Soup Market Size to Reach USD 21 Billion by 2027 | Comprehensive 150-Page Research Report by Fortune Business Insights™
Key companies covered in soup market are 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 and more players profiled.
Soup Market
Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) — The global soup market size is expected to foresee significant growth by exhibiting a CAGR of 2.79% between 2020 and 2027. Factors such as increasing demand for convenience food products and rapid urbanization are anticipated to propel the market to reach USD 21 Billion by 2027. The report further observe that the market was worth USD 16.12 Billion in 2019.
Soup, a warm or hot liquid nourishment crafted from a blend of vegetables or meat simmered in water, is recognized as one of the most ancient culinary creations. Its origins trace back to over 20,000 BC, and since then, it has continually transformed in terms of its components and flavors. This versatile dish is particularly cherished during cold winter days, offering not only a comforting warmth but also a range of health benefits. Whether enjoyed as a revitalizing vegetable broth or in any other form, soup delivers a convenient and speedy solution to curb hunger, without the need for extended preparation times, making it a quick and satisfying option at any hour of the day.
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Leading Players Featured in the Soup Market Research Report:
- 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
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 2.79% |
| 2027 Value Projection | USD 21.0 Billion |
| Soup Market Size in 2019 | USD 16.12 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 150 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Soup Market Drivers | Rise in the Consumption of Vegetable Broths and Stocks to Support the Market Growth |
| Companies Investing in New Product Launches to Spur Demand |
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What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Drivers and Restraints:
Increasing Consumption of Convenience Foods to Aid Growth
Increasing density of population and high disposable income is driving the demand for convenience food products across the globe. The people owing to hectic work life prefer several food products that are ready-to-eat and can be consumed instantly. Additionally, increasing number of women working population is anticipated to bolster the growth of the market in the forthcoming years. Furthermore, the manufacturers are innovating their products to cater to the increasing demand of the consumers. Moreover, growing demand for packaged food products among developed and developing economies will bode well for the growth of the market. For instance, according to the Canada Agri-food report, China registered a total sales value of USD 272, 741 Million in 2019 and is further anticipated to grow at a rate of 7%.
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Soup Market Segmentation:
Instant Soup that Held 36.78% Market Share to Exhibit Exponential Growth
The segment Instant Soup (By Type) is likely to witness massive market in the forthcoming years. Additionally, it held a market share of about 36.78% in 2019 and is expected to grow gradually owing to increasing preference for ready-to-eat snack among consumers. On the other hand, canned soup is anticipated to hold the second-most leading share for the market backed by large-scale penetration of the product in developed regions. For instance, countries such as the U.S. and Germany usually prefer canned soups to chilled and dehydrated soups.
Regional Analysis:
Large Consumer Base in Europe to Promote Growth
Among the regions, Europe is expected to remain at the forefront and register highest global soup market revenue during the projected horizon. In addition to this, Europe was worth USD 6.07 Billion in 2019 and is likely to grow significantly. This is ascribable to factors such as presence of large consumer base and high demand for processed foods in the region. North America, on the other hand, is anticipated to be the second-most leading region in the forthcoming years. This is attributable to factors such as large consumer base that prefers instant food products.
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COVID-19 Crisis to Favor Growth
The impact of COVID-19 is anticipated to bolster the growth of the market. According to Fortune Business Insights, the market will register a high rate of CAGR value in 2020 during the ongoing pandemic situation. The lockdown enforced by several government agencies have forced the people to remain at home. Several working professional that are working from home and the students confined to their home space will bode well for the growth of the market. The demand for instant food products as a snacking option is contributing to the growth of the market.
Soup Market Competitive Landscape:
Ritzy West End Introducing a $15 Takeaway Package to Stimulate Growth
In May 2020, Ritzy West End’s Chef Ris Lacoste announced its $15 care packages that is available for delivery and takeaway in D.C. amid the widespread effects of novel coronavirus. In times of chaos and hardship, the West End restaurant is offering its care packages that include a salad of the week, fresh baked bread, and pint-sized soups without charging any delivery fees. Like Ritzy’s, there are several others who are helping the cause to uplift the people who are suffering from devastating effects. Furthermore, adoption of strategies such as novel product launch, collaboration, and merger and acquisition by the companies will positively affect the growth of the market between 2020 and 2027.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Supply Chain & Regulatory Analysis
- Global Soup Trade Analysis
- Recent Industry Developments – Policies, Partnerships, New Type Launches, and Mergers & Acquisitions
- Global Soup Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Instant
- Canned
- Dehydrated
- Chilled
- Others
- By Distribution Channel
- Hypermarket/Supermarkets
- Convenience Stores
- Online Retail
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type
- North America Soup Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Instant
- Canned
- Dehydrated
- Chilled
- Others
- By Distribution Channel
- Hypermarket/Supermarkets
- Convenience Stores
- Online Retail
- Others
- By Country
- U.S
- Canada
- Mexico
- By Type
- Europe Soup Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Instant
- Canned
- Dehydrated
- Chilled
- Others
- By Distribution Channel
- Hypermarket/Supermarkets
- Convenience Stores
- Online Retail
- Others
- By Country
- Germany
- U.K.
- France
- Spain
- Italy
- Russia
- Rest of Europe
- By Type
TOC Continued…!
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Soup Industry Development:
- January 2020: Clarity Food Ventures LLC introduced its new range of refrigerated soupy kits, Soup Explorers. According to the company, the food product involves less preparation time and includes several new flavors such as Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber, among others. The introduction of the product is likely to cement its position in the global marketplace.
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