Soup Market Forecasts to 2030 – Global Analysis By Product Type (Instant Soup, Canned/ Preserved Soup, Dehydrated Soup, Chilled Soup, UTH Soup (Ultra-high Temperature Processing), Liquid Soup, Dried Soup, Frozen Soup, Broth and Stock Soup, Bouillon Soup a

Soup Market Forecasts to 2030 – Global Analysis By Product Type (Instant Soup, Canned/ Preserved Soup, Dehydrated Soup, Chilled Soup, UTH Soup (Ultra-high Temperature Processing), Liquid Soup, Dried Soup, Frozen Soup, Broth and Stock Soup, Bouillon Soup and Other Product Types), Category (Vegetarian Soup, Non-Vegetarian Soup and Other Categories), Packaging Type (Canned, Pouched, Bottled and Other Packaging Types), Distribution Channel and By Geography

According to Stratistics MRC, the Global Soup Market is accounted for $20.55 billion in 2023 and is expected to reach $28.91 billion by 2030 growing at a CAGR of 5.0% during the forecast period. A quick, hot meal that is typically served as a liquid food is soup. It is regarded as a tasty appetizer and the dinner's first course. A variety of ingredients, such as vegetables and meat, as well as water, juice, and other liquids, can be used to make soup. Moreover, due to the presence of various health-promoting ingredients like meat, lentils, or beans, as well as vegetables, which make it a potent source of vitamins, minerals, and nutrients, it has a number of health benefits.

According to the Vegan Society Organisation, by 2040, 25% of the global population will consume vegan meat replacements, 35% will consume clean-label meat, and 40% will consume regular meat.

Market Dynamics

Driver

Wellness and health trends

The soup market is still being shaped by the health and wellness movement as consumers increasingly view soup as a wholesome meal option. Superfood soups like kale, quinoa, and turmeric are becoming more popular, and clean-label soups that don't contain artificial additives or preservatives are also in demand. Additionally, soups promoted as being high in fiber, vitamins, and antioxidants appeal to consumers who are health-conscious and want to strengthen their immune systems and general wellbeing.

Restraint

Alternative products competition

Fast food restaurants, frozen meals, fresh meal kits, and food delivery services are just a few of the convenient food options that fiercely compete for market share in the soup category. Manufacturers of soup frequently face a lot of difficulty competing with these alternatives convenience, flavor, and variety. Additionally, consumer’s choices may be hampered by the notion that soups are less indulgent or satisfying than other options.

Opportunity

Emphasis on health and wellness

Manufacturers of soup have a great opportunity to create and market healthier soup options because consumers are placing greater importance on health and wellness. This comprises low-sodium varieties, soups stuffed with vegetables, lean proteins, and whole grains, as well as dishes suitable for particular diets like the keto, paleo, and vegan ones. Furthermore, by highlighting the nutritional value of their products and openly communicating the health benefits, brands can benefit from these trends.

Threat

Changes in diet and health trends

Traditional soup offerings are under threat from shifting consumer preferences for healthier and more varied diets. Moreover, soup companies must change their product lineups to accommodate consumers' evolving tastes as more people adopt plant-based, gluten-free, keto, or other specialty diets. Failure to do so could result in a loss of market share as customers look for products that complement their dietary preferences and wellness objectives.

Covid-19 Impact

The soup market was significantly impacted by the COVID-19 pandemic. Consumer behaviour drastically changed as lockdowns and social isolation policies were implemented globally. As consumers stocked up on necessities, there was an increase in demand for long-lasting and shelf-stable food products, such as canned and packaged soups. The pandemic, however, also interfered with supply chains, causing sporadic shortages of specific soup varieties and packaging supplies. Moreover, sales of retail-packaged soups were also boosted by the closure of restaurants and fewer dining options, but sales of soup in the foodservice market were negatively impacted by the drop in demand.

The Canned/ Preserved Soup segment is expected to be the largest during the forecast period

The largest market share for soup is held by canned and preserved soup. For consumers looking for quick and hassle-free meal options, canned and preserved soups are a popular choice due to their convenience and long shelf life. These soups are available in a variety of flavors and varieties to suit a variety of palates and dietary preferences. Additionally, the canned/preserved soup market features traditional flavors like tomato, vegetable, and chicken noodle soup, making it a household favorite. They are a popular choice for stockpiling during emergencies due to their prolonged shelf life, which adds to their market dominance.

The Pouched segment is expected to have the highest CAGR during the forecast period

The industry with the highest CAGR in recent years is expected to be the pouched segment. Due to their ease of use, often offered in single-serve, microwaveable pouches that require little preparation, pouched soups have become more and more popular. Busy consumers looking for quick and simple meal options will find these soups appealing. As consumers' awareness of the environment grows, pouch packaging also tends to be more environmentally friendly than cans and bottles. As consumer tastes and dietary preferences change, the pouched soup market has also seen innovation in flavour, including options that are exotic and health-focused.

Region with largest share

The largest share of the global soup market is held by the North American region, which consists of the United States and Canada. This popularity is attributed to a number of elements, including a longstanding soup culture, busy lifestyles that increase demand for quick and easy meals, and a wide variety of soup flavors and varieties that satisfy the tastes of a multicultural population. Additionally, soup consumption tends to rise in the colder months, which is consistent with North American weather patterns. The region also experiences a high level of innovation when it comes to new flavors and packaging designs, which helps in dominating the soup market.

Region with highest CAGR

In the soup market, the Middle East and North Africa region is growing at the highest CAGR. Numerous factors, such as an escalating urban population, shifting dietary preferences, and rising consumer awareness of the practicality and health advantages of soup consumption, all contribute to this growth. Traditional soups like lentil and chickpea-based soups have long been a mainstay in the ME&A region, and demand for them is only increasing. Additionally, packaged soups are becoming more popular as consumers look for more convenient meal solutions. The harsh climate of the area also promotes year-round consumption of hot soups, which aids in the market's expansion.

Key players in the market

Some of the key players in Soup Market include Campbell Soup Company , WA Baxter & Sons (Holdings) Limited, B&G Foods Inc. , TSC Foods, The Hain Celestial Group Inc., Ottogi Co. Ltd, Associated British Foods plc, General Mills Inc., Blount Fine Foods , The Kraft Heinz Company, Premier Foods Group Limited, Baxters Food Group Limited, Tideford Organic Foods Limited, Conagra Brands Inc., Bear Creek Country Kitchens LLC , The Campbell Soup Company, Unilever PLC, Nestlé S.A. , Upton's Naturals Co. and Hindustan Unilever Limited.

Key Developments

In August 2023, Campbell Soup Company (NYSE CPB) and Sovos Brands, Inc. today announced that the companies have entered into an agreement for Campbell to acquire Sovos Brands, Inc. for $23 per share in cash, representing a total enterprise value of approximately $2.7 billion.

In June 2023, Nestlé Vietnam on Tuesday signed an agreement with the Vietnamese Ministry of Agriculture and Rural Development (MARD) to support the country’s transition to regenerative and low-emission agriculture. The new, three-year partnership will help the country move to sustainable agriculture and achieve its 2050 net zero target. The partnership’s initiatives and activities will be implemented through the Partnership for Sustainable Agriculture in Vietnam (PSAV), currently chaired by MARD and co-chaired by Nestlé Vietnam.

In May 2023, B&G Foods filed a prospectus supplement with the Securities and Exchange Commission (SEC) under which we may offer and sell up to 10,000,000 shares of our common stock from time to time through an at-the-market (ATM) equity offering program. The timing and amount of any sales will be determined by a variety of factors considered by B&G Foods.

Product Types Covered
• Instant Soup
• Canned/ Preserved Soup
• Dehydrated Soup
• Chilled Soup
• UTH Soup (Ultra-high Temperature Processing)
• Liquid Soup
• Dried Soup
• Frozen Soup
• Broth and Stock Soup
• Bouillon Soup
• Other Product Types

Categories Covered
• Vegetarian Soup
• Non-Vegetarian Soup
• Other Categories

Packaging Types Covered
• Canned
• Pouched
• Bottled
• Other Packaging Types

Distribution Channels Covered
• Hypermarket/Supermarket
• Convenience Stores
• Online Retail
• Other Distribution Channels

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements