The global soup market was valued at USD 16.12 billion in 2019 and is projected to grow steadily, reaching approximately USD 21.0 billion by 2027, registering a CAGR of 2.79% from 2020 to 2027. In the United States, the market is expected to maintain a consistent growth trajectory, attaining nearly USD 5.89 million by 2032. This positive trend is largely driven by consumers’ growing appetite for convenient meal solutions and continuous product innovation by major manufacturers. In 2019, Europe held the largest market share, accounting for 37.66% of total global revenue.
Market Dynamics
The increasing demand for processed and ready-to-eat (RTE) food products across both developed and developing economies remains a major factor supporting market expansion. Contributing elements include a rising working population, greater female workforce participation, urbanization, and the adoption of Western dietary habits, all of which are boosting consumption of ready-to-eat and ready-to-drink (RTD) soups. Additionally, higher disposable incomes and the growing need for time-saving food options continue to enhance market performance.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
Scope of the Report
This report offers a comprehensive analysis of the critical factors shaping the soup market throughout the forecast period. It explores major growth drivers, challenges, and opportunities, alongside regional insights and strategic developments by leading players. The study also highlights new product launches, collaborations, and mergers & acquisitions undertaken between 2019 and 2026, providing a well-rounded view of the competitive landscape.
Key Market Trends
Rising Popularity of Convenient and Instant Meal Options
The growing emphasis on time efficiency and convenience in daily diets is fueling demand for instant and easy-to-prepare meal solutions. This trend is reinforced by higher purchasing power, economic development, and increasing female participation in the workforce. Consumers with busy lifestyles are particularly drawn to packaged and ready-to-cook food formats. For instance, according to the Canada Agri-Food Report, China’s food sales reached USD 272.74 billion in 2019, with an estimated annual growth rate of 7%, showcasing the increasing acceptance of processed foods in emerging markets.
Segmentation Insights
Instant Soups Lead Global Sales
In 2019, instant soups dominated the market with a 36.78% share, owing to their convenience, affordability, and long shelf life. Their quick preparation process continues to attract working consumers seeking ready-to-consume options. Canned soups ranked as the second-largest category, particularly thriving in developed markets such as the U.S. and Germany, where they outperform chilled and dehydrated alternatives due to their strong retail presence and variety.
Regional Analysis
Europe – The Market Leader
Europe maintained its dominant position in 2019, generating approximately USD 6.07 billion in revenue. The region’s leadership is attributed to a strong consumer base for packaged and processed foods. Meanwhile, North America also holds a considerable market share, supported by a surge in demand for quick and convenient meal options among urban populations.
Competitive Landscape
Innovation and Adaptability Driving Growth
Leading players are increasingly adopting innovative business models to adapt to shifting consumer preferences—particularly those influenced by the COVID-19 pandemic. For example, in May 2020, Chef Ris Lacoste of Ritzy West End (Washington, D.C.) introduced a USD 15 takeaway meal package, which included soups, salads, bread, and complimentary home delivery. Such agile and creative initiatives, combined with new product innovations, partnerships, and strategic acquisitions, are expected to support the soup market’s steady growth through 2027.
Key Market Players
- 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
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Recent Development
- January 2020: Clarity Food Ventures LLC launched its “Soup Explorers” range of refrigerated soup kits inspired by global cuisines, including Moroccan Chilled Cucumber, American Chicken Noodle, and Vietnamese Vegetable Pho. These kits, designed for fast and easy preparation, represent a strategic effort to expand the company’s international market presence.
