Global Canned Soup Market Overview
Canned Soup Market Size was estimated at 15.58 (USD Billion) in 2022.The Canned Soup Industry is expected to grow from 16.06 (USD Billion) in 2023 to 21.2 (USD Billion) by 2032. The Canned Soup Market CAGR (growth rate) is expected to be around 3.13% during the forecast period (2024 - 2032).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Canned Soup Market Trends Highlighted
The canned soup market has experienced notable growth, driven by several key factors. These include increasing disposable income, rising demand for convenience food, and changing lifestyles. The growing popularity of home cooking and restaurant closures during the COVID-19 pandemic further fueled market expansion.Opportunities in the canned soup market stem from the rising popularity of ethnic cuisines and the growing demand for healthier and organic options. Plant-based and gluten-free soups are gaining traction, catering to specific dietary preferences. Additionally, the use of innovative packaging and flavors presents opportunities for differentiation and market penetration.Recent trends in the canned soup market include the shift towards sustainable packaging solutions, the emergence of premium and gourmet offerings, and the rise of online grocery shopping. Consumers are becoming increasingly conscious of environmental concerns, leading to a growing demand for recyclable and biodegradable packaging. Premium and gourmet soups offer a culinary experience that appeals to discerning consumers. The convenience of online grocery shopping has also influenced market dynamics, enabling consumers to access a wider range of canned soup options from the comfort of their homes.
Canned Soup Market Drivers
Rising Health Consciousness and Demand for Convenience
Canned soups are popular because eating habits are changing, and people are becoming more and more obsessed with healthy food. Consequently, people choose canned soups because they are a comprehensive meal with a balanced composition of vegetables, proteins, and carbohydrates that are beneficial for one’s health. Also, soups packaged for preserving are now in higher demand with modern people who are always short of time and opt for ready-made meals.
Expansion of Retail and E-commerce Channels
At present, the Canned Soup Market Industry is expanding in retail and e-commerce channels. The market availability of canned soup is increased through the presence of a large number of supermarkets, hypermarkets, and convenience stores. The visibility of canned soup among the customer base has also significantly increased in these retail outlets. Simultaneously, the emergence of e-commerce platforms has also enabled customers to purchase canned soup online.This not only provides an enhanced customer range but also leads to the delivery of canned soups to the doorsteps of the consumers.
Product Innovation and Flavor Diversification
As time and scenario are changing, the taste choice, and the renunciation of the consumers are also varying. Canned soup manufacturers are inventing new tastes, textures, and materials as a revolutionary factor to encourage the market to grow and to trap new customer phenotypes. These canned soups are originated and enhanced with ethnic flavors, organic materials, and plant-based definitions, which attract customers with a specific lifestyle and committed diet.Additional taste modes and materials of the products are the essential growth factor of the Canned Soup Market Industry.
Canned Soup Market Segment Insights
Canned Soup Market Soup Type Insights
Canned Soup Market is segmented by soup type into clear soup, cream soup, and condensed soup. Clear soup is a type of broth-based soup that is made from water, vegetables, meat, or poultry. The cream soup is a thick soup made from milk or cream. This type of soup usually contains vegetables, meat, or poultry. A condensed soup can be defined as a concentrated soup, as it is made from a higher proportion of ingredients, including meats or vegetables. When consumed, this type of soup is boiled with water or milk. Clear Soup is the largest segment of the Canned Soup Market and accounts for 40% of total market revenue.The increased number of health-conscious consumers is driving the growth of clear soup. Cream soup is the second largest segment of the Canned Soup Market and accounts for approximately 30% of the total market revenue. The increased number of consumers seeking indulgent and luxurious food drives the growth of cream soup. The condensed soup is the third largest segment of the Canned Soup Market and accounts for 25% of the total market revenue. The growth of this segment is driven by the increased number of consumers seeking affordable food options.With the increased number of consumers leading busy lives and the need to save time, the ready-to-eat soup category is expected to grow faster. Overall, Canned Soup Market is expected to grow at a CAGR of 3% in the next five years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Canned Soup Market Taste Profile Insights
Introduction The Taste Profile segment is one of the factors that have a significant effect on the Canned Soup Market revenue. The savory taste profile holds more than 55% market share due to the fact that a traditional and classical taste of the soup is still widespread, such as tomato, chicken noodle, and beef. In addition, savory soups are one of the most versatile types of soups available for consumers among others. The sweet and spicy taste profiles, in turn, have less than 20% combined market share primarily because the Sweet taste profile does not cater to many consumers, and the Spicy ones are rising in popularity due to the fact that there has been a significant increase in the demand for hot ethnic soups.The Sweet Taste Profile The Sweet Taste Profile has less than 10% of the total market share.
This segment is not popular with species of consumers because the offer is limited and does not have a wide variety of tastes. The sweet soups provide tastes such as apples or strawberries. However, these are limited to a very specific type of consumers, such as children or grownups who prefer dessert to the main meal. Therefore, there are specific companies, such as The Hain Celestial Group with Imagine brand or Wolfgang Puck and his Organic soups, who produce this type of soup.However, the dependent growth rate is 4.6% annually, which is considered to be above average for this segment of the market. One of the factors contributing to it is the fact that companies continue to develop new tastes in soups, which are also quite popular since, in the latter half of the 20th century, the taste of the soup was bland. However, in the near future, the growth rate is most likely to decline slowly to 4.3% or so.
Canned Soup Market Packaging Size Insights
The Canned Soup Market is segmented by Packaging Size into Small (8-16oz), Medium (18-24oz), and Large (25oz or more). Among these, the Small segment is expected to hold the largest market share in 2023, accounting for over 40% of the global revenue. This is primarily due to the convenience and affordability of small-sized cans, which are ideal for single servings or small families. The Medium segment is projected to grow at a steady pace, driven by increasing demand from restaurants and foodservice establishments. The Large segment is expected to witness moderate growth as consumers increasingly opt for smaller package sizes for convenience and portion control.
Canned Soup Market Distribution Channel Insights
The distribution channel segment plays a pivotal role in the Canned Soup Market, as it determines the accessibility and availability of canned soup products to consumers. 'Supermarkets and Hypermarkets' emerged as the leading distribution channel, capturing a significant share of the market revenue in 2023. These retail giants offer a wide assortment of canned soup brands and flavors, providing consumers with convenient shopping experiences and access to various promotional offers. 'Convenience Stores' represents another notable distribution channel, offering quick and easy access to canned soup products for consumers on the go.Their strategic locations near residential areas and transportation hubs contribute to their growing popularity. 'Online Retail' is gaining traction as a distribution channel, driven by the increasing penetration of e-commerce and the convenience of doorstep delivery. This channel offers a vast selection of canned soup products, often at competitive prices, and allows consumers to compare and choose from a wider range of options.
Canned Soup Market Formats Insights
The Formats segment of the Canned Soup Market is classified into Ready to Serve, Condensed, and Dry. Among these, the Ready to Serve segment held the largest market share in 2023, accounting for nearly half of the Canned Soup Market revenue. This is attributed to the convenience and ease of use associated with Ready to Serve soups, making them a popular choice for busy consumers. The Condensed segment is expected to witness significant growth in the coming years, owing to its affordability and longer shelf life. Dry soups, on the other hand, are expected to gain traction due to their portability and ease of storage.The Canned Soup Market segmentation data provides valuable insights into the market dynamics and helps stakeholders identify potential growth opportunities.
Canned Soup Market Regional Insights
The Canned Soup Market segmentation by region reveals a dynamic landscape with varying market sizes and growth prospects. North America is expected to retain its dominant position, accounting for a significant share of the global revenue in 2023. The region's large consumer base, growing health consciousness, and established food processing industry contribute to its market leadership. Europe follows closely, with a considerable market share and steady growth fueled by increasing demand for convenient and nutritious meal options. The Asia-Pacific region is emerging as a promising market, driven by rising disposable incomes, urbanization, and changing dietary patterns.South America and the Middle East and Africa (MEA) regions are also expected to witness notable growth in the coming years, supported by population expansion and increasing demand for packaged food products.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Canned Soup Market Key Players And Competitive Insight
The Canned Soup Market industry is highly competitive, with a plethora of players competing. The leading players are strategically placed with a wide range of products and exceptional market presence. They are always at the top as they have highly innovative quality products through research and development. These players have exceptional distributional networks, and their market presence is remarkable as they are frequently recognized by consumers. There are a number of smaller regional and local producers who concentrate on different market segments or niches.Campbell Soup Company is among the major players in the Canned Soup Market. It is a globally known brand with a variety of products. The company has highly innovative aspects when it comes to products, as it has a well-laid distributional network. Unilever is another major player, which has a number of canned soup brands under its name Knorr. Knorr has different soup products widely spread at the global level. It also has a good reputation when it comes to environmental sustainability. Nestlé, a firm based in Switzerland, is another major player in the Canned Soup Market.
The company has a well-developed product line with different brands. These include the Maggi and Buitoni instant noodles and dehydrated soups. It is also highly successful as it has vast resources it employs in its marketing product development. Conagra Brands, Inc., is a North American packaged food company that has a great presence with canned soup products having distinctive brands like Chef Boyardee and Healthy Choice. B Foods, Inc., is another major player with a wide range of canned soups with brands like B, Underwood and Cream of Wheat.
Key Companies in the Canned Soup Market Include
- Mars, Incorporated
- Unilever
- B Foods
- Dean Foods
- Amy's Kitchen
- Hormel Foods
- Conagra Brands
- McCormick Company
- Pacific Foods
- Progresso
- General Mills
- The Kraft Heinz Company
- Campbell Soup Company
- Nestlé
- Del Monte Foods
Canned Soup Market Industry Developments
The Canned Soup Market is projected to reach USD 21.2 billion by 2032, exhibiting a CAGR of 3.13% during the forecast period (2024-2032). The market growth is attributed to the rising demand for convenience foods, expanding retail distribution channels, and increasing disposable income in developing economies. Recent news developments in the market include the launch of plant-based canned soups by major brands, such as Campbell's and Amy's Kitchen, catering to the growing vegan and flexitarian consumer base. Additionally, the introduction of innovative flavors and packaging formats is expected to further drive market growth.
Canned Soup Market Segmentation Insights
- Canned Soup Market Soup Type Outlook
- Clear Soup
- Cream Soup
- Condensed Soup
- Canned Soup Market Taste Profile Outlook
- Canned Soup Market Packaging Size Outlook
- Small (8-16oz)
- Medium (18-24oz)
- Large (25oz or more)
- Canned Soup Market Distribution Channel Outlook
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Retail
- Canned Soup Market Formats Outlook
- Ready to Serve
- Condensed
- Dry
- Canned Soup Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
15.58 (USD Billion) |
| Market Size 2023 |
16.06 (USD Billion) |
| Market Size 2032 |
21.2 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.13% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Mars, Incorporated, Unilever, B Foods, Dean Foods, Amy's Kitchen, Hormel Foods, Conagra Brands, McCormick Company, Pacific Foods, Progresso, General Mills, The Kraft Heinz Company, Campbell Soup Company, Nestlé, Del Monte Foods |
| Segments Covered |
Soup Type, Taste Profile, Packaging Size, Distribution Channel, Formats, Regional |
| Key Market Opportunities |
1 Increasing demand for convenient and affordable meal options2 Growing popularity of plant-based and organic canned soups3 Expansion of retail channels and ecommerce platforms4 Rising income levels and changing consumer preferences5 Health-conscious consumers opting for low-sodium and low-fat options |
| Key Market Dynamics |
Growing Health Consciousness Rising Demand for Convenience Food Expanding Retail Landscape Innovations in Product Development Increasing Online Sales Channels |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Canned Soup Market is expected to reach a valuation of 16.06 Billion USD in 2023.
The Canned Soup Market is projected to grow at a CAGR of 3.13% from 2024 to 2032.
North America is expected to hold the largest market share in the Canned Soup Market in 2023.
Canned Soup is primarily used for quick and convenient meals, as a base for other dishes, and as an ingredient in various recipes.
Some of the key competitors in the Canned Soup Market include Campbell Soup Company, Kraft Heinz Company, and Unilever.
The major factors driving the growth of the Canned Soup Market include increasing urbanization, rising disposable income, and changing consumer lifestyles.
Some of the challenges faced by the Canned Soup Market include intense competition, fluctuating raw material prices, and changing consumer preferences.
The Canned Soup Market is expected to reach a valuation of 21.2 Billion USD by 2032.
The COVID-19 pandemic had a positive impact on the Canned Soup Market due to increased demand for convenient and shelf-stable food options.
Emerging trends in the Canned Soup Market include the growing popularity of organic and clean-label products, as well as the increasing demand for plant-based and gluten-free options.
