Transparency Market Research has published a new market report titled “Soups Market Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2020.” According to the report, the asia pacific soups market is valued at USD 2025.5 million in 2014 and is anticipated to reach USD 2766.6 million in 2020, growing at a CAGR of 5.3% from 2014 to 2020. China is one of the attractive markets for soups in 2014 and is expected to become one of the most lucrative markets for soups by 2020 due the l increased level of disposable income and the rise in soups consumption in terms of volume consumed stimulates the demand for soups in this country.
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Rapid changes in the lifestyle of people in major markets such as China, Japan and India are projected to boost the soups market in Asia Pacific. Furthermore, growth in per capita income and product innovation would significantly influence the consumption of soups in the region over the next six years.
Emerging countries such as India, Australia, New Zealand and Indonesia are among the fastest growing markets for soups products. The soups market in these countries is anticipated to experience significant growth during the forecast period. The soups market in these countries is estimated to witness a significant growth due to busy lifestyle of the people of these countries and improvement of the distribution channels.
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Geographically (by country), China and Japan are likely to experience strong growth in the next six years while Thailand and Singapore are expected to witness sluggish growth than other countries in Asia Pacific in terms of consumption of soups.
Some of the major players like Unilever, Maggi and Campbell’s are expected to see increased sales due to cost effectiveness vis-à-vis branded products. Major distribution channels in Asia Pacific are cash and carries, general merchandise and retailers.