The global soup market size is expected to foresee significant growth by exhibiting a CAGR of 2.79% between 2020 and 2027. Europe dominated the soup market share of 37.66% in 2019. Factors such as increasing demand for convenience food products and rapid urbanization is anticipated to propel the market to reach USD 21.0 Billion by 2027. Fortune Business Insights, publish this information in its latest report, 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 – 2027.” The reports further observes that the market was worth USD 16.12 Billion in 2019.
Soup, a traditional comfort dish made from a mix of vegetables, meats, or both, has been enjoyed for over 20,000 years. Its quick preparation and nutritional benefits make it a popular choice for those seeking a fast, satisfying meal, particularly during colder months.
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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
Segmentation:
Instant Soup that Held 36.78% Market Share to Exhibit Exponential Growth
The Instant Soup segment, categorized by type, is expected to experience significant growth in the coming years. In 2019, it accounted for approximately 36.78% of the market share and is projected to continue expanding, driven by increasing consumer demand for ready-to-eat meals. Meanwhile, canned soup is expected to maintain the second-largest market share, supported by its strong presence in developed regions. For instance, in countries like the U.S. and Germany, canned soups are often favored over chilled and dehydrated alternatives.
What does the Report Include?
The market report provides a thorough analysis of the key factors driving growth throughout the forecast period, including major drivers, restraints, opportunities, and challenges. It also evaluates regional trends expected to influence market expansion. These insights are backed by robust research methodologies and expert consultations, offering a deep understanding of market dynamics.
Additionally, the report explores the competitive landscape, focusing on the strategies companies have employed to maintain their market positions from 2019 to 2026. These strategies include product launches, partnerships, mergers and acquisitions, and collaborations, all aimed at enhancing their market presence.
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Drivers and Restraints:
Increasing Consumption of Convenience Foods to Drive Market Growth
Rising population density and growing disposable incomes are fueling the global demand for convenience food products. As consumers adopt busier lifestyles, there is a noticeable shift toward ready-to-eat options for quick meals. Additionally, the increasing number of working women is expected to further drive market expansion in the coming years. To keep pace with these changes, manufacturers are innovating their offerings to cater to evolving consumer preferences.
The demand for packaged food is rising in both developed and emerging markets, further boosting growth. For example, the Canada Agri-Food report highlights that China achieved total sales of USD 272.7 billion in 2019, with a projected growth rate of 7%.
Regional Analysis:
Large Consumer Base in Europe to Promote Growth
Europe is expected to dominate the global soup market in terms of revenue throughout the forecast period. In 2019, the European market was valued at USD 6.07 billion and is projected to experience substantial growth, driven by a large consumer base and strong demand for processed foods. North America is anticipated to become the second-largest market, benefiting from a sizable consumer base that shows a strong preference for instant food products.
Competitive Landscape:
Ritzy West End Introducing a $15 Takeaway Package to Stimulate Growth
In May 2020, Chef Ris Lacoste of Ritzy West End introduced $15 care packages for delivery and takeaway in Washington, D.C., as a response to the challenges posed by the COVID-19 pandemic. These packages included a weekly salad, freshly baked bread, and pint-sized soups, offered with no delivery fees to assist those impacted by the crisis. Such initiatives aim to support and uplift communities during difficult times. Additionally, strategies such as launching new products, forming collaborations, and pursuing mergers and acquisitions are expected to significantly contribute to market growth from 2020 to 2027.
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Industry Development:
- January 2020: Clarity Food Ventures LLC has introduced a new line of refrigerated soup kits called Soup Explorers. These kits, designed for quick preparation, offer a variety of flavors, including Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber. This product launch is expected to enhance the company’s presence in the global market by offering consumers innovative and convenient meal solutions.
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