The global soup market was valued at USD 16.12 billion in 2019 and is expected to reach USD 21.0 billion by 2027, growing at a compound annual growth rate (CAGR) of 2.79% from 2020 to 2027. In 2019, Europe dominated the market, holding a 37.66% global revenue share.

The market's expansion is fueled by increasing demand for processed food products across both developed and emerging regions. Major drivers include the rising working population, more women in the workforce, busy lifestyles, urbanization, westernization, and higher disposable income spent on processed foods. These factors have shifted consumer preferences toward convenient food options like ready-to-eat (RTE), ready-to-drink (RTD), and other instant meals, further boosting the growth of the soup industry.

Information Source: https://www.fortunebusinessinsights.com/soup-market-102838 

What Does the Report Cover?

The report delivers a detailed market assessment, analyzing key growth drivers, restraints, opportunities, and challenges that will shape the industry throughout the forecast period. It evaluates regional trends and their influence on market expansion, incorporating insights from industry experts gathered through rigorous research methodologies. The competitive landscape section highlights strategic initiatives such as product launches, partnerships, mergers & acquisitions, and collaborations undertaken by key players to enhance their market presence between 2019 and 2026.

Drivers and Restraints

Increasing Preference for Convenience Foods Fuels Market Expansion

Rising global populations and higher disposable incomes are boosting demand for convenient food options. Consumers with hectic lifestyles increasingly favor ready-to-eat and instant meals, while the growing number of working women further accelerates market growth. Manufacturers are responding with innovative product offerings to meet this demand. Additionally, the surge in packaged food consumption across both mature and emerging economies supports market growth. For example, as per the Canada Agri-Food Report, China's total food sales reached USD 272,741 million in 2019, with an expected growth rate of 7%.

Market Segmentation

Instant Soup Segment Leads Industry Growth

The Instant Soup category (by type) is projected to expand significantly, holding a 36.78% market share in 2019 due to rising consumer demand for ready-to-eat meals. Meanwhile, the canned soup segment is expected to secure the second-largest share, particularly in developed markets like the U.S. and Germany, where canned soups outperform chilled or dehydrated varieties.

Regional Insights

Europe Maintains Dominance with Strong Consumer Demand

Europe is anticipated to remain the leading market, generating the highest revenue during the forecast period. In 2019, the region’s market was valued at USD 6.07 billion, driven by widespread demand for processed foods. North America follows as the second-largest market, supported by high consumer preference for instant food products.

COVID-19 Impact Accelerates Market Growth

The pandemic has positively influenced the soup market, with Fortune Business Insights projecting a higher CAGR in 2020 due to increased consumption of instant foods during lockdowns. As remote work and learning became widespread, demand for convenient meal options surged, further propelling industry growth.

Competitive Landscape

Strategic Initiatives Strengthen Market Position

In May 2020, Chef Ris Lacoste of Ritzy West End launched a $15 takeaway package in Washington, D.C., featuring weekly salads, fresh bread, and pint-sized soups with free delivery—a response to pandemic-related challenges. Similar initiatives by other companies, along with strategies like product launches, collaborations, and mergers & acquisitions, are expected to drive market growth between 2020 and 2027.

List of the Companies Operating in the 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

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Industry Developments

January 2020: Clarity Food Ventures LLC introduced its new refrigerated soup kit line, Soup Explorers, designed for quick and easy preparation. The product features a range of globally inspired flavors, such as Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber. This strategic launch is anticipated to enhance the company’s competitive edge in the global soup market.