Market Overview:
The Global Market for Soup Estimated at USD 19200 Million In the Year 2022, Is Projected To Reach A Revised Size Of USD 24600 Million By 2030, Growing At A CAGR Of 3.20% Over The Forecast Period 2022-2030.
Soup is a type of liquid cuisine that is made from chicken, meat, and flavor-infused in liquids like milk, stock, or water and includes meat, poultry, fish, legumes, and vegetables. Before the invention of pots that could withstand the direct heat of a fire, soups were traditionally prepared by dropping hot stones into the liquid.
Making soup dates back to the beginning of liquid-holding containers. Small portions of fish and meat that were too tough or bony to use in any other way might be extracted with nutrient-dense flavor from long-cooking soup.
Top Key Players in Soup Market:
The Campbell Soup Company (US), Unilever PLC (UK), Nestlé SA (Switzerland), The Kraft Heinz Company (US), Premier Foods Group Limited (UK), Ottogi Co. Ltd (South Korea), General Mills Inc. (US), Conagra Brands Inc. (US), Tideford Organic Foods Limited (UK), Upton's Naturals Co (US), WA Baxter & Sons (Holdings) Limited (UK), B&G Foods Holding Corp. (US), The Hain Celestial Group Inc (US), Associated British Foods Plc (UK) and Other key players.
Market Dynamics and Factors for Soup Market:
Drivers:
Rising Demand for Healthy Convenience Food
The growing need for convenient meals in urban areas is a significant driver of the market growth for soups. Sales of pouched soups, a prominent market sector in the soups business, are increasing as a result of customer demand for nutritious convenience meals rising due to the growing working population and busy lifestyles. As urban middle-class households' disposable income and living standards improve, so does the demand for straightforward, ready-to-eat goods. In addition to being a wholesome and nutritional alternative, soups are renowned for being full and satisfying comfort food selections.
Opportunities:
Opportunity for Restaurants, Hotels, and Bar
Soup demand has reportedly increased, due to online retailers. Online shopping is a common distribution technique in countries where there is a large demand for soup products. The public in developing nations like India and China is significantly relying on online sales channels during the current pandemic, which is boosting growth in the ready-to-eat soup business.
Nearly 50% of sales for the soup market are carried down by modern sales channels, with North America having the strongest distribution networks.
Segmentation Analysis of the Soup Market:
- By Category, Vegetarian Soup is likely to dominate in this area. Vegetarian soups are an essential segment within the overall soup market, catering to consumers who follow vegetarian diets or are looking for plant-based meal options. The growing popularity of vegetarianism and plant-based diets has significantly impacted the soup market.
- By Distribution Channel, the Supermarket/Hypermarkets segment is expected to register a significant market share. This extensive availability increases consumer access to a diverse selection of soups.
Regional Analysis of the Soup Market:
Europe dominates the market for soup. Owing to the region's larger canned soup consumer base, Europe is excepted to hold the majority of the market share. Due to their expanding populations, the U.K. and Russia are the two European nations that consume the most soup. In comparison to the other countries in the region, these countries consume a disproportionately high amount of processed food.
Key Industry Development:
July 2022, Upton’s Naturals launches new soup flavorsUpton’s Naturals is introducing three new recipes to its lineup of wholesome and flavorful vegan soups. Providing plant-based protein (8-11g per serving) and only 180-300 calories a bowl, the new products are Non-GMO Certified (NSF), Plant-Based Certified, contain no added colors, flavors, or preservatives, and are completely free of cholesterol and trans-fat.
November 2021, The new Campbell’s Condensed Soup. This past summer, Campbell’s released a new look for Campbell’s Condensed Soup—contemporizing the beloved brand for the 21st century. The new logo, packaging, and visual identity leans heavily into the brand’s existing distinctive look, while also creating a new modern feel to help attract and retain new generations.
