The global soup market is projected to experience substantial growth, with a CAGR of 2.50% between 2020 and 2032. This growth is driven by factors such as the rising demand for convenience food products and rapid urbanization, which are expected to propel the market to a value of USD 23.28 billion by 2032. According to a recent report by Fortune Business Insights, titled “Soup Market Size, Share & Industry Analysis, By Type (Instant, Dehydrated, Canned, Chilled, and Others), Distribution Channel (Hypermarket/Supermarket, Convenience Store, Online Retail, and Others), and Regional Forecast, 2020 – 2032,” the market was valued at USD 16.12 billion in 2019.
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Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
Soup is a type of liquid food, typically served warm or hot, made by combining various vegetables or meats with added water or broth. Considered one of the oldest food products, soup dates back to over 20,000 BC and has evolved significantly in terms of ingredients and flavor over time. It is especially enjoyed during cold winter days, offering both warmth and health benefits. A warm bowl of vegetable broth, for instance, provides a refreshing and satisfying experience at any time of the day. Additionally, soup is quick to prepare, requiring minimal cooking time, making it an ideal choice for instantly satisfying hunger pangs.
What does the Report Include?
The market report offers an in-depth analysis of various factors that will influence market growth during the forecast period, including key drivers, restraints, opportunities, and challenges. Additionally, it provides a thorough examination of regional developments that are expected to impact market growth. The report's insights are based on comprehensive research methodologies and expert advice from industry professionals, ensuring a well-rounded understanding of the market dynamics.
Furthermore, the report delves into the competitive landscape, offering detailed insights into the strategies employed by companies to maintain their market positions from 2019 to 2026. These strategies include product launches, partnerships, mergers and acquisitions, and collaborations, all aimed at strengthening their market stronghold.
Drivers and Restraints:
Increasing Consumption of Convenience Foods to Aid Growth
Increasing density of population and high disposable income is driving the demand for convenience food products across the globe. The people owing to hectic work life prefer several food products that are ready-to-eat and can be consumed instantly. Additionally, increasing number of women working population is anticipated to bolster the growth of the market in the forthcoming years. Furthermore, the manufacturers are innovating their products to cater to the increasing demand of the consumers. Moreover, growing demand for packaged food products among developed and developing economies will bode well for the growth of the market. For instance, according to the Canada Agri-food report, China registered a total sales value of USD 272, 741 Million in 2019 and is further anticipated to grow at a rate of 7%.
Segmentation:
Instant Soup that Held 36.78% Market Share to Exhibit Exponential Growth
The segment Instant Soup (By Type) is likely to witness massive market in the forthcoming years. Additionally, it held a market share of about 36.78% in 2019 and is expected to grow gradually owing to increasing preference for ready-to-eat snack among consumers. On the other hand, canned soup is anticipated to hold the second-most leading share for the market backed by large-scale penetration of the product in developed regions. For instance, countries such as the U.S. and Germany usually prefer canned soups to chilled and dehydrated soups.
Regional Analysis:
Large Consumer Base in Europe to Promote Growth
Among the regions, Europe is expected to remain at the forefront and register highest global soup market revenue during the projected horizon. In addition to this, Europe was worth USD 6.07 Billion in 2019 and is likely to grow significantly. This is ascribable to factors such as presence of large consumer base and high demand for processed foods in the region. North America, on the other hand, is anticipated to be the second-most leading region in the forthcoming years. This is attributable to factors such as large consumer base that prefers instant food products.
Competitive Landscape:
Ritzy West End Introducing a $15 Takeaway Package to Stimulate Growth
In May 2020, Ritzy West End’s Chef Ris Lacoste announced its $15 care packages that is available for delivery and takeaway in D.C. amid the widespread effects of novel coronavirus. In times of chaos and hardship, the West End restaurant is offering its care packages that include a salad of the week, fresh baked bread, and pint-sized soups without charging any delivery fees. Like Ritzy’s, there are several others who are helping the cause to uplift the people who are suffering from devastating effects. Furthermore, adoption of strategies such as novel product launch, collaboration, and merger and acquisition by the companies will positively affect the growth of the market between 2020 and 2027.
Industry Development:
- January 2020: Clarity Food Ventures LLC introduced its new range of refrigerated soupy kits, Soup Explorers. According to the company, the food product involves less preparation time and includes several new flavors such as Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber, among others. The introduction of the product is likely to cement its position in the global marketplace.
List of the Companies Operating in the 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
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