Soups Market is a Bench Mark of 5.4% CAGR is Recorded for Growth Rate Upcoming Years

August, 2023 - Market Research Future has Published a Research Report on the Global Soups Market.

Market Insights

The global soups market is composed to garner USD 19,655.9 Million by the year 2027, asserts Market Research Future (MRFR) in its latest report. Also, the reports include that the market will create a benchmark with its growth rate at a 5.4% CAGR from 2020 to 2027.

Soup is one savory that is served hot or cold with different vegetables, meat, and seasonings and condiments are added to add flavor and texture. The soup market encompasses different product categories such as wet soup, dry soup, broth and stock, bouillon, and many others. Whereas, the major distribution channels for soups are supermarkets and hypermarket, followed by convenience stores.

Global Soups Market: Drivers & Trends

The analysts have observed in their research study that the global soups market is mainly driven by several factors, including rising demand for convenience foods, an increasing number of women in the workforce, with consumption of soups. As per the research, the manufacturers are aware of the evolving consumer preferences and therefore varying their products accordingly catering to different tastes.

With that, the global soups market is also experiencing a healthy growth rate with the rate of new product launch coupling with the introduction of innovative flavors by key market players. Soups are also convenient in the making due to which the working population, especially, is shifting their preference towards processed food items. Such factors are noticeable to trigger the global soups market in rapid ways in the years to come. Soups are also attracting a vast population owing to its health-related benefits. Mainly health-conscious consumers are getting benefitted with soups, which in turn, the market of soups is proliferating year by year.

On top of that, the increasing consumption of soup as a meal replacement is also benefitting the global soups market, which is estimated to flourish during the forecast period. Also, the key market players with their launch of innovative packaging and flavors, especially for the children, is also fostering the global soups market growth in substantial ways.

On the flip side, some factors such as rising preferences towards freshly prepared food items and the presence of preservatives are somehow damping the global soups market growth during the forecast period. Even the canned soups with a high salt content are also making inconvenient for the consumers to consume, which is likely to slow down the soups market growth in the coming years.

Market Segmentation

According to the reports, it is mentioned that the global soups market is segmented based on type and distribution channel.

By the mode of type, the global soups market is categorized into dry, wet, and others. Further, segmentation has been done into bouillon, and broth & stock. Among these, the dry soups are convenient to use and can be packed easily, and thus gaining complete acceptance among the working population. Whereas, the dry segment is also considered to exhibit 3.13% CAGR over the forecast period and would garner 12,714.1 million in revenue by 2027.

By the mode of distribution channel, the soups market has been segmented into supermarkets & hypermarkets, convenience stores, and others. The others are organic stores and grocery stores. Among these, the hypermarkets and supermarkets are comparatively gaining high preference owing to the convenience of shopping which happens in a single place. Moreover, the available discounts and offers keep attracting the buyers, especially on soups such as free on purchase of double soups and more. This segment is, therefore, estimated to demonstrate 2.85% CAGR and garner USD 12,429.9 million in the years to come. On the other hand, several online stores have also emerged as a prevalent medium for consumers as they save time and help in eliminating the queues of billing counters, which thereby fueling the growth of the segment proficiently.

Key Players

The remarkable players operating the global soups market are Bear Creek Country Kitchens LLC (U.S.), General Mills Inc. (U.S.), Nestlé (Switzerland), Unilever PLC (U.K.), Associated British Foods PLC (U.K.), Premier Foods (U.K.), Conagra Brands Inc. (U.S.), Symington's Ltd (U.K.), TSC Foods (U.K.), Hain Celestial (U.S.), Maruchan Inc. (U.S.), Campbell Soup Company (U.S.), Baxters Food Group Limited (U.K.), The Kraft Heinz Company (U.S.), Kettle Cuisine LLC (US), The Kroger Co. (U.S.), The Original Soupman (U.S.),and AMY's Kitchen Inc. (U.S.).

Regional Outlook

The global soups market has been extensively studied in the main regions such as Asia Pacific, North America, Europe, and Rest-of-the-World (RoW) regions.

Among them, North America is accounted to occupy 37.4% of the market in 2019 and expects to expand at a moderate rate during the forecast period. This growth is attributed to the continuous improvement in the existing products as manufacturers have already adopted several technologies to achieve the desired properties of soups in the making.

Then comes the Europe region where it is accounted to exhibit 2.60% CAGR during the assessment period owing to the accelerating demand for convenient meals. It accounted for approximately 40% share in the soups market in 2019. Moreover, with the new product launches, rising per capita disposable income levels increased marketing campaigns by manufacturers, and the introduction of new flavors are also highly accelerating the market growth.

Whereas, in the Asia Pacific region, it is regarded as a lucrative region owing to the increasing demand for healthy convenience food coupled with rapid urbanization in this region.

Industry Updates

• January 04, 2019: Nestle again lands in a soup production over Maggi noodles.