Navi Mumbai, Maharashtra -- (SBWIRE) -- 03/23/2012 -- Soup Market Market Report 2012

Executive Summary

This estimates that the UK soup market was worth £562m in 2011, after experiencing 10% growth from 2010. The primary reason behind this increase is the rise in food and commodity prices; sales are down for the majority of manufacturers because of the tough economic climate and the active price wars between brands and supermarkets. To counteract these trends, It expects manufacturers to invest in flavour and package innovation, so consumer curiosity boosts sales in 2012.

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This Market Report divides the soup market into three principal categories: wet ambient, fresh chilled and dry soups. According to Kantar Media’s Target Group Index (TGI) survey, in 2011, 82.3% of the UK population bought manufactured soups. By retail sales value, the wet ambient sector makes up 61% of the total market, followed by the fresh chilled sector (27.6%) and the dry soup sector (11.4%).

The share of the market accounted for by fresh chilled soups grew the most in 2011, due to the demand for gourmet lunches and the perception that these kinds of soup are the healthiest option. Over the past several years, the dry soup sector has struggled, because it is thought to be the least healthy of the three categories. To counteract this trend, manufacturers have increased the vegetable content and introduced original products. The success of these initiatives will be determined in 2012. Key Note expects the wet ambient soup sector’s growth to gradually slow, because consumers are opting for cheaper supermarket own brands for their basic shelf products, including canned soups.

The future of the soup market in the UK is hazy. From certain angles the market is doing well, with strong value growth and some companies showing a rise in profit and sales; others, however, are experiencing slumping sales and profits; and many a fall in one and a rise in the other. This is because corporate profit in the soup industry is being squeezed between rising food and commodity prices and pressure from supermarkets to keep prices low. It would appear that the brand names that once attracted consumers are now weighing profits down, as manufacturers struggle to compete with supermarkets’ own brands.

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