Growth for Russian and UK soup markets
Transparency Market Research’s (TMR) new research report, titled Soups Market – Europe Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020, states that the European soup market will reach a value of $5008.1 million by 2020. The market was estimated at $3919.1 million in 2014, and will grow at a 4.2% CAGR during 2014-2020.
Geography-wise, Russia and the UK’s soup markets will demonstrate strong growth due to increasing demand for a variety of products and consumer preference for healthy and refreshing food. The rising demand towards western food, shifting eating habits, consumer preference for ready-to-eat food and busy lifestyles will further contribute to the growth of UK and Russian markets. Presently, Russia is the most attractive regional sector in Europe soups market.
However, France, Germany and Spain will demonstrate sluggish growth during the forecast period of 2014-2020 due to low soup consumption. Due to high unemployment rate in Spain, soup consumers consider price as a key variable when making a purchase decision. This has resulted in varied shopping habits of consumers in Spain. During the forecast period, there will be negligible growth in Spain’s soups market. According to TMR, soup manufacturers need to focus on price factor to improve the demand of soups in this region. On the other hand, in France, consumers prefer soups only during the winter. Hence, manufacturers in France need to focus on product innovation to increase the demand for soups throughout the year.
Currently, Maggi and Knorr dominate the European soups market in France. Other key players in the market include Heinz, Liebig, Progresso, among others.
