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Global Soup Market to Grow at a CAGR of 2.8% During 2021-2026, Driven by Increasing Health Consciousness

According to a new report by EMR titled, ‘Global Soup Market Report and Forecast 2021-2026’, the market attained a value of about USD 17 billion in 2020. The industry is further expected to grow at a CAGR of 2.8% in the forecast period of 2021-2026 to reach a value of about USD 20 billion by 2026.

The preference for diverse and ready-to-eat food products is rapidly increasing due to globalisation. The demand for soups is rising significantly with the changes in eating patterns around the globe. The key players are not only trying to produce diverse flavours and products but also improving the packaging and taste of the products. The growing health consciousness is boosting the demand for tasty and nutritious food. The soup industry is expected to significantly grow over the forecast period as it can fulfil the rising demand for healthy and tasty convenience food.

Instant soup is one of the most popular soups. The incorporation of several healthy ingredients, such as quinoa, ancient grains and meat varieties, along with a longer shelf life, contribute to its popularity. The new marketing models such as digital and social media marketing are also propelling the market growth. The growth of the food industry also provides impetus to the soup industry.  Soups have been incorporated with organic and gluten-free materials to target the fitness-conscious section of the population. They also offer various meat alternatives with high protein content for the vegan population, resulting in the market growth.

Various initiatives by the key industry players such as advertisements, campaign drives and endorsement by celebrities also play an important role in the industry growth. Campbell Soup Company (NYSE: CPB), one of the leading players in the soup industry, is constantly focussing on evolving and innovating its products. The company announced on October 19, 2020, that it has launched its new range Well Yes! The new range is not only filled with nutritious ingredients but also has a delicious taste. Well Yes! New England Clam Chowder, one of the varieties, uses cauliflower as a substitute for cheese and contains 25% less fat than other products. Such innovations in the soup industry accelerate the market growth.

Market Analysis by Category, Product, Packaging Type, Distribution Channel, and Region:

  • The market, on the basis of category, can be divided into vegetarian and non-vegetarian.
  • Based on the product, the industry can be divided into liquid, dried, and frozen, among others
  • On the basis of packaging type, the industry can be segmented into bottled, canned, and pouched, among others.
  • The distribution channels for soup include supermarkets and hypermarkets, convenience stores, online, and food service, among others.
  • The regional markets for soup include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Urbanisation and the hectic lifestyles of the global population are aiding the market growth.
  • The rise of disposable income and preference for convenience food is propelling the industry growth.
  • The increasing number of supermarkets and convenience stores and the wide availability of packaged products are accelerating the growth of the soup industry.
  • Rising health consciousness and the emphasis on nutrient-rich food is a significant driver for the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global soup market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the category, product, packaging type, distribution channel, and regions of soup.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for soup are Campbell Soup Company, The Kraft Heinz Company, Unilever PLC, General Mills Inc., Conagra Brands Inc., B&G Foods, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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