Market Size of Soup Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Soups Market Analysis
The soup market is projected to witness a CAGR of 2.9% in the upcoming five years.
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.
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. Furthermore, there has been a significant rise in convenience food products, particularly among middle-to-higher-income consumers. The surge can be attributed to the rising women's workforce and their growing demand for quick and time-saving meal options worldwide. This is set to boost market growth in the forecast period.
