The global soup market is poised for significant growth, projected to achieve a compound annual growth rate (CAGR) of 2.50% from 2020 to 2032. Driven by rising demand for convenience foods and rapid urbanization, the market is expected to reach USD 23.28 billion by 2032. According to the Fortune Business Insights report, "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.
Soup, a traditional liquid food served warm or hot, is made by combining various vegetables or meats with water or broth. Originating over 20,000 years ago, soup has evolved in its ingredients and flavors throughout history. It is especially popular during colder months, offering both warmth and nutritional benefits. For instance, a bowl of vegetable broth can be a comforting and satisfying option at any time of day. Additionally, soup's quick preparation and minimal cooking time make it a convenient choice for a speedy and satisfying meal.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
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What does the Report Include?
The market report offers an in-depth analysis of the factors shaping market growth during the forecast period, including key drivers, restraints, opportunities, and challenges. It also assesses regional developments anticipated to influence market expansion. Insights are based on rigorous research methodologies and expert consultations, providing a comprehensive view of market dynamics.
Furthermore, the report delves into the competitive landscape, outlining 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 designed to strengthen their market presence.
Drivers and Restraints:
Increasing Consumption of Convenience Foods to Aid Growth
The increasing population density and higher disposable income are fueling global demand for convenience food products. With busy lifestyles, consumers are increasingly opting for ready-to-eat options that offer instant consumption. The growing number of working women is also anticipated to further drive market growth in the coming years. In response to this demand, manufacturers are innovating their products to align with consumer preferences.
The rising demand for packaged food products in both developed and emerging economies supports overall market growth. For instance, the Canada Agri-Food report highlights that China achieved total sales of USD 272,741 million in 2019 and is projected to grow at a rate of 7%.
Segmentation:
Instant Soup that Held 36.78% Market Share to Exhibit Exponential Growth
The Instant Soup segment (By Type) is expected to see substantial growth in the coming years. It held a market share of approximately 36.78% in 2019 and is projected to grow steadily due to the rising preference for ready-to-eat snacks among consumers. Meanwhile, canned soup is anticipated to maintain the second-largest market share, supported by its widespread adoption in developed regions. For example, in countries like the U.S. and Germany, canned soups are often preferred over chilled and dehydrated soups.
Regional Analysis:
Large Consumer Base in Europe to Promote Growth
Europe is anticipated to dominate the global soup market, leading in revenue throughout the forecast period. In 2019, the European market was valued at USD 6.07 billion and is expected to see substantial growth due to its large consumer base and high demand for processed foods. North America is predicted to be the second-largest market, propelled by a significant consumer base that prefers 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 widespread impact of the novel coronavirus. These care packages, which include a weekly salad, fresh-baked bread, and pint-sized soups, are offered with no delivery fees to assist those affected by the pandemic. Such initiatives by businesses are designed to support and uplift communities during challenging times. Additionally, strategies like launching new products, forming collaborations, and pursuing mergers and acquisitions are anticipated to positively impact market growth from 2020 to 2027.
Industry Development:
- January 2020: Clarity Food Ventures LLC has launched a new line of refrigerated soupy kits called Soup Explorers. These kits, designed for minimal preparation time, feature a variety of new flavors, including Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber. The introduction of these innovative products is expected to strengthen the company’s 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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