Europe Soup Market - Growth, Trends, and Forecasts (2023 - 2028)

Europe Soup Market - Growth, Trends, and Forecasts (2023 - 2028)

Europe's soup market is projected to register a CAGR of 3.1% over the forecast period.

• During the forecast period, increasing product varieties, increased demand for wellness products, and active promotions by the market players are some of the key drivers contributing to the growth of the soup market. The most common benefit of having soups is that they keep the body warm with nourishing benefits as they have many nutritional ingredients.
• The high market dominance of the key players is due to their high expenditure on promotional and other marketing activities. Companies also gain a competitive advantage with an increased focus on brand recognition strategies and improving product taste and quality.
• Instant soup is one of the fastest-growing segments of the Europe soup market in the forecasted period due to busier lifestyles and the ease of preparation that instant soups entail.
• The European instant soup market has great potential to grow because of increased product offerings and the onset of convenient packaging options such as canned soup, natural and tasty soup, quick soup, pouched soup, and others. ​

• For decades, many soups have been recommended for their health benefits. For instance, chicken soup for the flu or an easy pumpkin soup for diarrhea. This is because soups are often chock full of nutrient-dense vegetables and meats that are slow-cooked so that these ingredients retain their nutritious value, delivering a meal in a bowl that is easy to digest, appealing in texture, and yet packs great flavors. ​
• Additionally, researchers from Oxford Brookes University, United Kingdom, found that smooth soup induces greater fullness than a solid meal because of delayed gastric emptying. This can lead to feelings of gastric distension and rapid accessibility of nutrients, causing a greater glycemic response. ​According to UN Comtrade, in 2021, imports of soups and broths into the United Kingdom were valued at approximately USD 135.7 million.
• Also, other than a soup laden with heavy cream, most recipes include fibrous vegetables, beans, lentils, and meats that all ensure healthy digestion. Eating a fiber-rich diet aids in smooth digestion and also increases insulin sensitivity. They also help in maintaining gut health and helps in boosting immunity.​ Such functional benefits of soups, which include the necessary nutritious ingredients as well as other benefits, are the reasons for the increase in the sales of soups. Hence, soups with functional benefits are expected to drive the market studied in the near future.​

• The growth in the busy lifestyle of people has paved the way for an increase in light and ready-to-eat soups. Instant soup is one of the fastest-growing segments of the Europe soup market in the forecasted period about the ease of preparation that instant soups entail.​ Also, the availability of convenient packaging options for instant soups that can withstand higher temperatures is boosting this instant soups market segment.
• For instance, in May 2021, Waddington Europe, a division of Novolex, launched a new range of packaging types to its TamperVisible range of protective packaging products with a Hot Fill option. TamperVisible Hot Fill can withstand temperatures of up to 185 F° (85°C), making it a convenient packaging option for hot and instant soups and being microwavable. The growing trend of lightweight bio-degradable pouch packaging for soup is also aiding the market growth. ​
• Additionally, soups in frozen format are also gaining popularity in the region, owing to the convenience as they can be stored for longer and consumed instantly. Long shelf life is one of the demanded attributes of soup, as soups otherwise have a shorter shelf life.
• As per the Chilled Food Association, spending on chilled ready meals and main meal accompaniments in the United Kingdom increased to USD 2,199.39 million in 2021 from USD 1,804.9 million in 2020. Hence, due to convenience, instant soups are driving the European soups market and are expected to boost market growth during the forecast period.​

Europe's soup market is consolidated, with the strong presence of global and regional players, which account for more than 50% market share. Some of the major players are Unilever plc, W.A. Baxter & Sons Holdings Ltd., Campbell Soup Company, The Kraft Heinz Company, and The Hain Celestial Group, Inc. Emphasis is given to the companies' merger, expansion, acquisition, partnership, and new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers.

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