The global soup market, estimated at USD 19,200 million in 2022, is projected to reach a revised size of USD 24,600 million by 2030, growing at a CAGR of 3.20% over the forecast period 2022-2030.
Soup is a liquid cuisine made by flavoring meat, chicken, fish, beans, or vegetables in liquids like milk, stock, or water. It has a long history, with traditional methods of cooking involving hot stones and later pots. Soups are enjoyed worldwide, with various types ranging from light appetizers to hearty main courses and even fruit soups served as desserts.
Major Market Players:
Key players in the soup market include The Campbell Soup Company, Unilever PLC, Nestlé SA, The Kraft Heinz Company, Premier Foods Group Limited, Ottogi Co. Ltd, General Mills Inc., Conagra Brands Inc., Tideford Organic Foods Limited, Upton’s Naturals Co, WA Baxter & Sons (Holdings) Limited, B&G Foods Holding Corp., The Hain Celestial Group Inc, Associated British Foods Plc, and others.
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Market Drivers and Opportunities:
The market for soups is expanding due to increased urbanization and the growing working population’s demand for healthy convenience foods. As disposable income rises and lifestyles become busier, there is a shifting consumer preference for ready-to-eat and healthful snacks, driving up sales of pouched soups. Additionally, the market is benefiting from the increased use of packaged soups in the food and beverage sector. The rising acceptance of vegan and vegetarian dietary practices and the demand for soups with pure ingredients in sustainable packaging options also present opportunities for market growth.
Opportunity for Restaurants, Hotels, and Bars:
Online sales channels are experiencing a rise in demand for soup products, especially in emerging countries like India and China. Modern sales channels account for nearly 50% of soup market sales, with North America having robust distribution networks. There is potential for growth in department stores’ share of the soup distribution route, presenting a market opportunity. The availability of soups through various sales channels and creative marketing in supermarkets and retail establishments further strengthens the industry.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
- Investment Analysis
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COVID-19 Impact Analysis on Soup Market:
The COVID-19 pandemic has led to a surge in retail sales for the soup market as consumers prioritize packaged foods, including soups. The pandemic-driven lockdowns and regulations have influenced customer shopping behavior, resulting in increased sales of soups as quick and convenient food options. Soups are seen as nutritious and beneficial for cold and cough symptoms, further boosting the demand for ready-to-eat soups. Online sales channels have witnessed significant growth, particularly in countries heavily affected by the pandemic.
In July 2022, Upton’s Naturals launched three new vegan soup flavors, providing plant-based protein and being free of cholesterol and trans-fat.
In November 2021, Campbell’s Condensed Soup received a new look to modernize the brand and attract new generations while retaining its distinctive identity.
The global soup market is experiencing steady growth, driven by increasing urbanization, busy lifestyles, and the demand for healthy convenience foods. The availability of soups through various sales channels and the introduction of innovative product variations, such as organic soups, further support market expansion. Europe is the leading region for soup consumption, while North America follows closely, with both regions witnessing increased sales, even during the pandemic.
Segmentation Of The Soup Market:
- Vegetarian Soup
- Non-vegetarian Soup
By Distribution Channel
- Convenience Stores
- Online Retail Stores
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Regional Analysis of the Soup Market:
Europe is expected to dominate the soup market, particularly in the canned soup segment, driven by countries like the U.K. and Russia with high consumption of processed food. Dehydrated soups are gaining popularity in the region, fueled by ongoing product introductions to cater to customer preferences. The region’s demand for quick food products is also influenced by the increased economic independence of women. North America is the second-largest market for soups, with the U.S. driving up sales of instant soup, even during the pandemic.
For this report, Introspective Market Research has segmented the Soup Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
- The Czech Republic
- Rest of Eastern Europe
- Rest of Western Europe
- South Korea
- The Philippines
- New Zealand
- Rest of APAC
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of SA
Scope of the Report:
The latest research on the Soup Market provides a comprehensive overview of the market for the years 2023 to 2030. It gives a comprehensive picture of the global Soup industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Soup Market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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