The global soup market was valued at USD 16.12 billion in 2019 and is anticipated to grow to USD 21.0 billion by 2027, registering a CAGR of 2.79% over the forecast period (2020–2027). The U.S. soup market is also set to expand notably, projected to reach USD 5.89 million by 2032. This growth is largely attributed to increasing consumer demand for convenient meal options and ongoing innovation by manufacturers in soup varieties. In 2019, Europe led the global soup market, accounting for a 37.66% share.
The market's growth is primarily fueled by rising consumption of processed foods across both developed and emerging economies. Contributing factors include an expanding working population, an increase in working women, fast-paced lifestyles, growing urbanization and western influences, and higher per capita spending. These trends drive demand for instant food products such as ready-to-eat (RTE), ready-to-drink (RTD), and other convenience foods, thereby propelling the market forward.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
What Does the Report Cover?
The report offers a comprehensive evaluation of the market, examining major growth drivers, limitations, opportunities, and challenges expected to impact the industry during the forecast timeline. It also analyzes regional patterns and their effects on market development, incorporating expert insights gathered through meticulous research. The section on competitive landscape outlines key strategic activities, including product introductions, partnerships, acquisitions, and collaborations by major players from 2019 to 2026.
Drivers and Restraints
Growing Demand for Convenient Food Drives Market Growth
The increasing global population and rising disposable incomes are boosting the appeal of convenient food options. Consumers with busy lifestyles are leaning toward instant and ready-made meals, while the increasing number of working women adds further momentum to this trend. Manufacturers are adapting by offering more innovative products. Additionally, the surge in packaged food consumption in both established and growing markets supports this trend. For instance, according to the Canada Agri-Food Report, China’s food sales amounted to USD 272,741 million in 2019 and were expected to grow at 7%.
Market Segmentation
Instant Soup Segment Dominates Market Share
Among product types, the instant soup segment led the market with a 36.78% share in 2019, owing to strong demand for ready-to-eat options. The canned soup category held the second-largest share, especially in mature markets like the U.S. and Germany, where it outperformed chilled and dehydrated variants.
Regional Insights
Europe Retains Leading Position Due to High Processed Food Demand
Europe is forecasted to continue dominating the global market, contributing the highest revenue throughout the forecast period. In 2019, the European soup market was valued at USD 6.07 billion, driven by consistent demand for processed food. North America holds the second-largest share, supported by strong consumer preference for instant meals.
COVID-19 Impact Accelerates Industry Growth
The COVID-19 pandemic has positively impacted the soup industry, with Fortune Business Insights anticipating a higher-than-expected CAGR for 2020. Lockdowns and increased remote working and learning drove demand for quick and easy meal solutions, significantly boosting market growth.
Competitive Landscape
Strategic Moves Strengthen Competitive Position
In May 2020, Chef Ris Lacoste from Ritzy West End introduced a USD 15 takeaway offering in Washington, D.C., which included weekly salads, bread, and pint-sized soups with free delivery—an initiative in response to pandemic challenges. Such efforts, along with ongoing product launches, strategic partnerships, and mergers & acquisitions, are expected to reinforce market growth from 2020 to 2027.
Key Players in the Market Include:
- 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
Tariff Impact Analysis for Soup Market: https://www.fortunebusinessinsights.com/enquiry/request-sample-us-tariff/soup-market-102838
Industry Developments
January 2020: Clarity Food Ventures LLC rolled out its new line of refrigerated soup kits under the brand "Soup Explorers." Designed for easy and fast preparation, the product range includes globally inspired flavors like Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber. This launch is aimed at strengthening the company’s position in the international soup market.
