Soup in the US - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-10 17:05:02
Soup sales have started to become heavily influenced by the introduction of bolder and premium flavours from numerous soup companies. Soup companies have been producing more unique flavours for their major soup brands with increasing regularity to better reach out to younger millennial consumers, who typically prefer bold flavours and variety in their meals. Soup companies have been introducing these new flavours using new brand names such as Campbell´s Go Soup and General Mills Progresso Artisan which feature flavours such as red pepper and smoked Gouda and masala curry butternut squash flavours.
Campbell Soup Co holds a substantial lead in soup in the US, commanding a value share of 47% in 2013. The company offers a wide range of soup products, including ready-to-serve, condensed, chilled and UHT options. The company also offers many distinct brand names - including Campbell´s Chunky, Campbell´s Select Harvest, Campbell´s Healthy Request and Soup at Hand, among others - which appeal to different consumer groups. Despite its dominant position, however, Campbell has seen its share fall since 2011 due to both lower-priced private label products and small competitors offering healthier options and high-quality soup products. The company is hoping to win back some of this share with innovations such as Go Soup, launched in August 2012, and Campbell in Keurig pods in 2014.
Soup is expected to rebound slightly between 2013 and 2018 and grow by 8% in constant value terms to reach US$5.4 billion, while volumes are expected to decline by 4%. Much of the value increase is likely to be due to the introduction of new products that will come with a slightly higher unit price. These products will also be more premium or health and wellness-orientated in order to drive growth.
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