Market Research Report
Soup Market Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||389902|
Delivery time: 2-3 business days
|Soup Market Growth, Trends, and Forecasts (2020 - 2025)|
|Published: April 1, 2020||Content info:||
Soup market is growing at a CAGR of 2.9% during the forecast period (2019-2024).
The market study of soup is available as canned/preserved, chilled, dehydrated, frozen, instant, and UHT. By packaging, the market is segmented into canned, pouched and others. By distribution channel, the market is segmented as supermarket/hypermarket, convenience stores, online and others. The other distribution channel segment comprises of grocery stores, independent stores, direct selling, mixed retailers, vending and non-grocery specialists.
Instant Soup Dominates the Global Soup Market
The market for instant soup has great potential to grow because of the increase in product offerings like packet soup, natural & tasty soup, quick soup, pouched soup, and others. Moreover, there is a growing consumers preference for instant soup as a snack item. There is also an increase in consumer preference for instant noodles soup, such as cup noodles soup. Companies offering high nutritious ingredients in soups and the growing preference for convenient food are driving the instant soup market. Various companies operating in the segment are coming up with product launches and increasing their product offerings. For instance, Nestle launched a range of six varieties of single-serve soups in instant format.
North America Being the Largest Market for Global Soup Industry
The region's self-sufficient production capabilities have made it a matured market. By product type, 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. The changing perception about soups as a healthier food choice frequently preferred quick meals, and the launch of premium and novel flavors are expected to propel the growth of the North American soup market.
The global soup market is consolidated, particularly with the strong presence of global and regional players who account for about 60% share of the global market. Unilever and Nestle SA are some of the prominent players operating in the market studied, and account for a significant market share. CSC Brands LP is one of the most active companies in terms of product launches. The major strategies adopted by the companies in the global market are - new product launches, agreements/partnerships, expansions, and mergers & acquisitions.