Africa soup market is projected to grow at a CAGR of 3.2% during the forecast period.
Key Highlights
- The increasing health consciousness and growing demand for convenience foods are the major factors driving the African soup market’s growth.
- Factors, such as high availability, lesser cooking time, travel-friendly, and good shelf life are added advantages in the soup market.
- Innovation in terms of wider flavor offerings and more convenient packaging are expected to drive the African market’s growth over the forecast period.
Key Market Trends
Increased Soup Consumption in South Africa
The demand for convenience has been increasing, particularly among middle-to-higher-income consumers, who can afford to pay more for added convenience, thereby positively affecting market’s growth. Consumers are more inclined toward healthy products that provide high nutritional benefits. With the growing awareness of maintaining healthy dietary habits, there is an increase in consumption of soups. Tomato, which is the main ingredient in many vegetable soups, contains many vitamins, such as A and C and helps reduce the risk of cancer, particularly prostate cancer. Market players are trying their best to improve the core goodness values of soups, with less preservatives and artificial flavors.
Increased Sales of Soups in Supermarkets
Soups are sold primarily through supermarkets as they have begun to stock soups due to the persistent demand for such products in the country. Large retail space and a wide range of product options are few favorable characteristics for higher supermarket sales. Some sections of people, in specific, consumers who are brand conscious prefer shopping from supermarkets, because of the brand assortment in these stores. These product displays are prominent and strike a balance between innovative products and bestsellers. Also, supermarkets offer both upscale options and discounted products, so that they appeal to all classes of consumers.
Competitive Landscape
Africa soup market is consolidated with key players dominating the market. New product development, partnership, expansion, mergers and acquisitions are the strategies adopted by the companies to cater to the growing demand. The major players are Unilever, Campbell Soup Company, Kraft Heinz and Nestle SA among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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