Soups Market Size
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Soups Market Analysis
The soup market is projected to witness a CAGR of 2.9% in the upcoming five years.
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 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.
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. Furthermore, there has been a significant rise in convenience food products, particularly among middle-to-higher-income consumers. The surge can be attributed to the rising women's workforce and their growing demand for quick and time-saving meal options worldwide. This is set to boost market growth in the forecast period.
Soups Market Trends
This section covers the major market trends shaping the Soup Market according to our research experts:
Increasing Demand for Convenience Food
The new cultural influences and rising culinary trends have significantly boosted the soups market. The market also witnesses a seasonal sales surge, as consumers tend to buy soups more during the winters when compared to the summers. The increasing product varieties, consumption of health and wellness products, and active promotions by the market players have contributed to the market's growth over the past few years. The rising demand for healthy food products is expected to boost the demand for soups in the region, which accounts for a significant share of the market studied.
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. Additionally, various companies operating in the segment are coming up with product launches and increasing their product offerings. For instance, in September 2022, the new organic canned ready-to-eat soups and chilis packed in infinitely recyclable non-BPA lined packaging were launched by Pacific Foods.
North America Holds Prominent Share
The changing perception of soups as a healthier food choice and preference toward soup as a quick meal, supported by the launch of premium, clean-label, and novel flavors, are expected to propel the market's growth in the North American region. The major factor driving the growth of the North American soup market is the increasingly busy lifestyle of people in countries like the United States and Canada, where people opt for ready-to-go meals. Additionally, innovation in soup products by manufacturers, in line with the current snacking trends, and stocking the right soup variety for their customers are driving sales in these countries. For instance, in July 2022, Upton's Naturals introduced three new flavorful vegan Ready-to-Eat soups that can be cooked on a stovetop or microwaved in the United States. There is also a demand for soups with different ethnic flavors in the Canadian market, owing to the higher ex-pat population in the country. Key players are thus, focusing on the development and launch of healthier and memorable soup options in the country.
Moreover, some of the restaurants and fast-food chains, such as Zoup! & Tim Hortons are launched their retail line of popular soups. For instance in January 2022, Zoup! Eatery, a local restaurant chain, launched Zoup! Good, Really Good® Soups, a line of premium soups and broths free of gluten, artificial ingredients, and preservatives, and features one of Zoup!'s homestyle bases
Soups Industry Overview
The soup market is highly competitive due to numerous international and regional players. The market has prominent players, such as Campbell Soup Company, Unilever, General Mills, Nestle SA, and The Kraft Heinz Company, who hold a significant market share, making it a consolidated market. Companies are competing based on price, quality, ingredients, and promotions. Therefore, they are focused on strategic initiatives to achieve prominent market shares. Additionally, these companies are increasing their investments in research and development (R&D) to develop products with innovative flavors and ingredients in line with consumer needs to expand their presence and maintain their position in the market.
Soups Market Leaders
-
General Mills Inc.
-
The Kraft Heinz Company
-
The Campbell Soup Company
-
Nestlé S.A
-
Unilever Plc
*Disclaimer: Major Players sorted in no particular order
Soups Market News
- In September 2022, Tideford Organics, the UK's plant-based, vegan, and gluten-free soup brand, launched a range of new soup flavors and improved recipes and doubled its retail distribution from last year. Its Inspired line launched Indian Cauliflower Masala, Lebanese Lentil + Kale, and Malaysian Coconut + Noodle soups. As well as Butternut + Sage from its Favourites collection.
- In July 2022, Upton's Naturals introduced three new recipes to its assortment of vegan soups. With 8-11g of plant-based protein per serving, these new products are Non-GMO Certified (NSF), Plant-Based Certified, and allergen-free.
- In 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.
Soups Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Canned/Preserved
5.1.2 Chilled
5.1.3 Dehydrated
5.1.4 Frozen
5.1.5 Instant
5.1.6 UHT
5.2 By Category
5.2.1 Vegetarian Soup
5.2.2 Non-vegetarian Soup
5.3 By Packaging
5.3.1 Canned
5.3.2 Pouched
5.3.3 Other Packaging
5.4 By Distribution Channel
5.4.1 Supermarkets/Hypermarkets
5.4.2 Convenience Stores
5.4.3 Online Retail Stores
5.4.4 Other Distribution Channels
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.1.4 Rest of North America
5.5.2 Europe
5.5.2.1 Spain
5.5.2.2 United Kingdom
5.5.2.3 Germany
5.5.2.4 France
5.5.2.5 Italy
5.5.2.6 Russia
5.5.2.7 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 Rest of Asia-Pacific
5.5.4 South America
5.5.4.1 Brazil
5.5.4.2 Argentina
5.5.4.3 Rest of South America
5.5.5 Middle East & Africa
5.5.5.1 South Africa
5.5.5.2 Saudi Arabia
5.5.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 The Campbell Soup Company
6.3.2 Unilever PLC
6.3.3 Nestlé SA
6.3.4 The Kraft Heinz Company
6.3.5 Premier Foods Group Limited
6.3.6 Ottogi Co. Ltd
6.3.7 General Mills Inc.
6.3.8 Conagra Brands Inc.
6.3.9 Tideford Organic Foods Limited
6.3.10 Upton's Naturals Co.
6.3.11 WA Baxter & Sons (Holdings) Limited
6.3.12 B&G Foods Holding Corp.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Soups 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. The soup market is segmented into category, product type, packaging type, distribution channel, and geography. Based on variety, the market is segmented into vegetarian and non-vegetarian soups. The market is segmented by product type: canned/preserved, chilled, dehydrated, frozen, instant, and UHT. By packaging, the market is segmented into canned, pouched, and other packaging. The market is segmented into distribution channels: supermarkets/hypermarkets, convenience stores, online, and other distribution channels. By geography, the market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa. The report also offers market size and forecasts for soup products across four major regions. For each segment, the market sizing and forecasts have been provided based on the value in USD million.
| By Type | |
| Canned/Preserved | |
| Chilled | |
| Dehydrated | |
| Frozen | |
| Instant | |
| UHT |
| By Category | |
| Vegetarian Soup | |
| Non-vegetarian Soup |
| By Packaging | |
| Canned | |
| Pouched | |
| Other Packaging |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
| Geography | |||||||||
| |||||||||
| |||||||||
| |||||||||
| |||||||||
|
Soups Market Research FAQs
What is the current Soup Market size?
The Soup Market is projected to register a CAGR of 2.9% during the forecast period (2024-2029)
Who are the key players in Soup Market?
General Mills Inc., The Kraft Heinz Company, The Campbell Soup Company, Nestlé S.A and Unilever Plc are the major companies operating in the Soup Market.
Which is the fastest growing region in Soup Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Soup Market?
In 2024, the North America accounts for the largest market share in Soup Market.
What years does this Soup Market cover?
The report covers the Soup Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Soup Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Soups Industry Report
Statistics for the 2024 Soups market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Soups analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
