The global soup market is projected to experience significant growth, with a compound annual growth rate (CAGR) of 2.79% from 2020 to 2027. In 2019, Europe accounted for 37.66% of the market share, reflecting its dominance in the sector. Factors such as the rising demand for convenience food products and rapid urbanization are expected to drive the market to USD 21.0 billion by 2027. According to Fortune Business Insights, this data is highlighted in their 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 report also notes that the market was valued at USD 16.12 billion in 2019.
Soup, a classic comfort food crafted from a blend of vegetables, meats, or both, has a history spanning over 20,000 years. Its quick preparation and nutritional value make it a favored choice, particularly during colder months, for those seeking a fast and wholesome meal.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
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, classified by type, is poised for notable growth in the coming years. In 2019, it held approximately 36.78% of the market share and is expected to expand further, fueled by the rising consumer preference for ready-to-eat meals. On the other hand, canned soup is projected to retain the second-largest market share, bolstered by its strong foothold in developed regions. For example, in countries such as the U.S. and Germany, canned soups are frequently preferred over chilled and dehydrated options.
What does the Report Include?
The market report offers a comprehensive analysis of the key factors driving growth during the forecast period, including major drivers, restraints, opportunities, and challenges. It also examines regional trends expected to shape market expansion. These insights are supported by thorough research methodologies and expert consultations, providing a detailed understanding of market dynamics.
Furthermore, the report delves into the competitive landscape, highlighting the strategies employed by companies to sustain their market positions from 2019 to 2026. These strategies include product launches, partnerships, mergers and acquisitions, and collaborations, all designed to strengthen their market presence.
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Drivers and Restraints:
Increasing Consumption of Convenience Foods to Drive Market Growth
The rising population density and growing disposable incomes are driving the global demand for convenience food products. As consumers lead busier lives, there is a noticeable shift toward ready-to-eat options for quick meals. Additionally, the increasing number of working women is expected to further accelerate market growth in the coming years. In response to these shifts, manufacturers are innovating their products to meet evolving consumer preferences.
The demand for packaged food is rising in both developed and emerging markets, further fueling growth. For instance, the Canada Agri-Food report notes 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 lead 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 significant 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 has 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, with no delivery fees, aimed at assisting those affected by the crisis. Such initiatives are designed 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 play a key role in driving market growth from 2020 to 2027.
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Industry Development:
- January 2020: Clarity Food Ventures LLC has launched a new line of refrigerated soup kits called Soup Explorers. These kits, designed for quick preparation, feature a variety of flavors, including Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber. This product launch is expected to strengthen the company’s presence in the global market by providing consumers with innovative and convenient meal solutions.
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