Soup Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Clear Soups, Thick Soups), By Product (Canned, Dried, UTH, Others), By Distribution Channel (Online, Offline (Supermarkets, Convenience Stores, Others)), And By Geography - Forecasts From 2022 To 2027
- Published : Jul 2022
- Report Code : KSI061613613
- Pages : 121
The global soup market is expected to grow at a CAGR of 4.21% over the forecast period to reach a total market size of US$25.538 billion by 2027, increasing from US$19.135 billion in 2020.
Convenience of food demand and improvements in the industry
Soup is a kind of liquid food served warm and is characterized by boiling solid ingredients in the liquid until the flavours are extracted. The market is driven by growing demand for convenience food due to changing lifestyles. The growing production and consumption of soup are attributed to improvements in technology, collection methods, and increased taps to support the growing interest of consumers to consume soup across the globe. The growing demand for food and beverage products made from natural ingredients is further driving the demand for natural-based soups in many countries.
Furthermore, the growing trend of organized retail is augmenting the sales of soups with the construction of hypermarkets and supermarkets, convenience stores, and shopping malls, contributing to market growth over the next five years.
The present COVID-19 pandemic is known to cause limited impact and hamper the growth of the global soup market in the short term. This is mainly due to disruption in the supply chain and global lockdown, which has affected the demand for soups. However, the growing adoption of online retailing coupled with rising governments initiative around the globe has enforced social distancing and lockdowns, which has led consumers to ramp up online shopping resulting in spikes in business-to-consumer sales for household essentials and food products like soups.
Changing consumer lifestyles is driving the growth of the market.
Changing consumers and busy lifestyles or dislikes of food preparation and cooking are shaping the market of soup positively. Awareness regarding health benefits associated with soup, like a high content of nutrition, minerals, and proteins, is also boosting the adoption of soups as a convenience food for many young populations around the globe.
Increasing household expenditure on a global scale
It is considered one of the prime drivers for the growth of the soup market during the forecast period. According to the Organisation for Economic Co-operation and Development data, household spending in China and Mexico has increased from US$5,414 billion and US$1,276 billion in 2012 to nearly US$9,975 billion and US$1,635 billion by the end of 2018. Also, both public and private players are investing heavily in developing countries to cater to the growing demand for soup because of rapid urbanization and growing health awareness.
By distribution channel, the market is segmented based on online and offline. The online segment of the soup market is expected to witness the fastest growth over the forecast period due to expanding e-commerce business and increasing internet penetration in developing countries around the globe. Also, new players are introducing and coming up with services such as delivering hot served soups. Besides, with the growing number of smartphone users, time spent on the internet also increases, which drives the growth of e-commerce platforms which is considered one of the major drivers for the growth of the online segment during the forecast period.
North America is holding a significant share in the market
By geography, the soup market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America is expected to hold a significant share in the market owing to the presence of major players coupled with the growing number of product launches in the countries like the United States and Canada. Increasing demand for healthier food products coupled with the advanced lifestyle and high disposable income is further boosting the sale of convenience foods such as soups over the forecast period.
Changing food habits to drive the market demand in the APAC region
In the Asia Pacific region, due to changes in breakfast consumption patterns in a couple of years and rising western influence in countries like China and India, the market is expected to witness substantial growth over the forecast period. The rising number of modern grocery stores in India also contributes to the growth of the soup market by making it readily available to Indian consumers.
According to the United States Department of Agriculture (USDA), modern grocery retailers in India have increased from 5,852 in 2013 to 7,162 in 2018, and, in 2019, supermarket sales show a growth of 12 percent. Besides, growing consumer awareness, along with a busy and hectic working lifestyle, is expected to increase the demand for soup in the region. Furthermore, changing perception regarding soup as a healthy food coupled with the growing number of product launches with new flavours is expected to propel the market's growth in the South American region.
- November 2021: With their delicious, high-protein Instant Soup, Herbalife Nutrition enters the soup market in the United States and Puerto Rico with the launch of a new product line.
- October 2021: Full Futures, a program to promote a school nutrition environment that ensures nourishment for school children, was launched by Campbell Soup Company. A variety of nonprofit organizations and business partners will join Campbell in this $5 million investment over the following five years.
- July 2021: One of the fastest-growing bone broth companies, Kettle & Fire, which offers a range of shelf-stable broths, announced the release of its first bone broth created using bones from regenerative farms. By collaborating closely with suppliers and groups dedicated to reversing climate change by improving agricultural and ranching techniques, the firm hopes to achieve its aim of developing a better and more sustainable food system with the launch of the new line.
Global Soup Market Scope:
|Market Size Value in 2020||US$19.135 billion|
|Market Size Value in 2027||US$25.538 billion|
|Growth Rate||CAGR of 4.21% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, Product, Distribution Channel, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Campbell Soup Company, Associated British Foods PLC, Westbrae Natural, Inc, TSC Foods, Conagra Brands Inc., B&G Foods, Inc, Nestlé India Ltd., Baxters Food Group, Premier Foods Group Limited|
|Customization Scope||Free report customization with purchase|
- By Type
- Clear Soups
- Thick Soups
- By Product
- By Distribution Channel
- Convenience stores
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Soup Market Analysis, By Type
5.2. Clear Soups
5.3. Thick Soups
6. Soup Market Analysis, By Product
7. Soup Market Analysis, By Distribution Channel
7.3.2. Convenience stores
8. Soup Market Analysis, By Geography
8.2. North America
8.2.1. United States
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.3. South Africa
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Campbell Soup Company
10.2. Associated British Foods PLC
10.3. Westbrae Natural, Inc
10.4. TSC Foods
10.5. Conagra Brands Inc.
10.6. B&G Foods, Inc
10.7. Nestlé India Ltd.
10.8. Baxters Food Group
10.9. Premier Foods Group Limited
Campbell Soup Company
Associated British Foods PLC
Westbrae Natural, Inc
B&G Foods, Inc
Nestlé India Ltd.
Baxters Food Group
Premier Foods Group Limited
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