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

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.