Global Canned Soups Market: Snapshot
The global canned soups market is prognosticated to create new prospects in the near future as manufacturers hope to better settle themselves even outside of the older consumers group with the help of new innovations. There is already an influx of the development of a greater count of health-conscious soups and more diverse range of flavor offerings. Millennials are studied to get attracted to organic products that feature lower sodium content and no artificial ingredients. One of the leading companies dealing with soups, Campbell offers a broad scope of condensed and ready-to-serve options, which gives a positive picture of the market.
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The global canned soups market is envisaged to expand at a CAGR of 5.8% during the forecast period 2017–2022 to achieve a valuation of US$6.5 bn by the final forecast year. In 2017, the market was valued at a US$4.9 bn.
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Ready-to-serve Wet Soup Scores Higher than Other Products in View of Revenue
The researchers foresee the world canned soups market to be classified according to two categories, i.e. product and ingredient. By product, the market could be segregated into ready-to-serve wet soup, condensed wet soup, and others. Out of these segments, ready-to-serve wet soup is prophesied to secure a larger revenue of US$3.6 bn by 2022 end. It could flaunt an absolute revenue growth of US$0.1 bn annually, which could be greater than other segments in the categorization.
In terms of type of ingredient, the world canned soups market is foretold to see a classification into tomato, beans, chicken, beef, broths, artichokes, mixed vegetables, and other ingredients.
Each of these segments by product and ingredient segmentations are entirely analyzed in the publication, taking into consideration their revenue, market share, and year over year (Y-o-Y) growth comparisons by region.
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APEJ Gathers Substantial Share but Japan and MEA Fall Back in Revenue Growth
As per the research of the publication, the international canned soups market could be classed into Europe, North America, Asia Pacific except Japan (APEJ), Latin America, the Middle East and Africa (MEA), and Japan. Readers are informed that APEJ is expected to be one of the most lucrative regions with a higher revenue growth projected to continue to show face in the next few years. By the concluding forecast year, APEJ could garner a revenue of US$1.9 bn.
North America could be another opportunity for players to capitalize on in the coming years. This region is anticipated to collect a handsome revenue by 2022 at a 6.2% CAGR. Europe could bag a decent revenue share in 2017 but also lose 117 basis points (BPS) by 2022. Japan and the MEA, however, are predicted to be on the slower side of growth.
Some of the crucial players in the worldwide canned soups market could be Campbell Soup Co., Knorr Foods Co. Ltd., The Kraft Heinz Co., Compass Group USA, Inc., and Juanitas Foods. More players are comprehensively studied in the publication while estimating vital statistics such as company share. Buyers of the publication are expected to receive complete knowledge about the competition landscape of the market.
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Innovative Packaging Solutions and Taste Enhancement Features to Boost Canned Soups Market
The global canned soups market is acquiring energy because of the developing ubiquity and interest for prepared to eat and accommodation food varieties. The developing dispensable wages of individuals and expanding prevalence of canned soups among the more seasoned age is a portion of different components supporting the development of this market. Canned soups in various flavors are being dispatched by market players and this will likewise help raise the ubiquity and lift client fascination towards the various flavors accessible.
One of the key variables affecting the market then again, is the developing wellbeing worries among purchasers. The canned soups contain numerous additives for expanding their time span of usability, which thusly is causing worries among buyers. Natural canned soups, anyway are relied upon to acquire prevalence and diminish the effect of this limitation. Another test in regards to trouble to open canned soups goes poorly with youths. Henceforth they incline toward moment soups in powdered structure which come in simple to convey pockets that are light in weight instead of canned soups.
The worldwide canned soups market is guessed to be advantaged by extra endeavors of brands taken to upgrade their nourishing picture, for example, including more supplemental fixings, viz. additional fiber and minerals and nutrients, and vegetables. Merchants could offer more fascinating canned soups while getting thoughts from the foods of different societies. Besides, there could be an extension in the flavor assortments of canned soup items. For a splendid future on the lookout, organizations are imagined to remain on the highest point of food patterns to offer items that fulfill the steadily changing sense of taste of shoppers.
Furthermore, the increasing adoption of sedentary lifestyle, coupled with the rising popularity of ready-to-eat and easy-to-cook food products will further propel the demand for canned soup in the coming years.
Weathering Steel: Introduction
- Weathering steel is a low carbon steel (0.3% carbon by weight), which has additional alloying elements (nickel, copper, and chromium) mixed with its carbon and iron atoms. In comparison with other types of steel, weathering steel has more strength and offers greater resistance to corrosion.
- Due to mixing of alloying elements in its carbon iron atoms, it works in a way such that, layer of rust formed on its outer surface acts as a barrier for the rust to penetrate deeper into weathering steel. The non-porous initial layer of rust formed adheres much better to the steel and acts as a protective layer.
- Weathering steel is used in utilities, sign poles, highway guardrails, structures, and bridges. It offers enhanced safety by eliminating the need for a protective paint system; long lifespan; and reduces the overall lifecycle costs
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Key Drivers and Restraints of Weathering Steel
- Increase in demand for steel material for bridge construction is expected to drive the weathering steel market during the forecast period. Weathering steel offers long lifespan, improved corrosion resistant, and low maintenance features. This makes it an ideal material for usage in bridge construction applications.
- Rise in capital expenditure on infrastructure development due to strong economic growth and increase in population in developing and developed countries is anticipated to propel the global weathering steel market. Weathering steel exhibits attractive appearance and has long shelf life. This is projected to boost the weathering steel market.
- The usage of weathering steel in areas where concentrations of corrosive chemicals or industrial fumes is high could impact its properties. This is expected to restrain the global weathering steel market during the forecast period.
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COVID-19 Impact Analysis
- Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. Led by the uncertainty triggered by COVID-19 crisis, many aspirational homeowners kept their decision of buying residential properties on hold. Commercial projects also witnessed a decline in investments. Weathering steel is used in the building construction industry. Therefore, decrease in investment in the construction segment is hampering the global weathering steel market.
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Weathering Steel Market: Segmentation
- The global weathering steel market can be segmented based on type, form, and application
- In terms of type, the global weathering steel market can be segregated into COR-TEN A, COR-TEN B, and others. COR-TEN B is one of an extensively used weather steel due to its high toughness and superior strength.
- In terms of form, the global weathering steel market can be divided into sheets, plates, bars, and others. Plates is one of the extensively used forms of weathering steel. They are suitable for sulfur rich and high temperature environment to enhance metal life. Weathering steel plates are employed in a wide range of applications in heavy-duty transport, railway rolling stock, and shipping containers.
- In terms of application, the global weathering steel market can be classified into building construction, transportation, architecture, industrial, and others. The building construction segment is anticipated to expand at a faster pace during the forecast period. Rapid urbanization as well as increase in spending power in developing countries are the factors expected to fuel the weathering steel market.
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Weathering Steel Market: Regional Segmentation
- In terms of region, the global weathering steel market can be split into Middle East Africa, Latin America, Asia Pacific, Europe, and North America
- The weathering steel market in North America is projected to witness rapid growth during the forecast period. This growth of the market can be ascribed to the rise in construction activities. Furthermore, weathering steel offers minimal maintenance requirement of infrastructure in various industries. This is estimated to propel the market in the near future.
- The weathering steel market in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to increase in investments in infrastructure development such as road rail networks and bridges, primarily in developed and developing economies such as Japan, South Korea, India, and China
- The weathering steel market in Europe is projected to witness growth during the forecast period due to increase in investment in the development of electrical infrastructures. Weathering steel offers anti-corrosive properties, which is likely to make its adoption viable across the region.
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