Opportunities in the Global Soups Sector 2024

Opportunities in the Global Soups Sector 2024

Summary

Provides an overview of current soups scenario regarding the future outlook in terms of ingredients, product claims, labeling, distribution, and packaging. The analysis also covers regional overview across five regions - Asia-Pacific, Middle East and Africa, Americas, Western Europe, and Eastern Europe - highlighting industry size, growth drivers, latest developments, and future inhibitors for the regions.

The global soups sector was valued at $21.7 billion in 2023 and will reach $27.5 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The sector's volume will reach 3.7 billion kg in 2028 and will generate a CAGR of 1.7% during 2023-28. In 2023, ambient soup was the largest category by value, accounting for a share of 42%, followed by dried soup (mixes) with 37.8%. The US was the leading country in value terms globally, amassing a share of 40.4%. The Americas and Western Europe were the leading markets for soups, with value shares of 49.2% and 25.6%, respectively, in 2023.

With growing concerns around artificial colors and preservatives in soups among consumers, there has been an increase in demand for natural and safe ingredients. Consumers are looking for plant derived ingredients as they perceive to be safe to consume. As a result, manufacturers are formulating soups using naturally sourced and safe ingredients. The soups sector is highly regulated in terms of labeling, while manufacturers are expected to produce clean-label items with good-quality ingredient formulations. Consumers are increasingly opting for products that provide clear information. Therefore, brands are focusing on strengthening their communication on pack labels, to increase safety in product usage.

Scope

This report brings together multiple data sources to provide a comprehensive overview of the global soups sector, analyzing data from 108 countries. It includes analysis of the following -

 
• Sector overview: Provides an overview of the current sector scenarios in terms of ingredients, manufacturer claims, labeling, and packaging. The analysis also provides a regional overview across five regions-Asia-Pacific, the Middle East and Africa, the Americas, Western Europe, and Eastern Europe-highlighting sector size, growth drivers, the latest developments, and future challenges for each region.
• Change in consumption: Provides an overview of changes in the consumption of soups over 2018-28, at global and regional levels.
• High-potential countries: Provides risk-reward analysis of the top two high-potential countries in each region based on market assessment, economic development, governance indicators, sociodemographic factors, and technological infrastructure.
• Country and regional analysis: Provides a deep-dive analysis of 10 high-potential countries, covering value growth during 2018-28, consumer demographics, city analysis, and key trends.
• Competitive landscape: Provides an overview of the leading brands at global and regional levels. The section also analyzes the market share and sales of private labels in each region.
• Key distribution channels: Provides an analysis of the leading distribution channels in the global soups sector in 2023. It covers hypermarkets & supermarkets, convenience stores, food & drinks specialists, cash & carries and warehouse clubs, and others, which comprises e-retailers, “dollar stores”, variety stores & general merchandise retailers, department stores, drugstores & pharmacies, and other distribution channels.
• Packaging analysis*: The report provides the percentage share (in 2023) and growth rate (during 2018-28) for various pack materials, pack types, closures, and primary outer types based on volume sales in the soups sector.

Reasons to Buy

• Manufacturers and retailers seek latest information on how the market is evolving to formulate their sales and marketing strategies. There is also demand for authentic market data with a high level of detail. This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities of growth within the sector in the region
• The report provides a detailed analysis of the countries in the region, covering the key challenges, competitive landscape and demographic analysis, that can help companies gain insight into the country specific nuances
• The analysts have also placed a significant emphasis on the key trends that drive consumer choice and the future opportunities that can be explored in the region, than can help companies in revenue expansion
• To gain competitive intelligence about leading brands in the sector in the region with information about their market share and growth rates