Global Soup Market - 2023-2030

Market Overview

Global Soup Market US$ 10.1 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 13.2 billion by 2030. The market is growing at a CAGR of 3.5% during the forecast period 2023-2030.

The rise of plant-based diets and the growing interest in vegan and vegetarian lifestyles have influenced the soup market. Consumers are looking for soup options that are free from animal products and offer plant-based protein alternatives such as legumes, tofu, and plant-based meat substitutes. Busy lifestyles and the need for quick and convenient meal solutions have driven the demand for convenient soup options. Ready-to-eat and single-serve soups that can be easily prepared and consumed on the go are seeing growth.

Consumers are increasingly seeking soups that align with their health and wellness goals. There is a growing surge in the demand for soups crafted from natural, organic, and clean-label ingredients. Additionally, soups that are low in sodium, fat, and calories, while being rich in nutrients and dietary fiber, have been experiencing a rise in popularity.

Market Dynamics

Growing Demand for Convenience and Ready-to-Cook Food Fuels the Soup Market Growth

Modern consumers often have busy and fast-paced lifestyles, leaving them with limited time for meal preparation. According to a study on the ready-to-eat food sector by the Indian Institute for Technology and Management, ready-to-eat food is consumed by 65% of people, and 75% of consumers like it since it saves them time. Ready-to-cook soups provide a convenient and time-saving solution for individuals and families who want a quick and easy meal option without compromising on taste or nutrition.

The market for soups provides an extensive selection of convenient, pre-prepared choices, encompassing diverse flavor profiles, and ingredient combinations, and catering to a range of dietary preferences. Consumers have the freedom to explore an assortment of soup categories, including vegetable, chicken, beef, or seafood-based options. Furthermore, they can discover products tailored to meet specific dietary considerations, such as gluten-free, vegetarian, or vegan alternatives. This broad range empowers individuals to discover soups that perfectly match their personal tastes and dietary needs.

Flavor Exploration and Ethnic Cuisines are Driving the Market Growth of Soup

Consumers today are increasingly open to new and diverse flavors. They are seeking unique taste experiences and have become more adventurous in their culinary choices. Consequently, this shift has triggered an upsurge in the market demand for soups infused with flavors derived from an array of ethnic cuisines, including Thai, Indian, Mexican, Japanese, and Middle Eastern inspirations. By offering a wide range of flavorful options, soup manufacturers can cater to these evolving palate preferences.

As the world becomes more interconnected and influenced by diverse cultures, individuals are being introduced to a variety of international cuisines and their distinct flavors. This exposure sparked a sense of curiosity and an eagerness to delve into these culinary realms, even within the comfort of their own homes. Soups provide an accessible and convenient way for consumers to experience and enjoy the authentic taste profiles of different ethnic cuisines without the need for extensive cooking skills or complex ingredients.

Perception of High Sodium Content Hamper the Market Growth

Many soups, particularly canned or processed varieties, are high in sodium. Sodium is often used as a flavor enhancer and preservative in packaged soups to enhance taste and extend shelf life. High sodium consumption has been linked to various health concerns, including hypertension and cardiovascular diseases. As consumers become increasingly health-conscious, they are paying more attention to their sodium intake. This can lead to a decline in demand for such products and negatively impact market growth.

Public awareness campaigns and educational initiatives have highlighted the potential health risks associated with excessive sodium consumption. As a result, there is a general perception that canned or processed soups are high in sodium. This perception can contribute to a negative image of packaged soups, leading to consumer doubt and hesitancy in their purchasing decisions.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global soup market is segmented based on product type, packaging, distribution channel, and region.

Convenience of Instant Soups Boosts the Segment Growth

Based on product type, the soup market is classified into canned/preserved soup, chilled soup, dehydrated soup, frozen soup, instant soup, others.

In 2022, instant soup have a high share in the ready meals market for several reasons. Instant soup has gained widespread popularity owing to its convenience and ease of preparation. It typically comes in a dehydrated or freeze-dried form, allowing consumers to quickly prepare a hot bowl of soup by simply adding hot water. This convenience factor makes instant soup a popular choice for people seeking a quick and easy meal or snack.

Furthermore, instant soup brands often offer a wide variety of flavors and options, catering to different taste preferences and dietary needs. This variety and adaptability make manufacturers launch a variety of instant noodles. For instance, in March 2023, Z Natural declared the launch of its new Instant Chicken Bone Broth Soup Base Powder. Hence, convenience and product offerings are contributing to the popularity of instant soups.

Geographical Analysis

Culinary Tradition in Europe

Soup has been a staple in European cuisine for centuries. Many European countries have rich culinary traditions that include a wide variety of soups. Countries like France, Italy, Spain, and Germany are known for their diverse and flavorful soups, which have gained widespread appreciation both domestically and globally.

Convenient and time-saving, ready-to-eat and pre-packaged soups, encompassing canned and instant varieties, have gained traction due to their ease of preparation and long shelf life. These options offer consumers a quick and convenient solution for a warm and satisfying meal. In January 2023, Heinz UK launched vegan versions of two of its most popular canned products such as creamy tomato soup and beanz & sausages.

Competitive Landscape

The major global players include: Unilever, General Mills Inc., The Kraft Heinz Company, The Campbell Soup Company, Nestle S.A., Ottogi Co., Ltd, Premier Foods Group Limited, Conagra Brands, Inc., Baxters Food Group Limited and Associated British Foods PLC.

Why Purchase the Report?

• To visualize the global soup market segmentation based on product type, packaging, distribution channel, and region understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of ready-to-eat food market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Global Ready-To-Eat Food Market Report Would Provide Approximately 61 Tables, 61 Figures And 151 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies