The latest report by IMARC Group, titled “Soup Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global soup market size reached US$ 10.8 Billion in 2021. A soup is a flavorful and nutritious liquid generally served warm or hot. It is cooked slowly with vegetables, meat, fish, legumes, broth, milk, and other bases. It is a rich source of minerals, vitamins, and fiber with low calorie and fat content, which assist in maintaining healthy digestion, reducing weight, strengthening bones, and improving cardiovascular function. Soup is usually packed in cans, pouches, and bottles and is available in preserved, dehydrated, and frozen variants. As soups nowadays come in different flavors, they are widely consumed by individuals of all age groups as a quick snack or meal.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Soup Market Trends:
In recent years, individuals have been opting for convenience, ready-to-eat (RTE) and healthy snacking options like soup due to their hectic lifestyles and busy schedules. In addition, there has been growing consumption of soups in cafes, food outlets, and restaurants owing to their high nutritional content and longer shelf life, which represents another major growth-inducing factor. Besides this, the increasing health consciousness and awareness about the adverse effects of preservatives have prompted manufacturers to introduce various organic product variants that are made using natural ingredients without any added preservatives. They are also focusing on tastes, flavors, and packaging solutions to expand their consumer base. This, coupled with the rising product availability on e-commerce platforms, is creating a positive market outlook across the globe. Furthermore, the increasing adoption of vegan and vegetarian dietary habits and the growing awareness among the masses regarding the health benefits of soups are anticipated to propel market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 13.2 Billion by 2027, expanding at a CAGR of 3.35% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into canned/preserved, chilled, dehydrated, frozen, and UHT soups.
- On the basis of the category, the market has been bifurcated into vegetarian and non-vegetarian soup.
- Based on the packaging, the market has been classified into canned, pouched, and others.
- On the basis of the distribution channel, the market has been categorized into supermarkets and hypermarkets, convenience stores, online stores, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being B&G Foods Inc., Baxters Food Group Limited, Blount Fine Foods Corp., Campbell Soup Company, Conagra Brands, Inc., General Mills Inc., Nestlé S.A., Ottogi Corporation, Premier Foods Group Limited, The Hain Celestial Group, Inc., The Kraft Heinz Company, and Unilever PLC.
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