Soup Market - Forecast (2022-2027)
Soup Market size is estimated to reach $3,110 million by 2027, growing at a CAGR of 3.2% during the forecast period 2022-2027. Soup is a principally liquid food, typically served warm, hot or cold that is prepared by integrating constituents of meat or vegetables with stock, milk or water. Hot soups are represented by boiling solid constituents in liquids in a pot until the flavors are extracted, building a broth. It is a good appetizer and the first course of the supper. Soup can be prepared with a number of constituents, including vegetables, meat, water, juice and other liquids. It includes a range of health-promoting foods, like meat, lentils or beans, as well as vegetables, making it a rich source of vitamins, minerals and nutrients. To thicken soups and broths, rice, lentils, wheat and grains are typically utilized. Numerous recognized Soups also involve pumpkin, carrots and potatoes. Soup is good for preventing stomach infections, increasing immunity and maintaining appropriate digestion. Meat extract is a typical flavoring additive for soups where meat flavoring enhances the products. Bouillon cubes help to add spices in soups and are mostly used in non-vegetarian soups. Soup or liquid food is prepared by cooking meat, poultry, fish, legumes or vegetables with seasonings in water, stock, milk or some other liquid medium. Soup is rich in vitamins, minerals and fiber, while being low in calories and fat. It enhances digestion, bone strength and cardiovascular function. It also helps with the typical cold and flu, as well as osteoarthritis and weight reduction. Soups are typically preserved and packaged in cans, bottles and pouches, and are enjoyed as a snack or quick meal by people of all ages. Chilled, preserved, dehydrated, frozen and ultra-high temperature (UHT) versions are also available. Instant noodle soups like Cup Noodles include dried instant ramen noodles, dehydrated vegetable and meat products and seasonings and are made by including hot water. The soup industry includes products like canned or packaged wet soup, dry soup and dry bouillon and microwaveable soups.
The soaring varieties of liquid foods including soups, intake of health and wellness products and active promotions by market players are set to drive the Soup Market. The surging awareness regarding the health advantages of soups coupled with the heightening demand for healthier food products by consumers worldwide is set to propel the growth of the Soup Industry during the forecast period 2022-2027. This represents the Soup Industry Outlook.
Soup Market Report Coverage
The “Soup Market Report - Forecast (2022-2027)" by Industry ARC, covers an in-depth analysis of the following segments in the Soup Market.
Key Takeaways
- Geographically, North America (Soup Market share) accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027. This is attributed to the switching perceptions of soups as a healthy food selection and a soaring inclination towards soups which are liquid foods as a quick supper, as well as the introduction of premium, clean-label, and creative tastes amidst consumers in the North American region.
- Soup Market growth is being driven by the surging demand for Instant noodle, dehydrated and UHT soups worldwide owing to their effortless preparation and the heightening consumer demand for such products, fueled by more hectic lifestyles However, the growing health issues owing to the excessive consumption of corn starch present in soups are some of the major factors hampering the growth of the Soup Market.
- Soup Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Soup Market report.
Soup Market Segment Analysis - By Category
The Soup Market based on category can be further segmented into Vegetarian Soup and Non-Vegetarian Soup. The Non-Vegetarian Soup Segment held the largest Soup market share in 2021. This growth is owing to the surging intake of non-vegetarian soups which are liquid foods and find a place in the most recognized list of soups worldwide. The extensive population of non-vegetarians across the world is backing the intake of non-vegetarian soups. The surging consumption of meat amidst the population is driving manufacturers to focus on developing chicken soups with an assortment of flavors which is fueling the growth of the Non-Vegetarian Soup Segment. Chicken soup is extensively consumed owing to its benefits like its economical price and ease of preparation together with health advantages like being good for the bones. Meat extract is a typical flavoring additive for soups The effortless and soaring accessibility of different kinds of non-vegetarian soups in varied grocery stores is further contributing to the growth of the Non-Vegetarian Soup segment.
Furthermore, the Vegetarian Soup segment is estimated to grow with the fastest CAGR of 3.7% during the forecast period 2022-2027 owing to the emerging vegetarian and vegan population partaking vegetarian soups. The benefits of vegetable soups like playing a vital role in decreasing weight, encouraging good sleep and keeping up complete health performance are driving the growth of the Vegetarian segment. There are numerous distinct vegetable soups accessible like carrot soup, cauliflower soup and more. Vegetable soups are available in all types of restaurants. The effortless availability of ready to eat vegetarian soups including instant noodle soups and the soaring health consciousness of consumers amidst the COVID-19 pandemic impelling consumers worldwide towards plant-based vegetarian options are further fueling the hrowth of this segment.
Soup Market Segment Analysis - By Distribution Channel
The Soup Market based on distribution channel can be further segmented into Supermarkets/Hypermarkets, Convenience Stores, Online Retail Stores and Others. The Supermarkets/Hypermarkets Segment held the largest Soup Market share in 2021. This growth is owing to different factors like increased consumer preference towards ready-to-eat and convenience products resulting in greater purchases of instant noodle soups and the effortless accessibility of packaged soups in bulk in supermarkets. There are many kinds and brands of bouillon cubes with at least one brand of bouillon cubes being available in supermarkets. Meat extract is principally accessible in concentrated liquid and powder forms. The powerful growth of the retail sector in the developed and developing countries is further propelling the growth of this segment.
Furthermore, the Online Stores segment is estimated to grow with the fastest CAGR of 3.9% during the forecast period 2022-2027 owing to the heightening inclination of consumers towards online purchases largely attributed to the lack of time to visit shops with their busy schedules. In the present day technological era, consumers are increasingly opting for online channels to buy an assortment of products. The effortless availability of instant noodle soups and bone broths offered by different brands at discounted rates and with home delivery options online at just a click of a button is further fueling the growth of this segment.
Soup Market Segment Analysis - By Geography
The Soup Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America and Rest of the World. North America (Soup Market) held the largest Soup Market share with 47% of the overall market in 2021. This growth is owing to the altering impression regarding soups which may use meat extracts as a healthier food selection and surging inclination towards soup as a quick meal, backed by the introduction of premium, clean-label and new flavors in the North American region, The increasingly busy lifestyle of people in nations like the U.S. and Canada, where people prefer ready-to-go meals and chicken broth, is a major factor driving the rise of the North American Soup Market. Additionally, producers' innovation in soup products in accordance with current snacking trends, as well as stocking the proper soup variety for their clients, are driving sales in these countries. In September 2020, Gardein, a brand of Conagra Brands, Inc. planned to take its collection of plant-based meat substitutes from the freezer case to the soup avenue with the launch of five novel Gardein Soups, the earliest-ever line-up of soups featuring plant-based meat substitutes. The increased obesity rates and increased health-awareness initiatives driving the demand for packaged soups made with natural and fresh ingredients together with greater demand for canned soups are further propelling the growth of the Soup Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like the surging westernization in countries like India, China, Thailand and Bangladesh in the Asia-Pacific region. The boost in spending on Asian Chicken Broth and meat extracts together with the soaring demand for canned and dried soup products is further fueling the growth of the Soup Industry in the Asia-Pacific region.
Soup Market Drivers
The Rising Demand for Ready-to-Eat Food Products among Consumers is Propelling the Growth of the Soup Market:
Presently, the demand for ready-to-eat food is increasing among consumers and mostly the millennials are greatly influenced by ready-to-eat food. Fritters, pizzas, sandwiches, burgers and French fries all benefit from the inclusion of soup. Consumers' changing lifestyles, increased spending capacity and changed nutritional choices are all contributing to market expansion. Recently, people are busy in their life and they always prefer products which can be consumed easily without preparation. Owing to the increasing working population and hectic schedules, the consumption of readily available and convenience food products has surged, thereby positively impacting the demand for liquid foods, like soup. The canned, bottled and pouch packaging of soup also adds to the convenience, thereby increasing its overall demand. Furthermore, the increasing use of soup in the food and beverages industry by cafes, fast-food service restaurants, hotels and others is propelling the growth of the Soup Market. As per the ready to eat food statistics mentioned on soocial.com, in 2020, nearly 36% of Americans partook ready-to-eat meals. Non-vegetarian ready-to-eat wet soups are being greatly consumed across the world. Bouillon cubes and soup starters go together. The rising demand for ready to eat food products including instant noodle soups among consumers is further propelling the growth of the Soup Market during the forecast period 2022-2027.
The Growing Consciousness Regarding Health is Fueling the Growth of the Soup Industry:
The growing health consciousness of the general public has resulted in an increase in demand for healthier and organic liquid food including soup made with natural ingredients. Consumer preference is rapidly turning towards local brands that use non-GMO, insecticide-free, pesticide-free constituents including tomatoes. Organic food gives consumers the assurance that toxic pesticides, synthetic fertilizers and genetically modified organisms (GMOs) are not used in food production and the livestock has not been given antibiotics or growth hormones. Moreover, organic food also ensures that strict organic cultivation standards have been adhered to with respect to impact on soil, water and air to support environmental protection. Tomato concentrate, which is created from a blend of red ripe organic tomatoes, distilled vinegar, naturally-sourced sugar, salt, onion powder, spices and flavorings, is also used to make organic soup. These versions are richer in nutritional value and are also better for the environment. They are free of artificial chemicals and preservatives. During the COVID 19 pandemic, the demand for organic food went up as consumers perceived them as being healthier and good for immunity. Owing to such factors, manufacturers use pure and organic products to make a healthy soup. For a Serving Size of 1 cup (245g) of Amy's Organic Soups, the total calories is 180 and the calories from fat is 45 (25%). GoBio Organics has developed organic bouillon cubes which are NON-GMO and gluten-free. The growing consciousness regarding health is therefore fueling the growth of the Soup Industry. thereby contributing to the Soup Industry Outlook during the forecast period 2022-2027.
Soup Market Challenges
Health Issues Risked by Consuming Canned Soups are Hampering the Growth of the Soup Market:
Numerous canned soups are very high in sodium. For example, one commercial brand of chicken noodle and vegetable soup includes 890 milligrams of sodium per 1/2 cup condensed serving. Canned soup is nutrition less owing to the high temperatures and pressures needed at the time of processing. Possibly the most worrisome issue of all is that nearly all brands of canned food, except for a very few organic ones, include the endocrine disruptor bisphenol A. This chemical, better recognized as BPA, is portion of the can lining. It is a byproduct of the chemicals utilized to avoid corrosion. Those that do not include BPA include a very similar chemical termed as BPS, which is just as hazardous. Bisphenol A, more typically recognized as BPA, is a toxic, petroleum-derived chemical utilized in the manufacturing of polycarbonate plastic. Bisphenol A (BPA) and bisphenol S (BPS) are chemicals that are typically discovered in plastics, food and beverage can linings, and other consumer products. BPA and BPS are an enormous issue for children owing to their being linked to massive hormone disruption with the severe issue of early puberty, ADHD, obesity and Type 2 diabetes. Consumers need to protect themselves from these chemicals through a change of habits and not just a change of brands. These issues are restraining the growth of the Soup Market.
Soup Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Soup Market. The top 10 companies in the Soup Market are:
- Campbell Soup
- Unilever PLC
- General Mills Inc.
- Nestle S.A.
- The Kraft Heinz Company
- B&G Foods Inc.
- The Hain Celestial Group Inc.
- Conagra
- Ottogi Corporation
- Premier Foods Group Limited
Recent Developments
- In December 2021, Campbell Soup Company held an Investor Day where members of the Campbell management team inspected the firm’s advantaged position in big and burgeoning consumer categories and introduced the next phase of its strategy to unlock its complete growth potential. At the time of the event, executive leadership shared the considerable progress of Campbell’s transformation over the past three years. They laid out the next phase of its strategic plan, involving a novel long-term growth algorithm to grow shareholder value.
- In August 2021, Pacific Foods, a subsidiary of the Campbell Soup Co., doubled down on plant-based innovation with the launch of Creamy Oat Milk Soups and Creamy Plant-Based Broths. Both novel product lines are USDA certified organic, vegan and prepared with sustainably sourced constituents. The Creamy Oat Milk Soups are the first-to-market oat milk-based soups, as per the firm.
- In January 2020, Mondi collaborated with Unilever to convey innovative novel polypropylene (PP) mono-material solution in Turkey for its Knorr dry soup powder range. Unilever solicited Mondi Kalenobel in January 2018 with the challenge of substituting a multi material laminate, with a recyclable mono-material film substitute. The novel packaging conserves the shelf-life of the food product and does not effect the reusability on the production machines. This concludes the Soup Industry Outlook.
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