Overview and Scope
Soup refers to processed soup products in canned or packaged liquid dishes frequently served at the beginning of a meal. It is a combination of different ingredients, including meat, poultry, seafood, fish, and vegetables. Additionally, thickening ingredients and flavoring agents are added to the soup to make it thicker and flavorful.
Sizing and Forecast
The soup market size has grown steadily in recent years. It will grow from $16.11 billion in 2023 to $16.73 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to rise demand for convenient meal, consumer interest in healthier eating habits, aging population, increased easy-to-consume and nutrient-rich foods, increased rate of urbanization.
The soup market size is expected to see steady growth in the next few years. It will grow to $19.7 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to economic growth and stability, plant-based and vegan options, increased interest in global cuisines and fusion foods, growth of online food ordering and delivery services, busy lifestyles. Major trends in the forecast period include technological innovations, packaging innovations, premium and artisanal soups, functional and nutrient-rich soups, customization and personalization options.
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Segmentation & Regional Insights
The soup market covered in this report is segmented –
1) By Type: Canned/Preserved Soup, Chilled Soup, Dehydrated Soup, Frozen Soup, Ultra-High Temperature Processing (UHT) Soup
2) By Category: Vegetarian Soup, Non-Vegetarian Soup
3) By Packaging: Canned, Pouched, Other Packagings
4) By Distribution Channel: Supermarkets and Hypermarkets, Convenience Stores, Online Stores, Other Distribution Channels
North America was the largest region in the soup market in 2023 and is expected to be the fastest-growing region in the soup market share during the forecast period. The regions covered in the soup market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing demand for convenience food is driving the growth of the soup market. Convenient food is specifically created to enhance the convenience of consumption, enabling today’s lifestyle to accommodate delivery and dine-out requirements. Such cuisine is often ready to eat without extra preparation, conveniently transportable, and has a long shelf life. Increasing demand for convenience foods is expected to boost the consumption of soups, as it is widely consumed among households on daily basis. For instance, in 2021, Food Export Midwest USA, a US-based non-profit organization that promotes the export of food and agricultural products, Australia ranks 9th in the world for U.S. exports of processed foods accounts USD919 million in 2021, processed food including cooked, canned, frozen, packaged or fortifying foods items and additionally, approximately 66% of the retail food business is still dominated by supermarkets and grocery stores and around 21% of the market is occupied by cafés, restaurants, and takeaway food establishments, demonstrating consumers’ ongoing preference for convenience. Therefore, the increasing demand for convenience food is expected to boost the demand for soup market during the forecast period.
Key Industry Players
Major companies operating in the soup market include General Mills Inc., The Kraft Heinz Company, Campbell Soup Company, Unilever PLC, Baxters Food Group Limited, Blount Fine Foods Corp., Loblaw Companies Limited, B&G Foods Inc., Conagra Brands Inc., Hain Celestial Group Inc., Kettle Cuisine LLC, Knorr Foods Co Ltd., Nissin Foods Holdings Co Ltd., Pacific Foods of Oregon LLC, Premier Foods Group Ltd., Progresso Foods Inc., The Original Soupman Inc., The Real Soup Company Limited, Trader Joe’s Company, Amy’s Kitchen Inc., Bear Creek Country Kitchens Inc., Dr. McDougall’s Right Foods Inc., Imagine Foods Inc., Kewpie Corporation, Maruchan Inc., Nongshim Co Ltd., Ottogi Co Ltd., Sapporo Holdings Ltd., Toyo Suisan Kaisha Ltd., Wei Chuan Foods Corporation
The soup market report table of contents includes:
1. Executive Summary
2. Soup Market Characteristics
3. Soup Market Trends And Strategies
4. Soup Market – Macro Economic Scenario
5. Global Soup Market Size and Growth
…
31. Global Soup Market Competitive Benchmarking
32. Global Soup Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Soup Market
34.Soup Market Future Outlook and Potential Analysis
35. Appendix
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