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Soups and sauces are certain type of packaged food that is consumed by people all over the world. There is a certain awareness among the consumers regarding the consumption of soups and sauces which is expected to drive the growth of the market. It has various application in the food and beverage industry and is expected to create more opportunities in the soups and sauces market. Various innovations and research in these products are expected to propel the growth of the soups and sauces market.
In terms of value and volume, soups and sauces are expected to grow at a significant CAGR, owing to the increase in the usage of it in the food manufacturing industry. Soups and sauces are primarily preferred by young consumers, as they are more prone to ready-to-eat meals.
Key Market Driver -
Increasing exposure towards the packaged food and RTD meals
Key Market Restraint -
Increase in the usage of preservatives which might cause health issue in humans
Soups and sauces are certain type of convenience food which makes it convenient for the people during the busy lifestyle. There are various health benefits that are associated with the consumption of soups and sauces. Other function of soups and sauces in the food industry is that it acts as a thickener for various food products.
Some of the major companies that are present in the global Soups and Sauces market are Nestlé S.A., Unilever Food Solutions, Nissin Foods, Acecook Vietnam, Kraft Heinz, Associated British Foods, House Foods Group, B&G Foods, H.J. Heinz Co., Baxters Food Group, General Mills, Campbell Soup, Frontier Soups, and ConAgra Foods.
From the end-use segment, it is expected that the food manufacturers are expected to account for a larger share of soups and sauces for its various uses in the food product such as thickener. The soups and sauces are pureed dishes that are made using various ingredients which can be used as an appetizer or as the main course.
In terms of product type, the dry and dehydrated soups are expected to hold a larger share in the soups and sauces market owing to the product presence in various regions when compared to the other types of soups and sauces. In terms of function, the soups and sauces are mainly used as a thickener in various dishes such as gravies and curries. These various applications and functions are expected to create more opportunities in the soups and sauces market.
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North America is expected to hold the largest share in terms of value in the overall soups and sauces market, owing to the increasing taste preference by the consumers in the region. Followed by North America, Asia Pacific is expected to hold the second-largest market share in terms of both value and volume throughout the forecast period in the overall soups and sauces market. This is due to the presence of various spices and flavors in the region. There is an increase in the usage of the soups and sauces as a flavoring agent in various foods which helps in appetizing or enhancing the primary food products.
Increase in product launches and research developments in the soups and sauces market is expected to grow at a high CAGR.
By Product Type
By End Use
By Distribution Channel
Key Industry Developments
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