The global soup market was valued at USD 16.12 billion in 2019 and is anticipated to reach USD 21.0 billion by 2027, expanding at a compound annual growth rate (CAGR) of 2.79% from 2020 to 2027. In the United States, the soup market is on a steady growth path and is expected to touch USD 5.89 million by 2032. This upward trend is being driven by consumers’ growing preference for convenient meal options and consistent product innovations introduced by leading brands. Europe led the global market in 2019, accounting for 37.66% of the total share.
Rising demand for processed food in both advanced and emerging economies remains a key growth catalyst. Factors such as a growing workforce, greater female participation in employment, rapid urbanization, Western lifestyle adoption, and higher disposable incomes are accelerating the popularity of ready-to-eat (RTE) and ready-to-drink (RTD) offerings.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
Scope of the Report
This study provides a detailed evaluation of the major elements influencing the soup market during the forecast period. It examines the primary drivers, restraints, and opportunities, in addition to delivering regional insights and highlighting strategic initiatives by key players—including new product launches, partnerships, and mergers & acquisitions from 2019 through 2026.
Key Market Trends
Growing Popularity of Convenient Meal Solutions
Economic expansion combined with rising purchasing power is pushing demand for convenient food formats. With increasingly fast-paced lifestyles, consumers are turning toward instant meal solutions. This shift is also supported by higher female workforce participation and a strong inclination toward packaged food. For example, the Canada Agri-Food Report revealed that food sales in China totaled USD 272.74 billion in 2019, with an expected annual growth rate of 7%.
Segmentation Insights
Instant Soups at the Forefront
Instant soups dominated the market in 2019, representing 36.78% of the share, thanks to their strong appeal as quick, ready-to-consume options. Canned soups ranked next, particularly in developed regions like the U.S. and Germany, where they continue to perform better than chilled or dehydrated alternatives.
Regional Analysis
Europe Retains Market Leadership
Europe continued to lead the global soup industry in 2019, with the regional market valued at USD 6.07 billion. This dominance is supported by consumers’ preference for processed and packaged foods. North America is another significant market, where the growing demand for convenient meals remains a major driver.
Competitive Landscape
Innovative Strategies Fueling Growth
To adapt to evolving consumer habits during the COVID-19 pandemic, Washington, D.C.–based Chef Ris Lacoste of Ritzy West End launched a USD 15 takeaway meal package in May 2020. The offering included salads, bread, and pint-sized soups with complimentary home delivery. Such innovative approaches, alongside ongoing investments in new product development, collaborations, and acquisitions, are expected to sustain market growth through 2027.
Key Players in the Soup Market
- The Campbell Soup Company
- Nestlé S.A.
- Baxters Food Group Limited
- General Mills, Inc.
- Conagra Brands, Inc.
- Premier Foods Group Limited
- The Kraft Heinz Company
- Hindustan Unilever Limited
- Ottogi Co., Ltd
- Associated British Foods plc
Recent Developments
- January 2020: Clarity Food Ventures LLC unveiled the “Soup Explorers” line of refrigerated soup kits featuring globally inspired flavors such as Moroccan Chilled Cucumber, American Chicken Noodle, and Vietnamese Vegetable Pho. These kits are designed for quick preparation and mark a strategic move to expand the company’s international footprint.
