The Asia Pacific canned soup market is expected to grow from US$ 1,134.22 million in 2019 to US$ 1,480.85 million by 2027; it is estimated to grow at a CAGR of 3.5% from 2020 to 2027.
Soups are a nutritional source of minerals, vitamins, and proteins due to which the demand for soups is increasing across Asia Pacific. Canned soup is basically ready-to-eat or packed soup that can be made in an oven or microwave by heating the product at a certain temperature. Advancement in food and packaging technology and increased variety of organic canned soup have increased the demand for canned soups across the region. Various types of cuisines such as regional quince and exotic quince are available in the Asia Pacific canned soups market. Also, a few varieties of cuisines such as Indian, Italian, and Chinese are emerging significantly in the market, which would create substantial growth opportunities for canned soups products industry during the forecast period. High levels of activity and interest in product development fueled by consumers demand for different flavored canned soups have led to the growth of the market. Canned soup manufacturers also launched different varieties such as healthy choice, low-fat versions, vegetarian products, cuisines, and new flavors, for the variety seeking consumer. This is also expected to offer growth opportunities for canned soups products in the market during the forecast period.
Based on type, the Asia Pacific canned soups market is bifurcated into condensed and ready-to-eat. In 2019, the condensed segment led the market. A wide variety of seasonings and foods are utilized to make condensed soup with high nutritional value. Meat such as chicken and beef is used as an ingredient to make soup stock. Vegetables such as broccoli, cabbage, green beans, corn, lima beans, okra, peas, tomatoes, white potatoes, and onions are employed in making canned soups. Grains such as noodles, barley, and rice. Flavoring and spices include allspice, celery seed, bay leaves, cloves, parsley, curry powder, pepper, sugar, thyme, and salt are also used. Mashed and flour sweet potatoes are utilized as thickeners. Soybean and vegetable oil is used as a coating agent to prevent spillovers during the cooking process. Condensed canned soup products are a concentrated source of protein as well as calcium, which plays a vital role in building blocks of the human body. Health benefits associated with the consumption of the condensed canned soup is expected to drive the growth of the canned soup market for condensed soup segment.
The canned soups market in Asia Pacific is segmented into India, China, Japan, South Korea, and Australia. India, Japan, and China are among the major markets for canned soups in Asia Pacific. Multiple leading players actively operating in the market are venturing into the manufacturing of canned soups to capitalize on the growing popularity of these products across the region. Endorsement of new products and launch of multiple new chains by celebrities & sports personalities are propelling the demand for canned soups across Asia Pacific. China dominated the market in 2019 and is projected to lead the market during the forecast period. The largest share of China is mainly attributed to the increase in the spending of companies on the development of innovative flavors to meet consumer demands and presence of a large number of canned soups manufacturing companies in the country. The meat market has been considered as one of the fastest-growing markets in India that is leading to the rise and development of the canned soups market in India. Inspired by western eating patterns, there has been an increasing demand for canned soups in India. Fish and pork are the most popular types of meat preferred in Japan. Consumers are increasingly spending on food and beverage products, which is expected to bolster the market growth. An increase in the average expenditure of South Korean population on their household and food is expected to drive the growth of the canned soup market in the country.
Campbell Soup Company, Amy’s Kitchen Inc, General Mills Inc., The Kraft Heinz Company, Baxters Food Group, Unilever, and Hain Celestial Companies are among the players operating in the Asia Pacific canned soups market.
The COVID-19 pandemic has been hindering economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdowns in the food & beverages industry and disruptions in supply chains are restricting the supplies of various products. India reported the highest number of confirmed cases across Asia Pacific. The shutdown of many food processing plants during lockdown is restraining the growth of the canned soups market in Asia Pacific.
The overall Asia Pacific canned soups market size has been derived in accordance to both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific canned soups market