Soups Market Research Report - Forecast to 2027

Soups Market Research Report - Forecast to 2027

ID: MRFR/F-B & N/1314-CR | February 2021 | Region: Global | 147 pages

Impact of COVID-19 Outbreak on the Global Soups Market

The degrees of the impact of the pandemic vary from country to country. Through powerful containment measures, a few countries are reviving their economies by enforcing measures to withstand growth. The number of recent instances has plateaued or is declining in other countries. Therefore, many countries are debating the next right step for reopening their economies. Some nations are at the peak of the infection, and for that, they are taking urgent measures to fight the surge ability in their health systems. All countries are deploying measures such as physical distancing, limiting travel, encouraging the use of personal protective equipment, and increasing the number of centers for checking out and tracing. This pandemic situation has been affecting the commodity market in many ways. The demand for essential commodities, including soups, has been increasing in multiples.

Soups include ingredients such as vegetables and meat, which are considered to provide several health benefits and prevent indigestion. Such health benefits offered by soups are attracting a large population of health-conscious consumers across the globe. Additionally, the consumption of soup increases immunity as it contains vegetables and meat.

According to MRFR analysis, the demand for soups is anticipated to increase amid the COVID-19 pandemic and for the next couple of months. However, owing to the worldwide lockdown, the overall food industry is facing a shortage of adequate labor and shut down of raw material sourcing plants. As per the Center for Strategic & International Studies (CSIS), as of April 22, an estimated 13 major meatpacking facilities had shut down their operations owing to the coronavirus infections among the workers. This is expected to impact the soups market as meat is one of the raw materials apart from the vegetables used in the production of soups.

In response to the pandemic, consumers are put under lockdown with several states imposing stay-at-home orders. This is rapidly accelerating the transition to e-commerce. Online shopping is experiencing substantial growth over the past few years, with grocery to be the least contributing category. However, in this current situation, the grocery category accounts for the largest share in the e-commerce orders. There is a surge in the average daily downloads for popular digital grocery apps such as Instacart, Walmart Grocery, and Shipt in a month. Households that are relying on home delivery through online grocery shopping during the pandemic are likely to continue with the service then after. 

As a result of stockpiling, retailers are running out of stock, and the grocery shelves for popular items sit empty. This erodes consumer brand preference, which is putting forward the products of small regional players in market consumption. It will take time for the top market players to fill the demand-supply gap, which can be a game-changer for local and new brands of soups in the global market.

Table of Content

  • Impact of COVID-19 on the market

    • Impact on raw material availability

    • Impact on supply chain

    • Impact on product pricing

    • Impact on store-based vs online sales

    • Impact on buying decision of customers/consumers

    • Impact on end-use industries