The global soup market is set for substantial growth, with a projected compound annual growth rate (CAGR) of 2.50% from 2020 to 2032. This expansion is fueled by the increasing demand for convenience foods and the accelerating pace of urbanization. By 2032, the market is expected to reach USD 23.28 billion, up from its valuation of USD 16.12 billion in 2019, according to a 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."
Soup, a traditional liquid dish typically served warm or hot, is made by blending various vegetables, meats, or both with water or broth. Originating over 20,000 years ago, the ingredients and flavors of soup have evolved over time. It remains especially popular in colder seasons, offering both comfort and nutritional benefits. A bowl of vegetable broth, for instance, provides a warm, hearty meal that can be enjoyed any time of day. Its quick preparation and minimal cooking requirements make soup an ideal option for those seeking a fast and fulfilling meal.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
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What does the Report Include?
The market report provides a detailed analysis of the key factors driving market growth throughout the forecast period, including major drivers, restraints, opportunities, and challenges. It also evaluates regional trends expected to impact market expansion. The insights are grounded in robust research methodologies and expert consultations, offering a thorough understanding of market dynamics.
Additionally, the report explores the competitive landscape, highlighting the strategies companies have adopted to sustain their market positions from 2019 to 2026. These strategies encompass product launches, partnerships, mergers and acquisitions, and collaborations, all aimed at enhancing their market presence.
Drivers and Restraints:
Increasing Consumption of Convenience Foods to Aid Growth
Rising population density and increasing disposable incomes are driving global demand for convenience food products. As consumers lead busier lives, they are increasingly choosing ready-to-eat options for quick consumption. The growing number of working women is also expected to contribute to market expansion in the coming years. In response, manufacturers are innovating their offerings to cater to evolving consumer preferences.
The demand for packaged food is growing in both developed and emerging economies, further boosting market growth. For example, the Canada Agri-Food report notes that China reached total sales of USD 272.7 billion in 2019, with a projected growth rate of 7%.
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 expand steadily, driven by increasing consumer demand for ready-to-eat snacks. Canned soup is forecasted to retain 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 frequently favored over chilled and dehydrated options.
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 its large consumer base and strong demand for processed foods. North America is anticipated to be the second-largest market, supported by a substantial consumer base with 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., in response to the widespread effects of the COVID-19 pandemic. These care packages, featuring a weekly salad, fresh-baked bread, and pint-sized soups, were provided with no delivery fees to support those impacted by the crisis. Such business initiatives aim to uplift communities during difficult times. Additionally, strategies such as launching new products, forming collaborations, and pursuing mergers and acquisitions are expected to contribute positively to market growth between 2020 and 2027.
Industry Development:
- January 2020: Clarity Food Ventures LLC has introduced a new line of refrigerated soup kits called Soup Explorers. These kits are designed for quick preparation and feature a range 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, convenient meal options.
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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