The global soup market reports further observe that the market was worth $16.12 billion in 2019. Soup is a type of liquid food that is typically served warm or hot that includes combination of several vegetables or meat along with added water. It is believed that this liquid food is one of the oldest cooking food products. The oldest soup dates back to over 20,000 BC and since then has evolved in terms of ingredients and taste. The global soup market size is expected to foresee significant growth by exhibiting a CAGR of 2.79% between 2020 and 2027. Factors such as increasing demand for convenience food products and rapid urbanization is anticipated to propel the market to reach $21.0 billion by 2027
Furthermore, it is savored during the frosty winter days as it provides warmth along with health benefits. A warm vegetable broth brings in refreshing experience at any given time of the day. Moreover, it can be prepared quickly, does not require long preparation hours, and thereby satisfies the hunger pangs instantly.10 Companies Operating in the Global Soup 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
Browse In-depth Summary of This Research Insight:
Instant Soup that Held 36.78% Market Share to Exhibit Exponential Growth
The segment Instant Soup (By Type) is likely to witness massive market in the forthcoming years. Additionally, it held a market share of about 36.78% in 2019 and is expected to grow gradually owing to increasing preference for ready-to-eat snack among consumers.
On the other hand, canned soup is anticipated to hold the second-most leading share for the market backed by large-scale penetration of the product in developed regions. For instance, countries such as the U.S. and GermBrowse In-depth Summary of This Research Insight:any usually prefer canned soups to chilled and dehydrated soups.
Drivers and Restraints:
Increasing Consumption of Convenience Foods to Aid Growth
Increasing density of population and high disposable income is driving the demand for convenience food products across the globe. The people owing to hectic work life prefer several food products that are ready-to-eat and can be consumed instantly. Additionally, increasing number of women working population is anticipated to bolster the growth of the market in the forthcoming years.
Furthermore, the manufacturers are innovating their products to cater to the increasing demand of the consumers. Moreover, growing demand for packaged food products among developed and developing economies will bode well for the growth of the market. For instance, according to the Canada Agri-food report, China registered a total sales value of USD 272, 741 Million in 2019 and is further anticipated to grow at a rate of 7%.