Market Size of Africa Soup Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.98 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Africa Soup Market Analysis
Africa's soup market was valued at USD 376.5 Million for the current year and is projected to register a CAGR of 3.98% over the next five years.
- The increasing health consciousness and growing demand for convenience foods are the major factors driving the African soup market's growth. Factors such as high availability, lesser cooking time, travel-friendly, and good shelf life are added advantages in the soup market. Innovation in terms of wider flavor offerings and more convenient packaging is expected to drive the African market's growth over the forecast period.
- 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 ultra-high temperature (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.
- Furthermore, the coronavirus pandemic was a major driving force encouraging consumers to shift to consuming convenience foods, such as canned soups, as lockdowns impacted the supply of fresh food. The importance of long-shelf-life food was paramount during the early months of the pandemic, during which governments around the world implemented quarantines and lockdowns to curb the spread of the virus.
- 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. This is set to boost market growth in the forecast period.
