Africa Soup Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.98 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Africa Soup Market Analysis
Africa's soup market was valued at USD 376.5 Million for the current year and is projected to register a CAGR of 3.98% over the next five years.
- The increasing health consciousness and growing demand for convenience foods are the major factors driving the African soup market's growth. Factors such as high availability, lesser cooking time, travel-friendly, and good shelf life are added advantages in the soup market. Innovation in terms of wider flavor offerings and more convenient packaging is expected to drive the African market's growth over the forecast period.
- Increasing product varieties, consumption of health and wellness products, and active promotions by market players are expected to contribute to the growth of the soup market. Moreover, the growing demand for healthier food products is expected to boost the demand for soups. Instant, dehydrated, and ultra-high temperature (UHT) soups are expected to dominate the soup market during the forecast period due to their ease of preparation and the increasing consumer demand for such products, driven by busier lifestyles.
- Furthermore, the coronavirus pandemic was a major driving force encouraging consumers to shift to consuming convenience foods, such as canned soups, as lockdowns impacted the supply of fresh food. The importance of long-shelf-life food was paramount during the early months of the pandemic, during which governments around the world implemented quarantines and lockdowns to curb the spread of the virus.
- Additionally, there has been a substantial surge in demand for soups selling specific certifications and health claims, especially among consumers monitoring a particular diet. Consumers are willing to pay extra for such health-oriented products, eventually supplementing the studied market. The trend has extensively boosted the sales of soups labeled with organic, made-with-natural ingredients, and free-from claims. This is set to boost market growth in the forecast period.
Africa Soup Market Trends
Increased Demand For Convenience Food
- With the changing lifestyles, the demand for convenience foods is expected to increase at a faster rate during the upcoming years. The demand for convenience has been increasing, particularly among middle-to-higher-income consumers, who can afford to pay more for added convenience, thereby positively affecting the market's growth.
- The convenience of soups, which are healthier and tastier food alternatives, supports the fast-paced lifestyle of these consumers. Factors such as high availability, lesser cooking time, travel friendly, and good shelf life are added advantages in the soup market. The changing lifestyle caters to the increasing demand for convenience food. The convenience of soups, healthier and tastier food alternatives, supports the fast-paced lifestyle of consumers.
- Moreover, with the increased demand for convenience food, companies are increasingly coming up with convenient packaging formats to consume and dispose of. For example, Campbell offers soup in microwavable cups, making it a more suitable packaging format than powdered soup in regular packets.
- Consumers are more inclined toward healthy products that provide high nutritional benefits. With the growing awareness of maintaining healthy dietary habits, there is an increase in the consumption of soups. Tomato, which is the main ingredient in many vegetable soups, contains many vitamins, such as A and C, and helps reduce the risk of cancer, particularly prostate cancer.
- Market players are trying their best to improve the core goodness values of soups with fewer preservatives and artificial flavors. Moreover, the consumption of healthy food is necessary for fitness-oriented consumers, and they are required to consume meals frequently throughout the day. Hence, the demand for healthy food products such as soups is gaining traction among consumers at large.
Increased Sales of Soups Through Online Retail Stores
- The trend of online shopping is gaining momentum, as it is convenient for consumers to buy products online, thereby avoiding crowded stores. Consumers have the luxury of browsing and shopping for products 24x7 from the comfort of their homes. Online retail stores and third-party websites offer an extensive range of options to consumers compared to supermarkets/hypermarkets and convenience stores, as these channels cannot offer the same because of space constraints.
- Online stores directly target consumers removing the need for intermediaries. The canned soups available in online retail stores have been observed to often have offers or discounts that allow customers to buy the product of their choice at a lower price when compared to those available in standalone stores.
- Moreover, the emergence of evolving technologies, such as smartphones, personal computers, the internet, e-commerce, social media, communication strategies, and marketing campaigns, have changed the landscape of the African soup market over the recent past. The players operating in the market have been using influencer marketing on social media to influence customers and encourage advertisers and marketing practitioners to shift their brand conversations in the digital space.
- Leading players such as Nestlé S.A. and Campbell Soup Company, among others, have been turning to Facebook, Instagram, and YouTube to promote product launches and engage their consumers with tutorials and promotional campaigns. Thus, the growing influence of social media and the impact of digital technology on the market has helped drive its growth over the review period.
Africa Soup Industry Overview
The Africa soup market is moderately competitive, with the presence of major global and various regional players. The major players in the market are Unilever, Campbell Soup Company, Kraft Heinz, and Nestle SA, among others. The major players have a good geographical reach and an extensive distribution channel, which gives them an upper hand over other manufacturers.
The major players are also involved in competitive advertising through various promotional channels. The most prominent strategy followed by the companies is product innovation, whereas other strategies include mergers and acquisitions.
Africa Soup Market Leaders
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Nestle SA
-
Unilever PLC
-
The Kraft Heinz Company
-
The Campbell Soup Company
-
Conagra Brands Inc.
*Disclaimer: Major Players sorted in no particular order
Africa Soup Market News
- March 2023: Z Natural Foods launched its new instant chicken bone broth soup base powder. This natural product is a convenient way to enjoy the health benefits of bone broth with maximum convenience.
- September 2022: Pacific Foods launched its new organic canned ready-to-serve soups and plant-based chilis.
- June 2022: The Campbell Soup Company announced plans to introduce new flavors of its soup products beginning with the first quarter of the fiscal year 2023.
Africa Soup Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables & Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing Demand for Convenience Food
4.1.2 Rise In The Consumption of Vegetable Broths & Stocks
4.2 Market Restraints
4.2.1 Rising Concerns Over Food Quality and Safety Standards
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Category
5.1.1 Vegetarian Soups
5.1.2 Non-Vegetarian Soups
5.2 Type
5.2.1 Dehydrated
5.2.2 Instant
5.2.3 Canned/Preserved
5.2.4 Chilled
5.2.5 Frozen
5.2.6 UHT
5.2.7 Other Types
5.3 Packaging
5.3.1 Canned
5.3.2 Pouch
5.3.3 Other Packaging
5.4 Distribution Channel
5.4.1 Supermarket/Hypermarket
5.4.2 Convenience Stores
5.4.3 Online Retail Stores
5.4.4 Other Distribution Channels
5.5 Country
5.5.1 South Africa
5.5.2 Rest of Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Unilever PLC
6.3.2 The Campbell Soup Company
6.3.3 The Kraft Heinz Company
6.3.4 Mars, Incorporated
6.3.5 Nestle SA
6.3.6 Conagra Brands Inc.
6.3.7 General Mills Inc.
6.3.8 Baxter's Food Group
6.3.9 Imana Foods
6.3.10 Bacarac Foods
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Africa Soup Industry Segmentation
In general, soup is a liquid food, usually served warm or hot, made of ground meat, vegetables, and liquids such as water, stock, or milk. Soup refers to commercially available soups, including instant soups available in the retail market. Africa's soup market includes segmentation by category that, includes vegetarian soup and non-vegetarian soup.
The market is also segmented based on type, which includes dehydrated, instant, canned/preserved, chilled, frozen, UHT, and other types. Based on packaging, the market is segmented into canned, pouch, and other packaging. The market is also fragmented by distribution channels, including supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels. The study also involves an analysis of countries such as South Africa, Kenya, Nigeria, and the rest of Africa.
For each segment, the market sizing and forecasts have been provided based on the value in USD.
| Category | |
| Vegetarian Soups | |
| Non-Vegetarian Soups |
| Type | |
| Dehydrated | |
| Instant | |
| Canned/Preserved | |
| Chilled | |
| Frozen | |
| UHT | |
| Other Types |
| Packaging | |
| Canned | |
| Pouch | |
| Other Packaging |
| Distribution Channel | |
| Supermarket/Hypermarket | |
| Convenience Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
| Country | |
| South Africa | |
| Rest of Africa |
Africa Soup Market Research FAQs
What is the current Africa Soup Market size?
The Africa Soup Market is projected to register a CAGR of 3.98% during the forecast period (2024-2029)
Who are the key players in Africa Soup Market?
Nestle SA, Unilever PLC, The Kraft Heinz Company, The Campbell Soup Company and Conagra Brands Inc. are the major companies operating in the Africa Soup Market.
What years does this Africa Soup Market cover?
The report covers the Africa Soup Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Africa Soup Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Africa Soup Industry Report
Statistics for the 2024 Africa Soup market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Africa Soup analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
