USD 18.58 billion
Soup Market Size, Share, Growth Analysis, By Type(Instant, Canned, Dehydrated, Chilled), By Distribution Channel(Hypermarket/Supermarket, Convenience Stores, Online Retail, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2363 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
66
|Figures:
64
Soup Market Insights
Soup Market size was valued at USD 18.58 billion in 2019 and is poised to grow from USD 19.2 billion in 2023 to USD 24.6 billion by 2031, growing at a CAGR of 3.2% in the forecast period (2024-2031).
The market is propelled by rising demand for fast food and rising public awareness of soups' positive health effects. Soups are a great source of protein, vitamins, and minerals. Over the next few years, it is anticipated that changing consumer lifestyles and a growing propensity to eat healthy food products would drive up overall demand. Future forecasts predict that urbanization, rising disposable income, and the introduction of novel flavors will all contribute to an increase in the demand for soup worldwide. The market demand is also being boosted by an expanding working population and rising preferences for processed food due to its health benefits. Additionally, it is anticipated that the demand for soup would rise as rural populations in developing nations in the Asia-Pacific region, notably China and India, move from rural to urban regions.
Due to their higher nutritional, vitamin, mineral, and protein content when compared to other convenience soup products, dried soup products have dominated the market. Additionally, due to the convenience of access and long-lasting nature of the packaging, packaged soups are frequently chosen over soups served in restaurants and food establishments. High salt and corn content in dry goods is seen to be harmful to one's health since it raises blood pressure and blood sugar levels, which limits market expansion. The population in North America and Europe, particularly the United States, Canada, the United Kingdom, and Germany, consumes a lot of canned food. Because of the hectic schedules of those who work, the population in these regions favors ready-to-eat foods. The producers are concentrating on developing new tastes and goods with related health advantages.
US Soup Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Instant
Fastest Growth
Instant
Growth Rate
3.2% CAGR
Global Soup Market by type($ Bn)
Country Share for North America Region (%)
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Soup Market Segmental Analysis
The global soup market is segmented based on type, distribution channel, packaging, category, and region. Based on type, the market is segmented into instant, canned, dehydrated, Chilled, and others. By category, the market is segmented into vegetarian and non-vegetarian soup. By packaging, the market is segmented into canned, pouched, other packaging. On the basis of end-user, the market can be bifurcated into hypermarket/supermarket, convenience stores, online retail, and other. The regional insights of the market are into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Soup Market Analysis by Type
Sales of quick soup have surged as customers increasingly choose soups as a snack food. Additionally, the market is experiencing a boom due to the desire for instant soupy noodles. In the soup market, consumer preferences and choices in terms of purchasing behavior are crucial. As a result, in an effort to draw in customers, the makers have launched a variety of quick soups with varied flavor combinations.
On the other hand, due to the product's greater market penetration in developed nations, canned soups currently occupy the second-largest market share. Due to its superior formulation and flavor retention, canned soups are preferred in nations like the US, the UK, and Germany over chilled and dried soups. The millennial generation has started eating dehydrated soups since they contain a variety of dried vegetables. The key driving force behind the dehydrated soups is consumer awareness of the items.
Soup Market Analysis by Distribution channel
Consumers are permitted to shop at supermarkets and online retailers while the area is under lockdown. The only places to buy necessities are in retail stores and supermarkets, where customers dress appropriately by donning masks, carrying hand sanitizer, and keeping a social distance. The technology is also being used by online retailers to send senior customers' necessities. The majority of nations use internet shopping to buy imported processed foods and beverages, which is anticipated to boost sales of the goods.
Global Soup Market by type
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Soup Market Regional Insights
Due to the region's larger canned soup consumer base, Europe is estimated 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. The region's consumption of dehydrated soups is expected to increase as a result of ongoing product introductions to address customer preferences and purchasing patterns.
Additionally, the region's demand for processed and quick food goods is being driven by the increased economic independence of the women's population. The market is expected to develop as a result of this.
North America is projected to hold the second-largest market share for soup, behind Europe. The greatest consumer in the area, the U.S., helps the industry expand by driving up sales of instant soup. The influence of COVID-19 on the nation is undoubtedly not hindering market expansion, as consumers favor quick-to-prepare goods over those that take longer
Global Soup Market By Region
- Largest
- Fastest
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Soup Market Dynamics
Soup Market Driver
Increase in demand for convenience food to boost market enlargement
- The use of vegetable stocks and broths is significantly influenced by the growing vegan population in both developed and developing nations. To meet the growing demand from the public, large producers are producing vegan soups in a variety of containers. In contrast to non-vegetarian soups, people prefer to consume healthful vegetable soups, with the exception of the vegan community. The market benefits from these broths' increasing acceptance among consumers.
- Consumers are seeking new variety in their diets and demand for instant goods is rising. Due to geographical and ethnic differences, food options vary between nations. These elements motivate producers to introduce novel flavors and product variations. Few producers are focusing on creating new tastes, while few are involved in creating the attractive package. This indicates that several types are now readily available based on consumer taste.
Soup Market Restraint
Increase in health issues owing to high thickening agents
- Regular intake of salt and cornstarch works as a market restraint and contributes to a number of health issues, including obesity, high blood pressure, and diabetes. The majority of the items are prepared with maize flour and cornstarch because they serve as a thickening agent, particularly canned and dehydrated soups. Soup intake is a common part of diets in nations like Japan.
- Customers are aware of the additives added to the food they eat, which limits market expansion. Leading manufacturers are developing new products with less maize starch and more vegetables in an effort to combat this. The soupy variations of Campbell Soup Company were expanded to include a variety of vegetable flavors, including carrot, red pepper, sweet potato, and ginger. With this launch, the younger generation, which is well-versed on ingredient lists, will be targeted.
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Soup Market Competitive Landscape
The structure of the global market is well-organized, and there are many powerful players. These players are active in the creation of many soup variants, including enhanced flavors, packaging, the use of various vegetables, and others. By introducing new products to the market, businesses are executing their strategies.
Top Players in the Global Soup Market
- The Campbell Soup Company (US)
- Nestle S.A (Switzerland)
- Baxters Food Group Limited (UK)
- Geeral Mills, Inc. (US)
- Conagra Brands, Inc. (US)
- Premier Foods Group Limited (UK)
- The Kraft Heinz Company (US)
- Hindustan Unilever Limited (India)
- Ottogi Co. Ltd (South Korea)
Soup Market Recent Developments
- In September 2022, Fit Foods, a DMC Foods brand, introduced a new wholesome line of Healthy Soups. The new soups are low in calories, MSG free, and gluten free, and are made with all natural healthy ingredients. There are five varieties: Hearty Chicken, Beef and Vegetable, Hearty Chicken, Wholesome Vegetable, and Thai Sweet Potato.
- IMCD, one of the top distributors of specialized chemicals and components, opened an ultra-high temperature (UHT) pasteurization laboratory in Indonesia to expand its technical footprint in the region in 2021. This new facility accommodates the complex ingredient compositions used in beverages, dairy products, and soups.
Soup Key Market Trends
- Growing Demand for Convenience foods have grown: Convenience food sales have increased as a result of rising urbanization rates and busy lifestyles of the populace. Convenience foods come in a variety of forms, including RTE, RTD beverages, packaged snacks, instant food, and others. One of the processed food products that people eat is soup.
- Growing Popularity of Soup as mid-day snack: Soups are more popular among consumers because they get cooked easily quickly. The macroeconomic elements that support market expansion are the growing population with a huge liking for mid-day meals and increased disposable income. Convenient eating is becoming more popular among consumers, which benefits the market.
Soup Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global soup market is segmented based on type, distribution channel, and region. Sales of quick soup have surged as customers increasingly choose soups as a snack food. Additionally, the market is experiencing a boom due to the desire for instant soupy noodles. Consumers are permitted to shop at supermarkets and online retailers while the region is under lockdown. Due to the region's larger canned soup consumer base, Europe is estimated to hold the majority of the market share.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 18.58 billion |
| Market size value in 2031 | USD 24.6 billion |
| Growth Rate | 3.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Soup Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Soup Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Soup Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Soup Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Soup Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Soup Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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