The humble soup has long since transitioned from being a part of a traditional day-to-day meal to being known as a one-item wholesome meal solution. Changing lifestyles, busy work schedules, growing health concerns, and booming economies have contributed massively to the development of the soups market in North America.

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However, while specific countries have witnessed steady growth in different segments of the market over the past few years, the overall soups market in North America does not hold an impressive scope for growth.

Based on a research report published by a leading market intelligence company in the U.S., the North America soups market will grow from US$5,478.4 million in 2014 to US$5,729.5 million in 2020, registering a mere 0.7% CAGR between 2014 and 2020.

The U.S., dried soups, and supermarkets emerge as segment leaders

By region, the North America soups market is segmented into Canada, the U.S., and Mexico. On the basis of distribution channel, the regional soups market is categorized into hypermarkets, supermarkets, food and drinks specialists, convenience stores, and others. On the basis of type, the soups market is divided into chilled, canned, dried, UHT, and frozen.

In terms of distribution channel, hypermarkets and supermarkets are the two leading channels of purchase in North America owing to the fact that a wide variety of soups and other products can be sold and purchased under a single roof. These two segments are likely to continue leading the soups market till the end of the forecast period in 2020.

As far as type of soup is concerned, the dried soups segment is likely to see a surge in demand from across North America owing to its convenience. Dried soups are easy to consume since they only require hot water for preparation and can be carried around without any issues of spilling or bulky packaging. The trend of consumers carrying dried and chilled soups to their work place has been a popular one across countries in North America and this has so far fuelled the growth of the regional soups market. While canned soups have, in the past, enjoyed a rather strong foothold in the North America market, its demand has declined in recent years and this segment is projected to experience a negative outlook over the forecast period. Soup companies have been experimenting with innovation and product differentiation to cater to the younger generation and attract higher demand with their line of premium soups.

The canned soups segment in Canada has suffered a slow demise with the introduction of new flavours and chilled soups that have gained much popularity and demand lately. Mexico, too, owing to the dry and hot climate, has witnessed a spike in the demand for chilled soups. Market analysts project that along with the chilled soups segment, dried soups also hold lucrative opportunities for growth in Mexico.

Regionally, the U.S. leads the North America soups market as far as volume and size of the market is concerned, with Mexico and Canada following suit. However, trade analysts project that over the duration of the forecast period from 2014 to 2020, Mexico is likely to emerge as a strong contender in the soups market and witness a healthy growth in the coming years. Speaking in terms of consumption of soups, Canada and the U.S. have been forecast to experience a rather slow growth rate.

Catering to the changing demographics

With changing lifestyles and population demographics, it becomes imperative for soup companies to alter production, sales, and marketing strategies in order to gain a hold over the market.

When it comes to product innovation, the U.S. soups market is the one regional segment that has consistently tried to experiment with flavours. The addition of premium flavours by leading soup companies such as Campbell’s has not only widened the target market but also ensured brand and product loyalty. Campbell’s Go range of soups is a classic example of innovation. With its line of bold and exciting new flavours such as Thai, Moroccan, Gouda, chorizo, and Madras curry, Campbell’s has succeeded in increasing its consumer base and introduced the concept of healthy yet tasty meals among the younger consumers.

Apart from premium flavours, companies in the soup market have also been laying emphasis on cost effectiveness and have begun competing head-on with high-end brands available in the market. Some of the leading vendors operating in the North America soups market are Lipton, Progresso, Campbell’s, and Knorr.

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