The Australian soups market is projected to grow at a compound annual growth rate (CAGR) of 2.5% from A$541.3m (US$376.5m) in 2020 to A$612.6m (US$417.6m) in 2025, benefitting from busy lifestyles of consumers, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Australia Soups Market Assessment and Forecasts to 2025’, reveals that the market is majorly driven by growth in the ultra-high temperature (UHT) soup category, which is forecast to register the fastest value CAGR of 5.2% during 2020-2025. The category will be followed by frozen soup, which is expected to record a CAGR of 4.9% during the same period.
“The Australian soups market is being driven by rising disposable incomes and busy consumers, who seek convenient yet healthy products to match their fast-paced lifestyles. Additionally, young consumers with experiential palates are driving innovation in the market," said Anjali Singh, Consumer Analyst at GlobalData.
‘Hypermarkets & supermarkets’ was the leading distribution channel in the Australian soups market in 2020, followed by convenience stores and e-retailers.
In value terms, the share of Australia in the global soups market is expected to decrease from 1.9% in 2020 to 1.8% in 2025. Similarly, the country’s share at the Asia-Pacific level is expected to decrease from 9.9% in 2020 to 8.4% in 2025.
“The share of the Australian soups market at global and regional level is expected to decline as the share of Japanese soups market at the Asia-Pacific level is forecast to increase by 2.1% through 2025," said Singh.
Unilever, Campbell Soup Company and The Kraft Heinz Co were the top three companies in the Australian soups market by value in 2020 while Continental and Campbell’s were the leading brands.
“Australian consumers are becoming increasingly health conscious and are paying attention to their diets as well as ingredients in their food products. This is encouraging the manufacturers to launch ‘better-for-you’ products with healthier ingredients and ‘free-from’ claims to appeal to these consumers.”