Soup Market Size, Share, Growth Insights Through 2027
In 2019, the global soup market was valued at USD 16.12 billion and is forecasted to reach USD 21.0 billion by 2027, registering a compound annual growth rate (CAGR) of 2.79% from 2020 to 2027. The U.S. soup market is also on an upward trajectory, projected to hit USD 5.89 million by 2032. This growth is largely attributed to rising consumer demand for convenient meal solutions and continuous product innovation by major brands. Europe led the market in 2019, contributing a substantial 37.66% share.
The increasing consumption of processed foods across both developed and emerging economies is a major catalyst for market growth. Key factors fueling this trend include a growing number of working individuals, increased female workforce participation, accelerated urbanization, Western lifestyle adoption, and rising disposable incomes, all of which are driving the demand for ready-to-eat (RTE) and ready-to-drink (RTD) food products.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
Scope of the Report This detailed analysis covers the primary factors expected to influence the soup market through the forecast period. It includes an in-depth look at market drivers, barriers, and opportunities, along with regional insights and strategic developments by key players such as product launches, collaborations, and mergers & acquisitions between 2019 and 2026.
Key Market Trends Surge in Demand for Convenient Meals Global economic growth and rising disposable income are fueling the demand for convenient food products. With increasingly hectic lifestyles, consumers are turning to instant meal options. This trend is further strengthened by higher female labor participation and a growing inclination toward packaged food. For instance, the Canada Agri-Food Report noted that food sales in China reached USD 272.74 billion in 2019, with an anticipated annual growth rate of 7%.
Segmentation Insights Instant Soups Dominate the Market Instant soups held the largest market share in 2019, accounting for 36.78%, due to strong demand for ready-to-consume meals. Canned soups followed, particularly popular in established markets like the U.S. and Germany, where they continue to outperform chilled and dehydrated alternatives.
Regional Analysis Europe Continues to Lead Europe maintained its position as the leading regional market, backed by a strong preference for processed foods. The region's soup market was valued at USD 6.07 billion in 2019. North America is another key contributor, supported by consumers’ increasing interest in convenient meal solutions.
Competitive Landscape Strategic Initiatives Supporting Market Growth In response to changing consumer habits during the COVID-19 pandemic, Chef Ris Lacoste of Washington, D.C.'s Ritzy West End introduced a USD 15 takeaway meal package in May 2020. This offering included weekly salads, bread, and pint-sized soups with free home delivery. Such creative adaptations, along with continued investments in product innovation, partnerships, and acquisitions, are projected to drive market growth through 2027.
Leading Companies in the Market 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
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Recent Industry Developments January 2020: Clarity Food Ventures LLC launched the “Soup Explorers” refrigerated soup kit series, introducing globally inspired flavors such as Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber. These kits are designed for quick preparation and aim to expand the company’s international presence.