Highlights of the Report:
• Tangible intelligence into the trends, drivers, and various other aspects of the market;
• Holistic analysis of the factors restricting the growth of the market;
• Granular assessment of the different market segments; and
• In-depth evaluation of the regional prospects and the competitive dynamics influencing the market.
Downturn in Restaurant & Supermarket Businesses amid COVID-19 to Hinder the Market
The soups and sauces market growth is likely to suffer a setback owing to the severe downturn in hoteling, restaurant, and supermarket activities amid the COVID-19 pandemic. When the contagion broke out in March 2020, several countries announced strict lockdowns and imposed social distancing rules to contain the spread of the coronavirus. As a result, restaurants and supermarkets had to be shut down, which led to a sharp dip in revenues and naturally affected the consumption of common foods, such as soups and sauces. For example, in October 2020, in Pune, when the Indian government allowed restaurants and hotels to open up, only 2,000 of the 8,500 hotels resumed services. Since sauce and soup preparations are heavily dependent on these outlets, staggered operations of restaurants will have inevitable consequences for this market. Furthermore, with food supply chains disrupted because of the pandemic, food retailers had to manage limited stock. Panic buying added to their woes. For example, in March 2020, food retail companies across Britain appealed to consumers to avoid panic buying as stocks were limited. These upheavals are thus hampering the progress of this market.
North America to Occupy Dominant Market Position; Asia Pacific to Come in Next
Among regions, North America is expected to dominate the soups and sauces market share in the foreseeable future as consumers in the region are evolving their taste preferences. Moreover, the US and Canada are home to global retail giants, such as Walgreens and Walmart, where a variety of convenience are abundantly available, thus aiding the growth of the regional market. The market in Asia Pacific, on the other hand, will witness prolific expansion as food manufacturers in the region are increasingly utilizing the locally available spices and flavors to create unique blends in sauce and soup preparations.
Exciting Innovations by Key Players to Energize the Market
Leveraging the massive scope for innovation in this market, key players are deeply engaged in devising novel soups and sauces formulations to widen their offerings to customers. This strategy is also allowing companies to strengthen their portfolios and further expand their market presence, as well as establish a foothold in emerging economies.
• October 2020: Heinz announced the release of Cream of Beanz Tomato, an unusual soup offering that blends the company’s signature baked beans and its iconic tomato soup. The company launched its new product to capture the spirit of Halloween by making the cans glow in the dark.
List of Key Players Covered in the Soups and Sauces Market Report:
• ConAgra Foods
• Campbell Soup
• Baxters Food Group
• B&G Foods
• Associated British Foods
• Acecook Vietnam
• Unilever Food Solutions
• Frontier Soups
• General Mills
• H.J. Heinz Co.
• House Foods Group
• Kraft Heinz
• Nissin Foods
• Nestlé S.A.