Inc., has effectively used the aisle marketing strategy to grab the attention of consumers through smart packaging and product labels. The company has changed its packaging style in the beginning of 2018 along with smart labelling. The company is trying to garner greater attraction towards its products so as to register significant sales of its products.
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