Japan’s soups market to reach US$3.6bn in 2025, forecasts GlobalData

The Japanese soups market is projected to grow at a compound annual growth rate (CAGR) of 3.5% from JPY289.1bn (US$2.7bn) in 2020 to JPY343.1bn (US$3.6bn) in 2025, driven by rising demand for quick and easy-to-prepare food options, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘Japan Soups Market Assessment and Forecasts to 2025’, reveals that the market is majorly driven by growth in the dried (mixes) soup category, which is forecast to register the fastest value CAGR of 3.8% during 2020-2025. The category will be followed by frozen soup, which is expected to record a CAGR of 3.4% during the same period.

Anjali Singh, Consumer Analyst at GlobalData, says: “School closures and the trend of working from home boosted sales of shelf-stable and easy-to-prepare food products such as soups in 2020. With increasing demand for convenient meal options, Knorr campaigned and promoted recipes that turn cup soup into breakfast meals by just adding rice, attracting busy consumers by offering minimized cooking time.”

‘Hypermarkets & supermarkets’ was the leading distribution channel in the Japanese soups market in 2020, followed by convenience stores and department stores.

In value terms, the share of Japan in the global soups market is expected to increase from 13.7% in 2020 to 15.4% in 2025. Similarly, the country’s share at APAC level is expected to increase from 70.1% in 2020 to 72.2% in 2025.

Unilever, Pokka Corporation and Campbell Soup Company were the top three companies in the Japanese soups market in 2020 while Knorr and Pokka were the leading brands.

Ms. Singh concludes: “Older consumers represent a large and wealthy segment in the rapidly aging society of Japan, making them a key group for companies. As a result, manufactures are focusing on offering healthy and ‘better-for-you’ soup products to appease older consumers, who are health-conscious and concerned about their sodium intake.”

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