Wilmington, Delaware, United States, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -Transparency Market Research shows Latin America's instant soup market was worth US$ 400 million in 2021. The industry is expected to reach US$ 550 million by 2031. The market is expected to expand at a CAGR of 3.6% during the forecast period.
As instant noodles have become part of many cultures worldwide, various soups can also be found in various flavours and preparations. Leading manufacturers incorporate regional flavours and ingredients into their innovative products to meet the needs of local consumers.
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Global Instant Soup Market: Key Players
Companies are focused on creating new products that meet their customers' health and taste expectations to gain a greater market share.
- Campbell Soup Company
- Nestlé
- Unilever
- General Mills Inc.
- MONTE CUDINE
- B&G Foods,Inc.
- Hain Daniels Group
- Baxters Food Group Ltd
- Productos Alimenticios La Moderna SA de CV among others.
A growing number of consumers were interested in exotic flavours and international cuisines. Instant soups were being introduced with flavours from different cuisines worldwide to appeal to a broader audience.
Convenience is the main reason people like instant soup. Due to the busy lifestyles of the average consumer, they require quick and easy meal solutions. Soups that were easily prepared and wrapped in easy-to-use packaging, with minimal preparation time, gained popularity during the past few decades.
Consumers favoured instant soups without artificial additives or preservatives for their clean-label ingredient lists. To create a unique culinary experience, instant noodles can be topped with a wide variety of vegetables, proteins, and sauces. Expansions in the food processing and hospitality industries are also driving market growth.
Key Findings of Market Report
- By form, dry instant soup is expected to dominate the market by 2031
- Compared to the foodservice industry, instant soup is more popular in retail/household. The retail/household segment in Latin America’s instant soup market holds a share of 81.3%.
- With rising awareness of organic products, demand for instant soups is predicted to increase by 4.8% CAGR.
- With a 46.1% market share, supermarkets and hypermarkets dominated the sales landscape in 2019.
- Instant soup markets are expected to see significant growth from plant-sourced instant soups.
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Global Instant Soup Market: Growth Drivers
- The convenience of instant soups offers a convenient, hassle-free, and quick way to prepare a meal. Those seeking convenient meals or those on the go will appreciate this convenience factor. Consumption of healthy and nutritious meals is becoming more prevalent among consumers. Instant soups, especially those made from organic and gluten-free ingredients, meet the demand for healthier food choices. With instant soups, consumers can choose from various flavors and varieties to fit their tastes. Various soups can be made from instant ingredients, making them popular and in high demand.
- Soup that can be prepared instantly is widely available throughout the region in supermarkets, convenience stores, and the Internet, making it increasingly accessible to consumers. Because instant soups are readily available in various forms, they are in high demand. New instant soup products are being introduced in the market every year and are significantly boosting overall sales. Innovations offered by these new products boost market growth and attract consumers.
- The packaging of products plays a crucial role in product differentiation. Single-serve cups, resealable pouches, and microwave-safe bowls are just a few of the packaging formats companies are exploring that improve convenience. Since the popularity of plant-based diets is on the rise and protein content is becoming more important, plant-based instant soups have become increasingly popular.
- As online shopping has become increasingly popular, the instant soup market has grown. In response, companies were adapting their distribution strategies to cater to consumers buying instant soups through an e-commerce platform. Sustainable practices have been incorporated into businesses, including using environmentally friendly packaging and sourcing ingredients responsibly. Consumers have become increasingly aware of the environmental issues over the past few years, which led to this trend.
Global Instant Soup Market: Regional Landscape
- Instant soup consumption in Brazil, Argentina, and Mexico contributes significantly to Latin America's instant noodles consumption. Instant noodles are popular in these countries due to their affordability, convenience, and taste. Nissin-Ajinomoto Alimentos has been operating in Brazil for several decades and is one of the leading instant noodles manufacturers.
- Because of their cultural influence and familiarity with the product, their instant noodles have become a fixture in the Brazilian market. Consumers in Brazil can easily access instant noodles at convenience stores, supermarkets, and online platforms.
Key Developments
- In March 2023, Nestle India, the world's largest FMCG company, planned to acquire Ching's Secret, a famous Indian brand. While the company has not yet revealed its plans, it is likely to transform the local market if successful.
Global Instant Soup Market: Segmentation
By Nature
- Organic
- Conventional
By Source
- Animal Sourced
- Chicken
- Beef
- Others (Lamb, Fish, and Prawn)
- Plant Sourced
- Tomato
- Mushroom
- Corn
- Others
By Form
- Dry Instant Soup
- Liquid Instant Soup
By End Use
- Foodservice Industry
- Retail/Household
By Distribution Channel
- Business to Business
- Business to Consumer
- Hypermarkets/Supermarkets
- Specialty Stores
- Convenience Stores
- Online Retail
By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
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