Embedded Files
In 2019, the global soup market was valued at USD 16.12 billion and is projected to reach USD 21.0 billion by 2027, expanding at a CAGR of 2.79% from 2020 to 2027.
The U.S. soup sector is also showing promising growth, expected to reach USD 5.89 million by 2032.
This upward trend is primarily fueled by consumers' increasing demand for convenient meal options and ongoing product innovation from key manufacturers. Europe dominated the market in 2019, accounting for a 37.66% share.
Growth Drivers
The surge in processed food consumption across both emerging and developed economies plays a key role in market expansion. Factors such as an increasing number of working professionals, higher female workforce participation, rapid urbanization, Western lifestyle influences, and rising disposable income are contributing to the popularity of ready-to-eat (RTE) and ready-to-drink (RTD) foods.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
Report Scope
This comprehensive study explores significant drivers, challenges, and opportunities expected to shape the soup industry through the forecast period. It also examines regional contributions to market performance and outlines major strategic activities by industry players, including product launches, partnerships, mergers, and acquisitions between 2019 and 2026.
Key Market Trends
Convenient Food Demand on the Rise
The global rise in disposable income and population growth is propelling demand for easy-to-prepare food items. With more individuals leading fast-paced lives, the appetite for instant meals continues to grow. This shift is further reinforced by increased female employment and a broader preference for packaged foods. For example, data from the Canada Agri-Food Report showed that China’s food sales reached USD 272.74 billion in 2019, with a forecasted annual growth rate of 7%.
Segmentation Insights
Instant Soups Lead by Category
Among product types, instant soups captured the highest market share of 36.78% in 2019, owing to heightened demand for ready-made meal options. Canned soups ranked second, especially favored in established markets such as the U.S. and Germany, where they continue to outperform chilled and dehydrated varieties.
Regional Insights
Europe Maintains Market Leadership
Europe remains the frontrunner in the global soup industry, driven by a robust appetite for processed food products. In 2019, the European soup market alone was valued at USD 6.07 billion. North America follows closely, supported by a growing consumer preference for quick and easy meal choices.
Competitive Landscape
Strategic Moves Fuel Market Expansion
In May 2020, Chef Ris Lacoste of Ritzy West End in Washington, D.C., introduced a USD 15 takeaway meal bundle including weekly salads, bread, and pint-sized soups with complimentary home delivery—an initiative responding to changing consumer behaviors during the pandemic. Such innovative responses, alongside continued product development, mergers, and partnerships, are expected to bolster the industry through 2027.
Key Market Players
The Campbell Soup Company
Nestlé S.A.
Baxters Food Group Limited
General Mills, Inc.
Conagra Brands, Inc.
Premier Foods Group Limited
The Kraft Heinz Company
Hindustan Unilever Limited
Ottogi Co., Ltd
Associated British Foods plc
Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/soup-market-102838
Industry Developments
January 2020: Clarity Food Ventures LLC unveiled its new “Soup Explorers” refrigerated soup kit line, featuring internationally inspired options such as Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber. These kits aim to provide quick-preparation meals while strengthening the company’s global footprint.
Page updated
Google Sites
Report abuse