The global soup market is poised for significant growth, with a projected compound annual growth rate (CAGR) of 2.50% from 2020 to 2032. This growth is driven by 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 USD 16.12 billion in 2019, as reported by Fortune Business Insights in "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 warm dish, made from a blend of vegetables, meats, or both, has evolved over 20,000 years and remains a popular comfort food, especially during colder seasons. Its quick preparation and nutritional benefits make it a favored option for those seeking a fast, hearty meal.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
The COVID-19 pandemic has caused widespread disruption across global economies, impacting industries in varying ways. While some sectors have faced significant challenges, others have shown resilience and even experienced growth. As governments and businesses worldwide take steps to manage the crisis, we are committed to supporting you through these uncertain times. With our expertise, we offer in-depth impact analyses of the pandemic's effects across different industries, providing valuable insights to help your business navigate current challenges and strategically plan for the future.
What does the Report Include?
The market report offers a comprehensive analysis of the key factors influencing growth throughout the forecast period, including significant drivers, restraints, opportunities, and challenges. It also assesses regional trends anticipated to affect market expansion. These insights are supported by rigorous research methodologies and expert consultations, providing a deep understanding of market dynamics.
Furthermore, the report examines the competitive landscape, emphasizing the strategies that companies have implemented 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
Rising population density and increasing disposable incomes are driving global demand for convenience food products. As consumers lead busier lives, there is a noticeable shift toward ready-to-eat options for quick consumption. Additionally, the growing number of working women is expected to further contribute to market expansion in the coming years. In response to these trends, manufacturers are innovating their offerings to meet evolving consumer preferences.
The demand for packaged food is on the rise in both developed and emerging economies, further enhancing market growth. For instance, the Canada Agri-Food report indicates that China achieved 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 anticipated to experience substantial growth in the coming years. In 2019, it represented approximately 36.78% of the market share and is expected to continue expanding steadily, fueled by rising consumer demand for ready-to-eat snacks. Meanwhile, canned soup is projected to maintain the second-largest market share, bolstered by its strong presence in developed regions. For example, in countries such as the U.S. and Germany, canned soups are often preferred over chilled and dehydrated alternatives.
Regional Analysis:
Large Consumer Base in Europe to Promote Growth
Europe is projected 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 expected to witness significant growth, driven by a large consumer base and robust demand for processed foods. North America is anticipated to emerge as the second-largest market, benefiting from a considerable consumer base that strongly 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 launched $15 care packages for delivery and takeaway in Washington, D.C., as a response to the widespread impact of the COVID-19 pandemic. These care packages included a weekly salad, fresh-baked bread, and pint-sized soups, offered with no delivery fees to support those affected by the crisis. Such business initiatives are designed to uplift communities during challenging times. Additionally, strategies like launching new products, forming collaborations, and pursuing mergers and acquisitions are expected to positively contribute to market growth from 2020 to 2027.
Industry Development:
- January 2020: Clarity Food Ventures LLC has launched a new line of refrigerated soup kits called Soup Explorers. Designed for quick preparation, these kits feature a variety of flavors, including Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber. This product launch is anticipated to strengthen the company’s presence in the global market by providing consumers with innovative and 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
