Market Size of Canned Soup Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 8.53 Billion |
| Market Size (2029) | USD 10.38 Billion |
| CAGR (2024 - 2029) | 4.01 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canned Soup Market Analysis
The Canned Soup Market size is estimated at USD 8.53 billion in 2024, and is expected to reach USD 10.38 billion by 2029, growing at a CAGR of 4.01% during the forecast period (2024-2029).
- The driving factors for canned soups include the increased shelf life of ingredients due to better usage of food preservation methods, an increase in the rate of urbanization, busy lifestyles, and a surge in demand for convenience foods, among other factors. Also, an increase in nuclear households and rising disposable incomes of households have led to changes in the food consumption habits of consumers, with convenience foods finding a major inclination among consumers.
- As a result, manufacturers are introducing innovative products to address consumer needs. For instance, in January 2022, Rex Canning Corporation launched Rex Mushroom Soup as a new entrant in the canned soup category in Malaysia. The product is a condensed soup and can be prepared quickly. The key ingredients include water, canola oil, wheat flour, button mushroom, milk powder, shitake flakes, isolated soy protein, onion powder, garlic powder, and black pepper. The company also claims that the soup has a shelf life of 36 months.
- However, the most frequent problems that have the potential to hamper the growth of the market are corrosion of packaging, excessive content of preservatives and coloring, as well as migration of materials from the packaging into the fruit, such as tin or cadmium.
Canned Soup Industry Segmentation
Soup is a liquid food, usually served warm or hot, made of ground meat, vegetables, and liquids such as water, stock, or milk.
The canned soup market is segmented by type, category, distribution channel, and geography. Based on type, the market is segmented into condensed and ready-to-eat. Based on the category, the market is segmented into conventional and organic. Based on distribution channels, the market is segmented into supermarkets/hypermarkets, convenience/grocery stores, food specialty stores, online retail stores, and other distribution channels. The study also covers the global level analysis of major regions, such as North America, Europe, Asia-Pacific, South America, the Middle East & Africa.
For each segment, the market sizing and forecasts have been done on the basis of value (USD).
| Type | |
| Condensed | |
| Ready-to-Eat |
| Category | |
| Conventional | |
| Organic |
| Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience/Grocery Stores | |
| Food Specialty Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
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Canned Soup Market Size Summary
The canned soup market is experiencing steady growth, driven by factors such as increased urbanization, busy lifestyles, and a rising demand for convenience foods. The market is benefiting from advancements in food preservation methods, which extend the shelf life of canned soups, making them an attractive option for consumers seeking quick and easy meal solutions. The shift towards nuclear households and higher disposable incomes has further influenced consumer preferences, with a notable inclination towards convenience foods. Manufacturers are responding to these trends by introducing innovative products, such as Rex Canning Corporation's new mushroom soup, which offers a long shelf life and quick preparation. However, challenges such as packaging corrosion and the presence of preservatives and coloring agents pose potential hurdles to market growth.
Globally, the convenience food sector, including canned soups, is expanding rapidly, with millennials leading the charge in spending on ready-to-eat products. The availability of diverse soup options, including organic and low-sodium varieties, caters to health-conscious consumers seeking nutritious yet convenient meals. The North American market, in particular, is well-established, with a strong focus on health and wellness, prompting manufacturers to expand their product ranges with new flavors and health-oriented variants. The market's fragmented nature sees numerous global and regional players, such as Campbell Soup Company and The Kraft Heinz Company, competing through product innovation and strategic expansions. As consumer preferences evolve towards sustainability and natural ingredients, the canned soup market is poised for continued growth, supported by ongoing product development and strategic market initiatives.
Canned Soup Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Expenditure on Convenience Food Products
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1.1.2 The Growing Trend of Vegan Food Products Drives the Market of Plant-based Canned Soup Market
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1.2 Market Restraints
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1.2.1 Food additives present in Canned Soup products can hinder the market growth
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Condensed
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2.1.2 Ready-to-Eat
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2.2 Category
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2.2.1 Conventional
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2.2.2 Organic
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2.3 Distribution Channel
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2.3.1 Supermarkets/Hypermarkets
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2.3.2 Convenience/Grocery Stores
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2.3.3 Food Specialty Stores
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2.3.4 Online Retail Stores
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2.3.5 Other Distribution Channels
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.1.4 Rest of North America
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2.4.2 Europe
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2.4.2.1 Spain
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2.4.2.2 United Kingdom
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2.4.2.3 Germany
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2.4.2.4 France
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2.4.2.5 Italy
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2.4.2.6 Russia
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2.4.2.7 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle East and Africa
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2.4.5.1 South Africa
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2.4.5.2 United Arab Emirates
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2.4.5.3 Rest of Middle East and Africa
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Canned Soup Market Size FAQs
How big is the Canned Soup Market?
The Canned Soup Market size is expected to reach USD 8.53 billion in 2024 and grow at a CAGR of 4.01% to reach USD 10.38 billion by 2029.
What is the current Canned Soup Market size?
In 2024, the Canned Soup Market size is expected to reach USD 8.53 billion.
