Press Release Description

Global Soup Market to Rise at a Steady CAGR of Around 3.85% By 2030

The Global Soup Market size was valued at USD 11.28 billion in 2023 & is estimated to reach USD 16.25 billion by 2030. Along with this, the market is estimated to register a CAGR of 3.85% during the forecast period, 2024-30, cites MarkNtel Advisors in the recent research report. With changing consumer lifestyles and dietary preferences inclining toward convenient food items, the market anticipates significant expansion. Busy schedules among an expanding base of working individuals who emphasize quick, easy meal options further contribute to this trend toward increased demand for soups.

Over time, instant soups alongside dehydrated and UHT varieties are projected to remain popular due to their convenience factor, an attribute that continues to appeal to its demand and consumption worldwide. Moreover, the growing vegan population across the globe has been positively contributing to the demand for vegan soups. In order to cater to this demand, various companies have initiated the development of plant based soups.

In addition, the governments across the globe have introduced various food programs for schools, which have a significant impact on the demand for soups. These programs help in reducing the issues related to school enrollments, boosting the attendance and retention rates, etc. Hence, with the continuous introduction of school food programs, the Global Soup Market is projected to have a positive impact in the years to come.

Furthermore, the manufacturers have introduced a wide variety of soups with global influences to meet the growing demand for multicultural flavored soup. Additionally, an increased emphasis on sustainability has resulted in the creation of eco-friendly soup-packaging alternatives that extend the shelf life of the product, promoting growth within the food industry, further states the research report, “Global Soup Market Analysis, 2024.”

Global Soup Market

Global Soup Market Segmentation Analysis

Canned Soup to Hold Major Market Share

Based on the product type segment, the market is further bifurcated into Canned, Dehydrated, UHT, and Others (Meal Kits, etc.). Canned soup held a significant market share in the Global Soup Market and is treated through commercial processing, cooked at high temperatures, and sealed in cans or jars to prolong its shelf life, even without refrigeration. Canned soups offer a convenient meal solution that requires minimal effort from consumers and can be stored for an extended period without refrigeration. As a result, their convenience has become a key factor in the thriving soup industry.

Furthermore, canned soups have become easily attainable for shoppers due to the availability of grocery stores and supermarkets. To satisfy different tastes & preferences, producers provide a diverse range of flavors and styles ranging from traditional formulas to local delicacies as well as global cuisines. This brings distinctive appetites to consumers while providing them with convenient meal options, with intensive cooking exclusion.

North America to Overpower the Other Regional Markets

North America captured the highest market share in the Global Soup Market. Soup’s convenience as a swift meal and launches like premium, clean-label, anf new flavors are aiding this evolution in consumer preference. The primary force behind the expansion of this sector is attributed to people's fast-paced lifestyle notably in countries such as Canada and the United States where grab-and-go meals see higher demand.

With the rising demand for soup across the region coupled with the expanding network of supermarket and hypermarket, the market of soup is projected to experience a robust growth in the years to come. Furthermore, the Canadian market has also seen an increasing demand for ethnic-flavored soups due to its higher expatriate population. Hence, major players within the region have shifted their focus toward creating healthier and more distinctive options to meet consumer preferences.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including General Mills, Unilever, Nestle SA, Baxters Food Group Ltd., The Kraft Heinz Company, The Campbell Soup Company, Ottogi Corp., Asahi Group Holdings, Upton's Naturals, Hain Celestial, Capital Foods Ltd., Tideford Organics, Mars, Inc., and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Global Soup Market?
  3. What key factors would propel and impede the industry across the globe?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across the regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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