Asia Pacific to Emerge as One of the Most Lucrative Markets for Soup by 2020
Soups Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
The soup market in Asia Pacific is dynamic and diverse. Over the past couple of years, the region has been experiencing a steady rise in soup consumption. Growing urbanization has prompted people to develop a liking for healthier and more convenient options of food. Despite having an already established popular perception as a healthy food, leading soup manufacturers in the Asia Pacific region are eyeing to capitalize on its health image so that they can boast more value-added claims. Significant steps taken by the industry over the last couple of years to delight its consumers with a multiplicity of choice in terms of packaging and flavor have paved the way for soup manufacturing companies to churn better revenues and expand their markets.
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Presently, the Asia Pacific soups market is valued at US$2025.5 million as per market reports for 2014, and is expected to reach US$2766.6 million by the end of 2020. This translates into expected growth at a CAGR of 5.3% from 2014 to 2020. Countries like China and India provide a fertile landscape for the soup market to thrive on and the leading brands across the region are looking to capitalize on such opportunities in order to pocket the major share of the market.
Canned and Dried Soups Emerge as Popular Types of Soup
The market for soup in Asia Pacific is broadly classified on the basis of the types of soups available across the region. Canned soups, dried soups, chilled soups, UHT soups, and frozen soups are the segments on the basis of which the market is classified. Among the different types of soups available in the region, canned soups and dried soups are the most popular. The demand...