Soup Market

Market Overview:

The global soup market size reached US$ 11.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 16.5 Billion by 2032, exhibiting a growth rate (CAGR) of 3.7% during 2024-2032. The rising demand for soups with clean ingredients in reusable and sustainable packaging solutions, shifting consumer preferences toward ready-to-eat (RTE) snacks, and increasing adoption of vegan and vegetarian dietary habits among individuals are some of the major factors propelling the market.

Soup is a versatile culinary creation enjoyed across cultures worldwide. It is a liquid-based dish typically prepared by combining ingredients such as vegetables, meat, poultry, seafood, legumes, grains, herbs, and spices in a flavorful broth or stock. The ingredients are often diced, sliced, or pureed to release their flavors and create a harmonious blend. Soups can be classified into various categories, including clear broths, creamy bisques, chunky stews, and hearty chowders. They can be served hot or cold, making them suitable for different seasons and preferences. Soups are cherished for their nourishing qualities, as they provide essential nutrients, hydration, and comfort. From the classic chicken noodle soup to the exotic tom yum soup, this timeless dish is widely consumed by individuals of all age groups around the world to delight their taste buds.

Changing consumer lifestyles and dietary choices and the need for convenience will stimulate the growth of the market during the forecast period. Along with this, the shifting preferences toward quick and easy meal solutions due to busy schedules and an increasing number of working individuals is positively influencing the market growth. Moreover, the rising adoption of healthy eating habits has augmented the demand for nutritious soups made from fresh, organic, and natural ingredients. Consumers are seeking soups that offer low-sodium, low-fat, and gluten-free options, aligning with their dietary preferences and wellness goals. Additionally, the escalating demand for ethnic and exotic flavors as individuals become more open and willing to try new taste experiences is propelling the market growth. In addition, the introduction of a diverse range of global-inspired soups by manufacturers, catering to the expanding multicultural palate, has catalyzed the market growth. Furthermore, the rising focus on sustainable and eco-friendly packaging solutions, leading to the development of recyclable and biodegradable packaging options, is contributing to the market growth.

Soup Market Trends/Drivers:

Rise in the demand for convenience

Convenience is a significant growth-inducing factor in the soup market due to hectic lifestyles and busy work schedules of consumers. With the rise of dual-income households and an increase in time constraints, many individuals are looking for ready-to-eat (RTE) and convenience foods that are quick and easy to prepare. Ready-to-eat and instant soups provide a convenient meal option as they require minimal preparation, effort, and cooking time. Consumers can simply heat up a pre-packaged soup or add hot water to an instant soup mix, making it a hassle-free choice for on the go consumption. This convenience factor extends beyond preparation, as soups are often packaged in portable and microwavable containers, facilitating easy consumption at work, school, or while traveling. The demand for convenient soups is driven by the need for time-saving meal solutions without compromising on taste or nutrition.

Growing focus on health and wellness

The growing focus on health and wellness has significantly influenced the market for soup. Consumers are becoming increasingly conscious of their dietary choices and are seeking nutritious food options. Soups provide an opportunity to incorporate a variety of vegetables, lean proteins, legumes, and whole grains into a single dish, making them a popular choice for health- and fitness-conscious individuals. Manufacturers have responded to this demand by launching new soup varieties made from fresh, organic, and natural ingredients. There is also a growing interest in soups that cater to specific dietary preferences such as gluten-free, vegetarian, vegan, or low-sodium variants. Nutrient-rich soups, fortified with vitamins and minerals, are also gaining immense traction among the masses. Nowadays, consumers are actively looking for soups that offer a balance between flavor and nutrition, enabling them to enjoy a satisfying meal while meeting their wellness goals.

Expanding flavor diversity

Flavor diversity is another major driving force in the market for soup. Consumers are becoming more open to exploring new and unique flavors, seeking a taste experience beyond traditional soup options. The demand for ethnic and exotic flavors has prompted manufacturers to introduce a wide range of global-inspired soups. These soups comprise a variety of ingredients and spices from different cuisines, offering a diverse and exciting flavor profile. Consumers can now enjoy soups inspired by Thai, Mexican, Indian, Mediterranean, and other culinary traditions, allowing them to satisfy their cravings for international flavors. Flavor diversity also extends to traditional soups, with various key players introducing innovative twists and combinations to classic recipes. This includes the fusion of different ingredients, spices, and cooking techniques to create exciting and unexpected flavor profiles. By offering a wide variety of soup flavors, the market caters to the evolving tastes and preferences of consumers, encouraging culinary exploration and enjoyment.

Soup Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global soup market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on type, category, packaging and distribution channel.

Breakup by Type:

• Canned/Preserved Soup
• Chilled Soup
• Dehydrated Soup
• Frozen Soup
• UHT Soup
   

Canned/preserved soup represents the most popular type

The report has provided a detailed breakup and analysis of the market based on the type. This includes canned/preserved, chilled, dehydrated, frozen, and UHT soups. According to the report, canned/preserved soup represented the largest segment.

Canned or preserved soup refers to soups that are commercially processed, cooked at high temperatures, and sealed in cans or jars to extend their shelf life without refrigeration. These soups play a significant role in fueling the market growth due to their convenience, accessibility, and variety. Canned/preserved soups offer consumers a quick and easy meal solution that requires minimal preparation or cooking. They have a longer shelf life, making them suitable for emergency situations or individuals without access to cooking facilities.

Additionally, these soups are widely available in grocery stores and supermarkets, ensuring easy access for consumers. Manufacturers have expanded their offerings to include a diverse range of flavors and styles, including classic recipes, regional specialties, and international cuisines. This variety appeals to consumers seeking different taste experiences and provides them with a convenient option to enjoy their favorite soups without requiring extensive cooking or preparation time.

Breakup by Category:

• Vegetarian Soup
• Non-Vegetarian Soup
   

Non-vegetarian soup dominates the market

A detailed breakup and analysis of the market based on the category has also been provided in the report. This includes vegetarian and non-vegetarian soup. According to the report, non-vegetarian soup accounted for the largest market share.

Non-vegetarian soup refers to soups that contain ingredients derived from animal sources, such as meat, poultry, seafood, or broth made from animal bones. Non-vegetarian soups play a significant role in propelling the market growth owing to their unique flavors, high nutritional value, and appeal to meat-loving consumers. These soups offer a rich and savory taste profile that is distinct from vegetarian soup options. They also provide an excellent source of protein and essential nutrients, making them a satisfying and nourishing choice for individuals seeking a delicious and appetizing meal.

Non-vegetarian soups cater to the preferences of meat enthusiasts who enjoy the flavors and textures that animal-based ingredients bring to soups. The easy availability of a wide range of non-vegetarian soup options, including classics like chicken noodle soup, beef stew, or seafood chowder, also contributes to the market growth and meets the diverse culinary preferences of consumers.

Breakup by Packaging:

• Canned
• Pouched
• Others
   

Canned holds the largest share in the market

A detailed breakup and analysis of the market based on the packaging has also been provided in the report. This includes canned, pouched, and others. According to the report, canned accounted for the largest market share.

Canned packaging involves the use of sealed metal cans to store and preserve soups. Canned packaging plays a pivotal role in driving the market growth by ensuring convenience, preservation, and widespread availability. Cans provide a durable and airtight container that helps protect the packed contents from contaminants, spoilage, and bacterial growth, resulting in a longer shelf life of soup without the need for refrigeration. This extended shelf life makes canned soups a convenient food option for consumers, as they can be stored for prolonged periods and easily accessed when needed. Canned packaging also enables easy and safe transportation and distribution, allowing soup manufacturers to reach a broader market. Moreover, cans are durable, portable, and widely accepted in retail settings, making them a popular choice for both manufacturers and consumers.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others
   

Soups are majorly distributed through supermarkets and hypermarkets

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes supermarkets and hypermarkets, convenience stores, online stores, and others. According to the report, supermarkets and hypermarkets represented the largest segment.

Supermarkets and hypermarkets are large retail stores that offer a wide variety of products, such as groceries, household items, and consumer goods. Supermarkets typically range in size from medium to large, while hypermarkets are larger and often combine a supermarket with a department store. These retail formats play a significant role in fueling the market growth by providing consumers with convenient access to a diverse range of soup products.

Supermarkets and hypermarkets offer extensive shelf space dedicated to soups, showcasing various brands, flavors, and packaging options. This broad availability increases consumer exposure to different soup products and varieties, encouraging individuals to make impulse purchases. These retail stores also offer lucrative promotional deals, discounts, and bundle offers on soups, attracting price-sensitive consumers and boosting product sales. Additionally, supermarkets and hypermarkets help enhance product visibility, enabling soup manufacturers to introduce new flavors, innovative packaging, and brand extensions to capture consumer attention and catalyze the market growth.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance in the market

The report has also provided a comprehensive analysis of all the major regional markets, which include 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 the Middle East and Africa. According to the report, North America was the largest regional market for soup.

North America held the biggest share in the market since the region has a strong culture of soup consumption, with soups being a staple in many households. Traditional favorites like chicken noodle soup, tomato soup, and clam chowder have become iconic dishes in North American cuisine. This cultural affinity for soup creates a consistent demand and drives market growth in the region. Additionally, North America boasts a diverse and evolving consumer base that seeks convenience, health-conscious options, and flavor variety.

Manufacturers have introduced a wide range of soup products, including ready-to-eat (RTE) soups, organic and natural options, and innovative flavors inspired by global cuisines to cater to the changing consumer preferences and tastes. The region also benefits from the presence of a well-developed retail infrastructure, with supermarkets, hypermarkets, and online platforms offering extensive soup selections. Advertising campaigns, promotional offers, and collaborations with popular brands will further boost consumer engagement and stimulate the market growth in the North America region.

Competitive Landscape:

The market is experiencing a lower-than-anticipated demand compared to pre-pandemic levels however, this is likely to witness a paradigm shift over the next decade with the introduction of plant-based and vegan soup options, addressing the rise of plant-based diets and are offering alternative protein sources. Key players are also prioritizing clean label and natural ingredients due to the rising focus on using recognizable and additive-free ingredients. Additionally, the leading manufacturers are now offering customizable soup kits that provide consumers with the opportunity to personalize their soups according to their unique preferences. We also expect the market to witness new entrants, consolidation of portfolios, new product launches and innovations, and a rise in strategic collaborations among key players to drive healthy competition within the domain during the forecast period.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• B&G Foods Inc.
• Baxters Food Group Limited
• Blount Fine Foods
• 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
• Unilever plc.

Recent Developments:

• In June 2022, the Campbell Soup Company announced its plans to introduce new flavors of its soup products beginning with the first quarter of the fiscal year 2023. The expansion of flavor options by the company demonstrates its dedication to keeping their soup offerings fresh and appealing to a wider consumer base. By launching new flavors, the company aims to captivate taste buds, attract new customers, and maintain its competitive edge in the soup market.
• In May 2023, Conagra Brands Inc. showcased a wide range of snack offerings at 2023 Sweets & Snacks Expo., displaying their commitment to innovation and meeting the evolving preferences of consumers. The expo provided a platform for the company to demonstrate the variety and quality of their snack products, attracting the attention of industry professionals and consumers.
• In Jan 2020, Unilever plc partnered with Mondi plc to create convenient packaging solutions for the company’s Knorr dry soup powder range. Recognizing the need for user-friendly packaging, the collaboration aimed to create innovative packaging that would simplify the preparation and usage of Knorr dry soup powders. By leveraging Mondi's expertise in packaging solutions, Unilever sought to improve the user experience and ensure the preservation of product freshness and quality to doctors across the US by utilizing the Asana customizable workflow solution.

Soup Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the soup market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global soup market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the soup industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.