NEW YORK, May 16, 2024 /PRNewswire/ — The global soup market size is estimated to grow by USD 4453.9 million from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 4.37% during the forecast period.
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Technavio has announced its latest market research report titled Global Soup Market 2023-2027
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Forecast period |
2023-2027 |
|
Base Year |
2022 |
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Historic Data |
2017 – 2021 |
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Segment Covered |
Distribution Channel (Offline and Online ), Product (Dried, Canned, UTH, and Other ), and Geography (Europe, North America, APAC, Middle East and Africa, and South America) |
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Region Covered |
Europe, North America, APAC, Middle East and Africa, and South America |
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Key companies profiled |
Amys Kitchen Inc., B and G Foods Inc., Baxters Food Group Ltd., Blount Fine Foods, Conagra Brands Inc., DR KELLYANN LLC, Frontier Soups, General Mills Inc., Kettle and Fire Inc, Nestle SA, Ottogi Co. Ltd., Premier Foods Plc, Savory Creations International Inc., The Hain Celestial Group Inc., The Kraft Heinz Co., The Kroger Co., Tideford Organic Foods Ltd., Trader Joes, Unilever PLC, and Campbell Soup Co. |
Key Market Trends Fueling Growth
In the soup market, vendors have amplified their marketing efforts with creative strategies and innovative advertisements to boost product visibility. This trend is reflected in the rise of marketing and advertising budgets and the surge in promotional activities by companies. For example, Nestle’s consumer-facing marketing expenses grew by 6.4% in 2021 compared to 2019. The company has been promoting its soups, such as MAGGI Soup, on a global scale. Campbell Soup is another notable player, engaging in various promotional activities in 2020. Keywords: marketing activities, innovative advertisements, marketing and advertising budgets, promotional activities, consumer-facing marketing, MAGGI Soup, global promotion, Campbell Soup, 2020 promotions The soup market caters to diverse consumer lifestyles, dietary choices, and convenience needs. Busy schedules and hectic lifestyles of working individuals drive the demand for healthy eating habits. Fresh, organic, and natural ingredients, as well as low-sodium, low-fat, gluten-free, and exotic flavor options, are essential considerations. Companies offer recyclable and biodegradable packaging to cater to eco-conscious consumers. Soup varieties include canned/preserved, chilled, and frozen options, available at convenience stores, online stores, and retail outlets. Shelf space is a crucial factor in retail sales. Keywords: consumer lifestyles, dietary choices, convenience, busy schedules, working individuals, healthy eating habits, fresh ingredients, organic ingredients, natural ingredients, low-sodium options, low-fat options, gluten-free options, exotic flavors, global-inspired soups, multicultural palate, recyclable packaging, biodegradable packaging, hectic lifestyles, dual-income households, RTE foods, nutritious food options, lean proteins, whole grains, dietary preferences, gluten-free soups, vegetarian soups, low-sodium soups, nutrient-rich soups, vitamins, minerals, flavor diversity, unique flavors, Mediterranean cuisine, traditional soups, innovative twists, convenience stores, online stores, retail stores, shelf space.
Market Challenges
The soup market encompasses various product categories, including high blood pressure and high blood sugar-friendly options, poached and quick soups, packet and instant soupy noodles, canned soups, and a range of product varieties. Consumers prioritize health and wellness, leading to demand for organic, free-from claims, and culturally influenced soups. Seasonal sales surges and diverse packaging formats cater to consumer preferences. Key ingredients, such as vegetables, meat, poultry, seafood, legumes, grains, herbs, and spices, contribute to the nourishing qualities and essential nutrients found in these liquid-based culinary creations.
Research report provides comprehensive data on impact of trend, driver and challenges – Buy Report
Segment Overview
This soup market report extensively covers market segmentation by
Distribution Channel
1.1 Offline
1.2 Online
Product
2.1 Dried
2.2 Canned
2.3 UTH
2.4 Other
Geography
3.1 Europe
3.2 North America
3.3 APAC
3.4 Middle East and Africa
3.5 South America
1.1 Offline- In the dynamic soup market, distribution channels significantly influence consumer behavior and purchasing decisions. Promotional deals and bundle offers, such as “buy one get one free” or “3 for the price of 2,” attract the working population and working women, catering to their fast-paced lifestyles. Brand extension strategies, like introducing vegan soups or regular meat options, expand market reach and cater to diverse consumer preferences. Per capita spending on instant food products, including RTE (ready-to-eat), RTD (ready-to-drink), and soupy noodles, is influenced by cultural influences and health and wellness trends. Sonoma Brands, for instance, offers a wide range of flavors and varieties, including low-sodium, low-sugar, and gluten-free options, to cater to consumers with high blood pressure, high blood sugar, or dietary restrictions. Retail sales of soup products are driven by product innovations, such as quick soups in packets or UHT (ultra-high temperature) soups, and free-from claims, like “no added MSG” or “no artificial flavors.” Instant soups and dehydrated soups continue to dominate the market due to their convenience and affordability. Overall, distribution channels play a crucial role in shaping the soup market landscape, with retailers and manufacturers constantly adapting to consumer demands and trends.
For more information on market segmentation with geographical analysis including forecast (2023-2027) and historic data (2017 – 2021) – Download a Sample Report
Research Analysis
The soup market caters to the working population, including women, who lead fast-paced lifestyles and seek convenient, nutritious meal options. Per capita spending on retail sales of soup continues to rise, driven by the popularity of instant food products and their varied offerings. Health and wellness trends have led to the growth of instant soups, dehydrated soups, UHT soups, and organic soups. Free-from claims, such as gluten-free and vegan, are increasingly important to consumers. Cultural influences and seasonal sales surges impact packaging formats and culinary creations. Ingredients, such as vegetables, meat, poultry, seafood, legumes, and grains, are used to create liquid-based dishes that cater to diverse tastes and dietary preferences.
Market Research Overview
In the realm of culinary delights, the Soup Market stands as a vibrant and diverse bazaar where various flavors and textures come together. This marketplace is a feast for the senses, offering an extensive array of soups crafted from an assortment of ingredients. From hearty vegetable concoctions to rich and creamy chowders, the Soup Market caters to every palate. The aroma of simmering broths wafts through the air, enticing visitors to explore the myriad of options. The market is a testament to the art of soup-making, showcasing the creativity and passion of its vendors. Whether you’re seeking comfort on a chilly day or craving a refreshing summer dish, the Soup Market is sure to satisfy your cravings.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Distribution Channel
Offline
Online
Product
Dried
Canned
UTH
Other
Geography
Europe
North America
APAC
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio