|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The soup market is projected to witness a CAGR of 2.9% during the forecast period (2022 - 2027).
Due to stringent lockdowns and social distancing, sales of soups, especially ready-to-eat soups, experienced a significant decline in the first quarter of the pandemic. Nevertheless, sales increased in the second half of 2020, with consumers buying more simple and healthier food alternatives. For instance, Campbell Soup Company's revenue increased by around 7% in 2020 than the previous year.
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. 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.
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 soup market is segmented into category, product type, packaging type, distribution channel, and geography. Based on category, the market is segmented into vegetarian and non-vegetarian soups. By product type, the market is segmented into canned/preserved, chilled, dehydrated, frozen, instant, 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. 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
Increasing Demand for Convenience Food
The changing lifestyle caters to the increasing demand for convenience food. The convenience of soups, which are 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 packaging formats that are 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. In 2020, Clarity Food Ventures LLC launched a new line of refrigerated soupy kits. These soups can be conveniently prepared in less than three minutes and are available in several flavors.
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North America Holds Prominent Share
The changing perception about 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 the sales in these countries. For instance, in 2020, Gardein launched five new varieties of soups prepared from plant-based meat alternatives, made with 100% vegan ingredients.
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The 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, Nestle SA, and The Kraft Heinz Company, who hold a major share of the market, 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 in order to expand their presence and maintain their position in the market.
In 2021, Campbell Soup Company subsidiary, Pacific Foods, extended its product line by adding plant-based soups and broths. The Creamy Oat Milk Soups and Creamy Plant-based Broths come in different flavors and are completely vegan and organic, certified by the United States Department of Agriculture.
In 2021, Campbell Soup Company extended its Classic chicken noodle soup product line by launching Chunky chicken noodle soup. This new product contains chicken, along with antibiotics and vegetables.
In 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.
Table of Contents
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
5.2 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
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.5.4 South America
220.127.116.11 Rest of South America
5.5.5 Middle East & Africa
18.104.22.168 South Africa
22.214.171.124 Saudi Arabia
126.96.36.199 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 WA Baxter & Sons (Holdings) Limited
6.4.10 B&G Foods Holding Corp.
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 - 2027.
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 2021.
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.