|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
aThe global soup market is estimated to register a CAGR of 2.9% during the forecast period (2021 - 2026).
Due to stringent lockdowns and social distancing, sales of ready-to-eat soups experienced a significant decline in the first quarter of 2020. However, sales increased in the second half of 2020, with consumers panic buying and hoarding several food products irrespective of the brand.
Over the medium term, 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 in North America, which accounts for a significant share in the global market.
Instant, dehydrated, and UHT soups are expected to dominate the soup market in the forecast period due to their ease of preparation and the increasing consumer demand for such products, driven by busier lifestyles.
The high market dominance of the key players is due to their high expenditure on promotional and other marketing activities. In addition, companies also gain a competitive advantage by increasing their focus on brand recognition strategies and improving product taste and quality.
Scope of the Report
''Soup'' refers to commercially available soups, including instant soups available in the retail market. The market study of soup is available by category as vegetarian and non-vegetarian soups. By product type, the market is segmented into canned/preserved, chilled, dehydrated, frozen, and UHT. By packaging, the market is segmented into canned, pouched, and other packaging. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online, and other distribution channels. The other distribution channels segment mainly comprises grocery stores, independent stores, direct selling, mixed retailers, vending, and non-grocery specialist stores. 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 on the basis of value in USD million.
|By Distribution Channel|
|Online Retail Stores|
|Other Distribution Channels|
Key Market Trends
Vegetarian and Instant Soup Dominate the Soup Market
The market for instant and vegetarian soup has excellent potential to grow because of an increase in convenient product offerings such as packaged soup, ready-to-eat soup, natural soup, quick soup, and pouched soup. Moreover, there is an increasing preference among consumers for instant soup as a snack item due to the growing demand for vegan and vegetarian snack items in convenient formats. Therefore, the convenience and the vegan factors of instant noodles are driving the instant soup segment. Hence, companies are offering highly nutritious ingredients in soups.
Moreover, due to busier lifestyles and the increased demand for convenience food, companies are increasingly coming up with packaging formats convenient 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.
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North America Remains the Leading Market in the Soup Industry
The changing perception about soups as a healthier food choice and preference towards 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. In the product type segment, the canned soup segment holds the largest market share, followed by the instant and dehydrated soup segments. 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 the sales in these countries. For instance, in 2019, Safe Catch, a clean-label seafood company, launched a new brand, Safe Harvest, in the United States, offering a slate of soups made with clean ingredients and packed in reusable glass jars, and transparency in both packaging and ingredient origin.
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The global soup market is highly competitive due to the presence of numerous international and regional players. The market has prominent players, such as Campbell Soup Company, Unilever, General Mills, and Kraft Heinz. 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 favors and ingredients in line with consumer needs in order to expand their presence and maintain their position in the market.
- In January 2020, Unilever PLC launched recyclable polypropylene (PP) mono-material in Turkey for Knorr dry soup powder, produced at Mondi’s flexible packaging plant in Kalenobel, Turkey.
- In July 2019, Rao’s Homemade®, a leading producer of premium pasta sauces, launched six new soup products with real ingredients and no artificial flavors or colors. Packaged in clear glass jars, Rao’s soups stand out in a sea of aluminum cans, creating a new segment for shelf-stable, ready-to-serve, premium soup.
- In February 2019, Safe Catch, a clean-label seafood company, launched a new brand, Safe Harvest, offering a slate of soups made with clean ingredients packed in reusable glass jars, with transparency in both packaging and ingredient origin.
Table of Contents
1.1 Study Deliverables and Study Assumptions
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 soup
5.1.2 Chilled soup
5.1.3 Dehydrated soup
5.1.4 Frozen soup
5.1.5 UHT soup
5.2 By Category
5.2.1 Vegetarian Soup
5.2.2 Non-vegetarian Soup
5.3 By Packaging
5.3.3 Other Packaging
5.4 By Distribution Channel
5.4.2 Convenience Stores
5.4.3 Online Retail Stores
5.4.4 Other Distribution Channels
5.5.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.5.4 South America
18.104.22.168 Rest of South America
5.5.5 Middle East & Africa
22.214.171.124 South Africa
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 The Campbell Soup Company
6.4.3 Nestlé SA
6.4.4 The Kraft Heinz Company
6.4.5 Premier Foods Group Limited
6.4.6 Ottogi Co. Ltd
6.4.7 General Mills Inc.
6.4.8 Conagra Brands Inc.
6.4.9 Baxters Food Group Limited
6.4.10 Bear Creek Country Kitchens LLC
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Soup Market market is studied from 2016 - 2026.
What is the growth rate of Soup Market?
The Soup Market is growing at a CAGR of 2.9% over the next 5 years.
Which region has highest growth rate in Soup Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Soup Market?
North America holds highest share in 2020.
Who are the key players in Soup Market?
Unilever, General Mills Inc., The Kraft Heinz Company, The Campbell Soup Company, Nestlé S.A are the major companies operating in Soup Market.