Morgan Stanley put out a report this morning that describes a changing U.S. population that gives soup the cold shoulder.
Quoting the report, Business Insider reports that, right now, the soup industry is doing just fine, because very much like the national population, about 40 percent of its consumers are younger than 45 and about 60 percent are older than 45-years-old.
But there's a mighty shift afoot:
Soup consumption by those under 25 is declining twice as fast as the under 25 demographic is declining relative to the total population. Between 2001 and 2010 the US population under the age of 25 declined as a percentage of the overall population by 60 bps while the percentage of soup consumers under the age of 24 (defined as anyone who consumed canned soup in the past 6 months) declined by 130 bps, or over double the decline relative to the overall population.
Also, the report found that Hispanics, who are now the largest minority and fastest growing demographic in the country, eat less soup than the rest of the population. The report found that over the past six months 64 percent of U.S. households have consumed soup; that number is 47 percent among Hispanics.
Last November, Campbell Soup announced that despite spending $100 million on an ad campaign, sales of their soup fell in the first quarter.