The global soup market size is expected toforesee significant growth by exhibiting a CAGR of 2.79% between 2020 and 2027.Factors such as increasing demand for convenience food products and rapidurbanization is anticipated to propel the market to reach USD 21.0 Billion by2027. Fortune Business Insights, publish this information in its latest report,titled “Soup Market Size, Share & Industry Analysis, By Type (Instant,Dehydrated, Canned, Chilled, and Others), Distribution Channel (Hypermarket/ Supermarket,Convenience Store, Online Retail, and Others), and Regional Forecast, 2020 –2027.” The reports further observes that the market was worth USD 16.12 Billionin 2019.
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Soup is a type of liquid food that istypically served warm or hot that includes combination of several vegetables ormeat along with added water. It is believed that this liquid food is one of theoldest cooking food products. The oldest soup dates back to over 20,000 BC andsince then has evolved in terms of ingredients and taste. Furthermore, it issavored during the frosty winter days as it provides warmth along with healthbenefits. A warm vegetable broth brings in refreshing experience at any giventime of the day. Moreover, it can be prepared quickly, does not require longpreparation hours, and thereby satisfies the hunger pangs instantly.
What does the Report Include?
The market report includes a detailedassessment of the various market drivers and restraints, opportunities, andchallenges that the market will face during the projected horizon. Furthermore,the report provides comprehensive research into the regional developments ofthe market, affecting the market growth during the forecast period. Moreover,the report includes information sourced from the advice of expert professionalsfrom the industry by our research analyst using several research methodologiesfor the market. The competitive landscape offers further detailed insights intothe strategies such as product launches, partnerships, merger and acquisition,and collaborations adopted by the companies to maintain market strongholdbetween 2019 and 2026.
Drivers and Restraints:
Increasing Consumption of ConvenienceFoods to Aid Growth
Increasing density of population andhigh disposable income is driving the demand for convenience food productsacross the globe. The people owing to hectic work life prefer several foodproducts that are ready-to-eat and can be consumed instantly. Additionally,increasing number of women working population is anticipated to bolster thegrowth of the market in the forthcoming years. Furthermore, the manufacturersare innovating their products to cater to the increasing demand of theconsumers. Moreover, growing demand for packaged food products among developedand developing economies will bode well for the growth of the market. Forinstance, according to the Canada Agri-food report, China registered a totalsales value of USD 272, 741 Million in 2019 and is further anticipated to growat a rate of 7%.
Instant Soup that Held 36.78% MarketShare to Exhibit Exponential Growth
The segment Instant Soup (By Type) islikely to witness massive market in the forthcoming years. Additionally, itheld a market share of about 36.78% in 2019 and is expected to grow graduallyowing to increasing preference for ready-to-eat snack among consumers. On theother hand, canned soup is anticipated to hold the second-most leading sharefor the market backed by large-scale penetration of the product in developedregions. For instance, countries such as the U.S. and Germany usually prefercanned soups to chilled and dehydrated soups.
Large Consumer Base in Europe toPromote Growth
Among the regions, Europe is expectedto remain at the forefront and register highest global soup market revenueduring the projected horizon. In addition to this, Europe was worth USD 6.07Billion in 2019 and is likely to grow significantly. This is ascribable tofactors such as presence of large consumer base and high demand for processedfoods in the region. North America, on the other hand, is anticipated to be thesecond-most leading region in the forthcoming years. This is attributable tofactors such as large consumer base that prefers instant food products.
COVID-19 Crisis to Favor Growth
The impact of COVID-19 is anticipatedto bolster the growth of the market. According to Fortune Business Insights,the market will register a high rate of CAGR value in 2020 during the ongoingpandemic situation. The lockdown enforced by several government agencies haveforced the people to remain at home. Several working professional that areworking from home and the students confined to their home space will bode wellfor the growth of the market. The demand for instant food products as asnacking option is contributing to the growth of the market.
Ritzy West End Introducing a $15Takeaway Package to Stimulate Growth
In May 2020, Ritzy West End’s ChefRis Lacoste announced its $15 care packages that is available for delivery andtakeaway in D.C. amid the widespread effects of novel coronavirus. In times ofchaos and hardship, the West End restaurant is offering its care packages thatinclude a salad of the week, fresh baked bread, and pint-sized soups withoutcharging any delivery fees. Like Ritzy’s, there are several others who arehelping the cause to uplift the people who are suffering from devastatingeffects. Furthermore, adoption of strategies such as novel product launch,collaboration, and merger and acquisition by the companies will positivelyaffect the growth of the market between 2020 and 2027.
· January 2020: Clarity Food Ventures LLC introduced its new range ofrefrigerated soupy kits, Soup Explorers. According to the company, the foodproduct involves less preparation time and includes several new flavors such asVietnamese Vegetable Pho, American Chicken Noodle, and Moroccan ChilledCucumber, among others. The introduction of the product is likely to cement itsposition in the global marketplace.
List of the Companies Operating inthe Market:
· The CampbellSoup Company
· Nestlé S.A
· Baxters FoodGroup Limited
· General Mills,Inc
· Conagra Brands,Inc.
· Premier FoodsGroup Limited
· The Kraft HeinzCompany
· HindustanUnilever Limited
· Ottogi Co., Ltd
· AssociatedBritish Foods plc