The new report by Expert Market Research titled, ‘Global Soup Market Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global soup market, assessing the market based on its segments like by category, composition, packaging type, distribution channel and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 17 Billion
- Forecast CAGR (2023-2028): 8%
- Forecast Market Size (2026): USD 20 Billion
The growth of the soup market over the medium term is projected to be aided by increasing product varieties, an increase in the consumption of health and wellness products, and promotion by the market players. The demand for healthier food products in North America, which accounts for a significant share of the world market, is also expected to increase.
Industry Definition and Major Segments
Most soups are made by cooking various vegetables, seafood, or meats with a flavoring liquid, such as water, milk, or a different liquid altogether. A good way to retain nutrition in a soup is to cook it slowly. Used during illness, they also have an energetic effect. A variety of health benefits can be attributed to the consumption of soups. It helps with digestion, promotes heart health, promotes weight loss, and helps to build bone density.
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The major categories of soup are:
The market can be broadly divided on the basis of its products into:
Based on the packaging type, the industry can be segmented into:
By distribution channel, the market is divided into:
- Supermarkets and Hypermarkets
- Convenience Stores
- Food Service
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Due to the increase in convenience product offerings, like packaged soup, ready-to-eat soup, organic soup, quick soup, pouched soup, there is potential for a great increase in the market for instant and vegetarian soup. Also, there is an increasing demand for vegan and organic snack items in convenient formats, as customers increasingly desire soup that is ready to eat as a snack. Therefore, companies offering highly nutritious ingredients in soups are making soup convenient and appealing to vegans.
According to market forecasts, online sales of soup are expected to grow significantly over the next few years due to the entrance of various online companies, which will greatly increase product availability and facilitate customer access.
Many new trends are encouraging the North American market to grow, including new products being launched, a focus on advertisement, and an increase in product offerings.
Cans, dried goods, UTH, and other categories can be used to divide the market. In 2018, the market was dominated by the dried product category, which brought in $9.6 billion. The working population’s high consumption of packed, convenient, and healthy processed foods is to blame for the segment’s expansion. Working people are more likely to choose healthy food that is easy to prepare and eat. Additionally, it is anticipated that the demand for dried soup products will rise in response to the introduction of new products featuring additional flavors and ingredients, which are gaining popularity among the younger generation.
It is anticipated that there will be a lot of demand for canned and UTH soup products in the coming years. The developed nations of North America and Europe, including the United States, Canada, the United Kingdom, and Germany, have a high canned food consumption rate. Due to the hectic schedules of working people, the population of these areas prefers ready-to-eat foods. New flavors and products with associated health benefits are the manufacturers’ primary focus.
A small portion of the global market also belongs to other segments where soup is served in restaurants, food outlets, and food joints. It is anticipated that the expansion of the restaurant and food establishments market will be stifled by men’s and women’s growing economic independence due to a growing working population and busy schedules.
Key Market Players
The major players in the market are Campbell Soup Company, The Kraft Heinz Company, Unilever PLC, General Mills Inc., Conagra Brands Inc., B&G Foods, Inc., Nestlé S.A., among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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