Soup Market Update 2013 - Heinz is the leading brand
(M2 PressWIRE Via Acquire Media NewsEdge) Dublin - Research and Markets (http://www.researchandmarkets.com/research/xz8xvv/soup_market) has announced the addition of the "Soup Market Market Update 2013" report to their offering.
Premium brands performing well
This Market Update examines the soup industry in the UK. The market is made up of three main sectors wet ambient soups, fresh chilled soups and dry soups. Wet ambient soups are the UK's favourite and account for more than half of all soups sold in terms of value. Heinz is the leading brand in the market and is responsible for approximately 70% of sales in the category. Own labels dominate the fresh chilled soups sector. Small premium brands are also performing well. Finally, dry soups have struggled in recent times. However, they appear to be making a comeback as of 2012. This is down to innovation and marketing efforts by brands. In total, the market's value grew by 8.9% in 2012.
Consumers becoming more adventurous
Soups are popular in the UK. Despite falling consumer spending, there remains a strong demand for products in the market. Variety and new product development (NPD) especially flavour and format innovation have played a major role in this trend. Manufacturers are launching exotic soups as consumers become more adventurous in their cuisines, as well as to stand out on saturated retail shelves. In addition, there has been a rise in smaller formats that appeal to working professionals who eat lunch at their desk, as well as the growing number of Britons who are living on their own. There is also a growing demand for quality and nutritious soups.
Rising production costs
Although the soup industry has remained resilient throughout the economic crisis and grown year-on-year, manufacturers are operating in a difficult environment. They have been unable to meet the Government's voluntary salt reduction targets as there does not exist the necessary technology. In addition, competition in the market is fierce and to maintain market dynamism manufacturers have no other option but to continually introduce new ranges and refresh their brands, as well as launch marketing campaigns to encourage consumers to remain loyal to their brands. Furthermore, they are facing growing pressure to engage in promotional activity and absorb rising production costs, which threaten to affect their sales and profit. Soup manufacturers are operating in an uncertain environment.
Market will continue to grow
Regardless of tough market conditions, the authors predict that the soup market will continue to grow over the next 5 years. Between 2013 and 2017, the industry is forecast to rise by 29.5%. Contrary to current market trends, the values of the wet ambient and dry soups sectors are expected to increase at a faster rate than that of the fresh chilled soup sector. Better value will play a critical role behind this trend.
- Associated British Foods Plc
- Baxters Food Group Ltd
- Hain Holdings Uk Ltd
- Hj Heinz Manufacturing Uk Ltd
- Premier Foods Plc
- Symington's Ltd
- Unilever Plc
For more information visit http://www.researchandmarkets.com/research/xz8xvv/soup_market
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