In 2019, the global soup market was valued at USD 16.12 billion and is projected to reach USD 21.0 billion by 2027, growing at a compound annual growth rate (CAGR) of 2.79% during the forecast period from 2020 to 2027. The U.S. soup industry is also on a growth trajectory, anticipated to hit USD 5.89 million by 2032. This expansion is mainly driven by increasing consumer preference for convenient meal solutions and the continuous innovation in soup offerings by manufacturers. Europe led the global market in 2019, holding a 37.66% market share.

The growth of the soup market is largely attributed to rising consumption of processed foods across both developed and developing regions. Key factors fueling this trend include a growing working population, more women in the workforce, rapid urbanization, Western cultural influences, and higher disposable incomes. These dynamics are boosting the demand for ready-to-eat (RTE), ready-to-drink (RTD), and other convenience food products.

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

Report Coverage

This report provides a thorough assessment of the soup industry, analyzing key market drivers, challenges, opportunities, and constraints expected over the forecast timeframe. It offers insights into regional performance and their impact on overall market trends. The competitive landscape section highlights major strategic activities by key players, such as new product launches, mergers, partnerships, and acquisitions between 2019 and 2026.

Market Drivers and Challenges

Rising Preference for Convenience Foods Fuels Demand

Global population growth, coupled with rising disposable incomes, is accelerating the popularity of convenient food products. Busy lifestyles are leading consumers to opt for instant and ready-made meals, a trend further bolstered by the increasing participation of women in the workforce. To meet evolving consumer needs, manufacturers are continuously introducing innovative offerings. Furthermore, the increasing uptake of packaged foods in various markets is supporting this growth. For instance, the Canada Agri-Food Report noted that food sales in China totaled USD 272.74 billion in 2019, with a projected annual growth rate of 7%.

Market Segmentation

Instant Soup Segment Leads Market Share

Based on product type, instant soups held the largest share of 36.78% in 2019 due to rising demand for ready-to-eat meals. Canned soups followed, particularly popular in mature markets like the U.S. and Germany, where they continue to outperform chilled and dehydrated alternatives.

Regional Analysis

Europe Dominates Due to Strong Demand for Processed Foods

Europe is expected to maintain its leading position in the global soup market, driven by sustained demand for processed foods. In 2019, the European soup market was worth USD 6.07 billion. North America holds the second-largest share, benefiting from consumer inclination toward quick meal options.

Competitive Landscape

Strategic Initiatives Strengthen Market Position

In May 2020, Chef Ris Lacoste of Ritzy West End in Washington, D.C., launched a USD 15 takeaway package featuring weekly salads, bread, and pint-sized soups with free home delivery—an initiative to adapt to the pandemic-driven demand shift. Such strategic moves, alongside continued product innovation, collaborations, and mergers, are expected to support sustained market growth through 2027.

Leading Companies 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

Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/soup-market-102838 

Industry Updates

January 2020: Clarity Food Ventures LLC introduced a new line of refrigerated soup kits under its "Soup Explorers" brand. Featuring globally inspired flavors such as Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber, the line aims to offer consumers quick-prep options while enhancing the company's international presence.