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Asia Pacific Soups Market Expected to Reach USD 2766.6 million by 2020

Jan 8th 2019 at 11:58 PM

Transparency Market Research has recently published a new research report about the Asia Pacific soups market. The research report, titled “Soups Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,” details the market drivers and restraints impacting this market. According to the research report, the Asia Pacific soups market was valued at US$2,025.5 mn in 2014 and is anticipated to reach to US$2,766.6 mn in 2020, surging at a CAGR of 5.3% between 2014 and 2020.

Furthermore, the report also includes SWOT analysis and Porter’s five forces analysis to determine the scope of this market at the end of the forecast period. The research report includes a thorough study of the historical data of the Asia Pacific soups market and compares it to the present-day market to provide the readers with accurate forecasts.

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Soups are an integral part of the staple diet of the majority of the population residing in Asia Pacific. In several culinary customs, soups denote the beginning of a meal. Today, the Asia Pacific soups market has been growing as soups are rapidly replacing elaborate meals for the weight-conscious. Furthermore, soups are also being considered as complete meals by those who do not have the luxury of time to cook elaborate meals. The introduction of a variety of flavors by market players is also driving the overall Asia Pacific soups market. Additionally, the wide price points, ranging from high-end to low-end, are also catering to the diverse population of the Asia Pacific region.

Emerging countries such as India, Australia, New Zealand and Indonesia are among the fastest growing markets for soups products. The soups market in these countries is anticipated to experience significant growth during the forecast period. The soups market in these countries is estimated to witness a significant growth due to busy lifestyle of the people of these countries and improvement of the distribution channels.

Rampant urbanization is also responsible for growth of the Asia Pacific soups market. This changing dynamic will especially shape the soups market of Thailand, India, Hong Kong, New Zealand, and the Philippines all through 2020. According to research analysts, hypermarkets and supermarkets will continue to propel the soups market in Asia Pacific all through 2020. In addition, convenience stores and food and drinks specialists will contribute towards increasing the sale of soups in Asia Pacific.

Geographically (by country), China and Japan are likely to experience strong growth in the next six years while Thailand and Singapore are expected to witness sluggish growth than other countries in Asia Pacific in terms of consumption of soups.

Some of the major players like Unilever, Maggi and Campbell’s are expected to see increased sales due to cost effectiveness vis-à-vis branded products. Major distribution channels in Asia Pacific are cash and carries, general merchandise and retailers.

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