The Global Soup Market has recently been analyzed and explored by Fortune Business Insights™ in their latest market research report. The soup market is a dynamic segment of the global food industry, offering products that range from traditional broths and stews to innovative, health-focused, ready-to-eat meals.
The soup market is experiencing steady growth due to evolving consumer lifestyles, increasing demand for convenient and nutritious meals, and expanding product innovations. The market is driven by both traditional soup offerings and the rising popularity of premium and health-oriented options. This report provides an in-depth analysis of the soup industry, including market size, share, key drivers, regional insights, and segmentations.
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The global soup market was valued at USD 16.12 billion in 2019 and is expected to grow to USD 21.0 billion by 2027, reflecting a CAGR of 2.79% over the forecast period from 2020 to 2027.
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
Changing Lifestyles & Urbanization: Growing demand for quick, easy-to-prepare meals.
Health & Wellness Trends: Rise in low-sodium, organic, plant-based, and functional soups.
Technological Advancements: Packaging innovations and ready-to-eat (RTE) formats.
Expansion of E-commerce Channels: Broader product accessibility through online platforms.
Product Innovation: Introduction of gourmet flavors and international cuisines.
Leading companies are centered on the implementation of a series of strategic steps for strengthening their market presence. These include partnership agreements, acquisitions, mergers, and others. Some of the additional initiatives comprise rising commencement of research activities to enable the development of new products.
The instant soup segment is expected to register a notable rise over the forecast period. The growth can be credited to the surging availability of various options such as packet, quick, and poached food products. This is further supplemented by the rising choices and preferences of consumers. On the basis of region, the market is segmented into Europe, North America, Asia Pacific, the Middle East & Africa, and South America.
Based on distribution channel, the market is fragmented into online retail and supermarkets. Of these, the supermarket/hypermarket share is anticipated to record commendable expansion over the forecast period. This can be attributed to the growing preference for supermarkets and retail stores as they facilitate the purchase of essential solutions.
Regional Insights:
Europe to Emerge as Leading Region Owing to Presence of Large Consumer Base
The European soup market is expected to witness significant growth over the forecast period, driven by a large consumer base with a strong preference for canned soup products. Among the leading markets in the region are the U.K. and Russia, where the consumption of processed foods is notably higher compared to many other European countries.
Meanwhile, North America is projected to hold the second-largest share of the global soup market. This growth is primarily fueled by the rising sales of instant soups in the United States, reflecting a growing demand for convenient, ready-to-eat meal options.
Comprehensive Market Analysis: The 2023 report provides a detailed industry overview, analyzing key market trends, growth drivers, challenges, and opportunities. It covers various sectors within the industry and offers insights into market size, market share, and market segmentation.
Company Profiles: The report includes additional in-depth information on key company players operating in the industry. It offers detailed profiles of these companies, highlighting their financial performance, product portfolios, strategic initiatives, partnerships, and competitive landscape analysis.
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Recent Market Developments: The report incorporates the latest market developments that have occurred since the previous edition. It includes recent mergers and acquisitions, product launches, collaborations, regulatory changes, and other significant events shaping the industry landscape.
Futuristic Growth Opportunities: The report identifies and presents future growth opportunities in the industry. It explores emerging technologies, market trends, consumer preferences, and regulatory factors that are expected to drive growth and innovation in the coming years.
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