Europe Soup Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Soup Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe soup market is forecasted to grow at a CAGR of 3.10% over the forecast period 2020-2025.

Key Highlights

• Increasing product varieties, increased demand for wellness products, and active promotions by the market players are some of the key drivers contributing to the growth of the soup market, during the forecast period.
• The high market dominance of the key players is due to their high expenditure on promotional and other marketing activities. Companies also gain a competitive advantage with an increased focus on brand recognition strategies and improving product taste and quality.
• Instant soup is one of the fastest-growing segments of the Europe soup market in the forecasted period, due to busier lifestyles and the ease of preparation that instant soups entail.

Key Market TrendsInstant Soups Hold a Prominent Market Share

The market for instant soup in Europe has great potential to grow, because of an increase in product offerings and the onset of convenient packaging options such as canned soup, natural and tasty soup, quick soup, pouched soup, and others. Moreover, there an increasing consumer preference for instant soup as a snack item has been witnessed in recent years. There is also an increase in consumer preference for instant noodles soup, such as cup noodles soup. Europe is characterized by a high female working population compared to most other regions of the world, owing to which, the demand for convenience foods is increasing. Furthermore, companies offering high nutritious ingredients in soups along with frequent product launches by various companies operating in the segment to increase their product offerings are driving the instant soup segment.

Increasing Demand For Soup in the Frozen Format

Frozen food increases the convenience of the working population as it can be stored for a longer period of time and can be consumed instantly. Long shelf life is one of the demanded attributes of soup, as soups otherwise have a shorter shelf life. As per the report published by the British Frozen Food Federation, the retail value of frozen ready meals in Great Britain increased from being GBP 645,923 thousand in 2016 to GBP 674,999 thousand in 2017.

Competitive Landscape

Europe soup market is consolidated, with the strong presence of global and regional players, who account for more than 50% share of the market. Unilever and The Kraft Heinz Company are some of the prominent players operating in the market studied, and account for a significant market share. CSC Brands LP is one of the most active companies in terms of product launches. The major strategies adopted by the companies in the Europe soup market are new product launches, agreements/partnerships, expansions, and mergers and acquisitions.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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