Soups

Soups

Global Soups Market to Reach US$24.6 Billion by 2030

The global market for Soups estimated at US$19.4 Billion in the year 2023, is expected to reach US$24.6 Billion by 2030, growing at a CAGR of 3.5% over the analysis period 2023-2030. Canned / Preserved Soup, one of the segments analyzed in the report, is expected to record a 4.0% CAGR and reach US$12.0 Billion by the end of the analysis period. Growth in the Instant Soup segment is estimated at 3.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$5.2 Billion While China is Forecast to Grow at 5.5% CAGR

The Soups market in the U.S. is estimated at US$5.2 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.1 Billion by the year 2030 trailing a CAGR of 5.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.1% and 2.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR.

Global Soups Market - Key Trends and Drivers Summarized

What Is Driving the Demand for Soups in the Food Industry?

The soup market is a dynamic and growing segment of the global food industry, encompassing a wide range of product types including canned, dried, and refrigerated soups. Soups are a popular and convenient meal option, appealing to consumers looking for quick, nutritious, and ready-to-eat meals. The market offers a variety of flavors and ingredients, catering to diverse tastes and dietary preferences. With increasing demand for healthier food options, manufacturers are focusing on developing low-sodium, organic, and gluten-free soups to meet consumer health concerns. Additionally, premium and gourmet soups are gaining popularity, reflecting the growing interest in high-quality, restaurant-style food at home.

What Innovations Are Shaping the Soups Market?

Innovations in the soup market are focused on health, convenience, and sustainability. Manufacturers are reformulating their products to reduce sodium and preservatives while incorporating more natural and organic ingredients. Plant-based and vegan soups are also gaining traction, in line with the growing trend towards plant-based diets. Convenience is another key area of innovation, with the introduction of microwaveable soup pouches and single-serve packaging designed to cater to busy consumers. Sustainability is becoming increasingly important, with brands exploring eco-friendly packaging options and reducing the environmental impact of their production processes.

How Do Market Segments Define the Growth of Soups?

Product types include canned, dried, and fresh soups, with canned soups holding the largest market share due to their long shelf life and convenience. Distribution channels range from supermarkets and hypermarkets to online retailers, with online sales gaining momentum as e-commerce becomes more prevalent in the food industry. End-users include households, restaurants, and institutional buyers, with households being the largest consumer segment. Geographically, North America and Europe dominate the soup market, although Asia-Pacific is expected to see rapid growth due to changing consumer lifestyles and the rising demand for convenience foods.

What Factors Are Driving the Growth in the Soups Market?

The growth in the soups market is driven by several factors, including the increasing demand for convenient, healthy meals, the growing popularity of plant-based diets, and innovations in packaging. Consumers are increasingly seeking convenient meal options that do not compromise on nutrition, driving demand for ready-to-eat and easy-to-prepare soups. The rising interest in plant-based diets is fueling the growth of vegan and vegetarian soup varieties, while health-conscious consumers are gravitating towards low-sodium and organic options. Innovations in packaging, such as single-serve pouches and eco-friendly materials, are also contributing to market growth by enhancing convenience and sustainability.

Select Competitors (Total 71 Featured) -

• Amy's Kitchen, Inc.
• Baxters Food Group
• Blount Fine Foods Corp.
• Campbell Soup Company
• General Mills, Inc.
• Kettle Cuisine, Inc.
• Mug Shot
• New Covent Garden Soup Company Limited
• Premier Foods Group Limited (Batchelors)
• The J.M. Smucker Company - Crosse & Blackwell
• The Kraft Heinz Company
• Unilever PLC
• Weight Watchers International, Inc.
• Yorkshire Provender Ltd.

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