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The preference for diverse and ready-to-eat food products is rapidly increasing due to globalisation. The demand for soups is rising significantly with the changes in eating patterns around the globe. The key players are not only trying to produce diverse flavours and products but also improving the packaging and taste of the products. The growing health consciousness is boosting the demand for tasty and nutritious food. The soup industry is expected to significantly grow over the forecast period as it can fulfil the rising demand for healthy and tasty convenience food.
Instant soup is one of the most popular soups. The incorporation of several healthy ingredients, such as quinoa, ancient grains and meat varieties, along with a longer shelf life, contribute to its popularity. The new marketing models such as digital and social media marketing are also propelling the market growth. The growth of the food industry also provides impetus to the soup industry. Soups have been incorporated with organic and gluten-free materials to target the fitness-conscious section of the population. They also offer various meat alternatives with high protein content for the vegan population, resulting in the market growth.
Various initiatives by the key industry players such as advertisements, campaign drives and endorsement by celebrities also play an important role in the industry growth. Campbell Soup Company (NYSE: CPB), one of the leading players in the soup industry, is constantly focussing on evolving and innovating its products. The company announced on October 19, 2020, that it has launched its new range Well Yes! The new range is not only filled with nutritious ingredients but also has a delicious taste. Well Yes! New England Clam Chowder, one of the varieties, uses cauliflower as a substitute for cheese and contains 25% less fat than other products. Such innovations in the soup industry accelerate the market growth.
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The major players in the global market for soup are Campbell Soup Company, The Kraft Heinz Company, Unilever PLC, General Mills Inc., Conagra Brands Inc., B&G Foods, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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