Pune, India, May 13, 2021 (GLOBE NEWSWIRE) — The global soup market size is projected to reach USD 21.0 billion by 2027, exhibiting a CAGR of 2.79% during the forecast period. Soup is exceptionally nutritious and serves several health benefits. Several factors like increasing the working population, increasing personal disposable income, etc., are aiding the market growth. Fortune Business Insights™ has presented this information in an upcoming report titled, “Soup Market, 2020-2027”. The market size stood at USD 16.12 billion in 2019.
The market is gaining extreme traction due to several reasons. For instance, the launch of new and exotic flavored soups by prominent manufacturers will fuel the soup market growth. Ingredients like pulses, meats, or vegetables extend the reach to different groups of consumers and ultimately benefit the market.
List of the Leading Companies Profiled in the Global Soup Market are:
- The Campbell Soup Company
- Nestle S.A.
- Baxters Food Group Limited
- General Mills Inc.
- Conagra Brands Inc.
- Premier Foods Group Limited
- The Kraft Heinz Company
- Hindustan Unilever Limited
- Ottogi Co. Ltd.
- Associated British Food PLC
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The global pandemic has plummeted the growth of various industries and markets. However, the food and beverage market has witnessed a swift rise in demand as people store essential food products. A prominent demand from the working population and students has boosted the sales of processed food products like soups. Due to the dynamic government measures like lockdowns, curfews, etc., to curb the virus transmission, panic buying amongst consumers caused them to buy food products that have a longer shelf life, are healthy, and are easy to consume. The pandemic in this way has stimulated the soup market’s growth.
Based on type, the market is classified into instant, dehydrated, canned, chilled, etc. Based on the distribution channel, the market segments into online retail, convenience stores, supermarket/hypermarket, etc. Geographically, the global market is categorized into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
The report is based on historical data and provides quantitative and qualitative insights into the prospected market. The report offers a detailed analysis of the effects of the COVID-19 pandemic on the market. The report encompasses PESTLE Analysis and Porters’ Five Forces Analysis for an infallible prediction of the prospected market. The report offers a detailed analysis of the market’s size, types, utility, distribution channels, and growth rate. The report also accompanies a strategic analysis of the market’s supply and demand. The report also provides a detailed analysis of the competitive landscape of the prospected market, including the information on rankings of key players, key market trends, recent industry developments, etc., that are contributing to the market’s growth.
Browse Detailed Summary of Research Report with TOC:
Drivers & Restraints:
Growing Vegan Population to Augment Market Growth
Soup is considered to be one of the healthiest foods that can be digested easily. They are available in a variety of flavors and combinations. The growing population is adopting vegetarianism and veganism to minimize animal cruelty and their carbon footprint. This has created new opportunities, as the demand for healthy vegetable soups is constantly rising. Vegan Society Organization estimates that approximately 25% of the world population will account for vegan meat replacement consumption by 2040.
New product launches are expected to fuel the market growth. The changing preferences towards the consumption of healthy and instant food products are encouraging manufacturers to launch new varieties and flavors. For instance, the new RTD chilled soups range by Sonoma Brands in June 2018 created a spur in market growth due to its zero sodium content.
However, the rising consciousness regarding the food’s contents is expected to hinder the market growth. The health problems caused by the added preservatives and consistent consumption of corn starch and salt are also likely to impede the market growth.
Europe’s Enormous Consumer Base to Boost Market Growth
A large consumer base present in Europe is expected to significantly boost the market growth in Europe. Countries like Russia and the U.K. are top consumers of soup. The relatively high consumption of processed food in these countries, compared to other countries, is expected to promote market growth. Constant product launches are expected to boost dehydrated soups consumption in the region.
The constantly growing working population and the work from home regime propelled by the global pandemic are expected to increase Europe’s market growth. The aforementioned factors will further boost the market in Europe during the forecast period.
An increasingly busy lifestyle and a presence of a large consumer base are anticipated to help North America rank second in market growth. With the U.S. as the largest regional consumer, the soup market share is expected to amplify consistently.
The rising population in countries like India and China is expected to augment market growth in Asia Pacific. Japan constitutes the second-largest marketplace globally. Consumption of broths and soups in the daily diet in Japan is expected to considerably stimulate regional growth.
The global soup market is highly competitive and comprises numerous regional and international players. These players adopt various strategies like launching new products through continuous research and development for innovative flavors and ingredients. For instance, Rao’s Homemade launched six new soups in July 2019, creating a new segment for premium soups.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Supply Chain & Regulatory Analysis
- Global Soup Trade Analysis
- Recent Industry Developments – Policies, Partnerships, New Type Launches, and Mergers & Acquisitions
- Global Soup Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- By Distribution Channel
- Convenience Stores
- Online Retail
- By Region
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Type
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Key Industry Developments-
January 2020: Clarity Food Ventures LLC launched a new range of refrigerated soupy kits. Branded as Soup Explorers, it can be prepared within 3 minutes.
January 2020: Unilever PLC launched a recyclable polypropylene (PP) mono-material for Knorr’s dry soup powder.
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Soups and Sauces Market Size, Share & Industry Analysis, By Packaging (Canned, Packets), By Product Type (Soups (Wet, Dehydrated, Dry, Frozen, Instant) Sauces (Table Sauces, Cooking Sauces)Others), By End Use (Food Manufacturers, Food Service Providers, Household), By Distribution Channel (B2B, B2C) Others and Regional Forecast, 2021-2028
Condiments Market Size, Share And Global Trend By Product Type (Sauces & Ketchup, Spices, Dressings, Pastes), By Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Convenience Stores, Online Stores), And Geography Forecast Till 2021-2028
Hot Sauce Market Size, Share and Industry Analysis By Type (Tabasco Sauce, Habanero Sauce, Jalapeño Sauce, Sweet and Spicy Sauce), By Distribution Channel (Mass Merchandisers, Specialist Retailers, Convenience Stores, Online Retail), and Regional Forecast 2019 – 2026
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