The global soup market is set for notable growth, with a projected CAGR of 2.50% from 2020 to 2032. This expansion is driven by increasing demand for convenience foods and rapid urbanization, with the market expected to reach 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.
Soup is a liquid food typically served warm or hot, created by blending various vegetables or meats with water or broth. As one of the oldest food products, dating back to over 20,000 BC, soup has evolved considerably in its ingredients and flavors over the millennia. It is particularly enjoyed during cold winter months, offering both warmth and health benefits. For example, a bowl of vegetable broth provides a refreshing and satisfying experience at any time of day. Additionally, soup is quick and easy to prepare, requiring minimal cooking time, making it an ideal choice for swiftly satisfying hunger.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
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What does the Report Include?
The market report provides a comprehensive analysis of factors influencing market growth during the forecast period, including key drivers, restraints, opportunities, and challenges. It also examines regional developments expected to impact market expansion. Insights are derived from thorough research methodologies and expert consultations, ensuring a well-rounded understanding of market dynamics.
Additionally, the report explores the competitive landscape, detailing strategies employed by companies to sustain their market positions from 2019 to 2026. These strategies encompass product launches, partnerships, mergers and acquisitions, and collaborations, all aimed at reinforcing their market presence.
Drivers and Restraints:
Increasing Consumption of Convenience Foods to Aid Growth
The growing population density and high disposable income are driving the global demand for convenience food products. Due to hectic lifestyles, consumers increasingly favor ready-to-eat options that can be consumed instantly. Additionally, the rising number of working women is expected to further boost market growth in the coming years. Manufacturers are responding to this demand by innovating their products to meet consumer preferences.
The expanding demand for packaged food products in both developed and developing economies supports market growth. For example, according to the Canada Agri-food report, China recorded 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 expected to lead the global soup market, registering the highest revenue during the forecast period. In 2019, Europe was valued at USD 6.07 billion and is projected to grow significantly due to a large consumer base and high demand for processed foods in the region. North America is anticipated to be the second-largest market, driven by a substantial consumer base that favors 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 introduced $15 care packages available for delivery and takeaway in D.C. in response to the widespread effects of the novel coronavirus. These care packages, which include a weekly salad, fresh-baked bread, and pint-sized soups, are offered without delivery fees to help support those affected by the pandemic. Similar initiatives by other businesses aim to uplift communities during challenging times. Additionally, strategies such as launching new products, forming collaborations, and pursuing mergers and acquisitions are expected to positively influence 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