Market Trends of Africa Soup Industry
Increased Demand For Convenience Food
- With the changing lifestyles, the demand for convenience foods is expected to increase at a faster rate during the upcoming years. 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 the market's growth.
- The convenience of soups, which are healthier and tastier food alternatives, supports the fast-paced lifestyle of these consumers. Factors such as high availability, lesser cooking time, travel friendly, and good shelf life are added advantages in the soup market. The changing lifestyle caters to the increasing demand for convenience food. The convenience of soups, healthier and tastier food alternatives, supports the fast-paced lifestyle of consumers.
- Moreover, with the increased demand for convenience food, companies are increasingly coming up with convenient packaging formats to consume and dispose of. For example, Campbell offers soup in microwavable cups, making it a more suitable packaging format than powdered soup in regular packets.
- 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 the 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 fewer preservatives and artificial flavors. Moreover, the consumption of healthy food is necessary for fitness-oriented consumers, and they are required to consume meals frequently throughout the day. Hence, the demand for healthy food products such as soups is gaining traction among consumers at large.
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Increased Sales of Soups Through Online Retail Stores
- The trend of online shopping is gaining momentum, as it is convenient for consumers to buy products online, thereby avoiding crowded stores. Consumers have the luxury of browsing and shopping for products 24x7 from the comfort of their homes. Online retail stores and third-party websites offer an extensive range of options to consumers compared to supermarkets/hypermarkets and convenience stores, as these channels cannot offer the same because of space constraints.
- Online stores directly target consumers removing the need for intermediaries. The canned soups available in online retail stores have been observed to often have offers or discounts that allow customers to buy the product of their choice at a lower price when compared to those available in standalone stores.
- Moreover, the emergence of evolving technologies, such as smartphones, personal computers, the internet, e-commerce, social media, communication strategies, and marketing campaigns, have changed the landscape of the African soup market over the recent past. The players operating in the market have been using influencer marketing on social media to influence customers and encourage advertisers and marketing practitioners to shift their brand conversations in the digital space.
- Leading players such as Nestlé S.A. and Campbell Soup Company, among others, have been turning to Facebook, Instagram, and YouTube to promote product launches and engage their consumers with tutorials and promotional campaigns. Thus, the growing influence of social media and the impact of digital technology on the market has helped drive its growth over the review period.
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