Soup Market is expected to grow USD 19,655.9 million of during the forecast period, says market research future (MRFR). Soup is a generic term that encompasses all commercially accessible soups, including instant soups sold in the retail market. Over the medium term, expanding product types, increased consumption of health and wellness products, and aggressive marketing by market participants are likely to drive the soup market's growth. The evolving lifestyle is in response to the growing desire for convenient foods. Soups' convenience, as healthier and tastier meal options, complements consumers' fast-paced lifestyles. Additionally, as demand for convenience food grows, corporations are increasingly developing packaging designs that are both convenient to consume and dispose of. Additionally, the increased demand for healthier food products is likely to drive growth in the soup market. Instant, dehydrated, and ultra-high-temperature soups are likely to dominate the soup market during the forecast period, owing to their convenience of preparation and rising consumer demand for such products, owing to busier lifestyles.
Due to strict lockdowns and social isolation, soup sales, particularly ready-to-eat soups, decreased significantly in the first quarter of the epidemic. Nonetheless, sales climbed in the second half of 2020, as people sought out more straightforward and better food options.
COVID-19 Analysis of Soups Market:
The global pandemic has affected human lives to a great extent. Loss of human life, loss of political, social, and economic strength of the countries, business losses, were primary amidst the COVID-19 pandemic crisis. Indefinite lockdowns state-wise and country-wise were the prominent reason for the crisis. Although many industries facing the wrath of the pandemic, the food and beverage industry saw high demand. Since people were not sure about the end of the pandemic, availability of necessities, etc. they started panic buying of food products involving consumables that have longer shelf lives, healthy food items, household staples, fruits, vegetables, flour, eggs, frozen food products, whole grains, and other items. Although go to grocery and convenience stores witnessed a loss of market, online selling witnessed a boom. With the changing consumer behavior and shift towards online stores, business manufactures are slowly progressing towards this dynamic shift. The soup industry is expected to gain profit during the forecast period.
Soups Market Dynamics:
- Highly nutritious value
- Several health benefits
- Easily digested ingredients like green vegetables, beans, lentils, tomatoes, mushrooms, meat, and rough soups are rich in vitamins, proteins, and minerals
- Inclination towards processed food items and convenience food items
- Immunity boosting energy
- Prevent stomach infection
- Ready to make raw soup powder
- Highly advertising strategies by manufactures
- Discounted price to attract more crowd
- Introduction of new, innovative, and exotic flavors by various soup manufactures
- Innovative and flexible packaging for small-scale usage
- Awareness amongst people to adopt a healthy lifestyle which includes switching to a soup diet from a complete meal.
- Introduction of on-trade and online stores
- Business opponents showing interest in mergers and acquisitions to expand their business.
- Canned products that are high in preservatives
- High sugar content and salt content
- Health-conscious people switching to freshly cooked meals
- Dynamically changing cost of raw materials
Technology Analysis of Soups Market:
With the introduction of new, innovative, and exotic flavors by various soup manufacturers the soup market is on the rise. Since most of the working population is inclined towards processed food items and convenience food items, the supply and demand of the soup market are likely to rise across the world. Innovative and flexible packaging for small-scale usage has boosted the soup market because they offer small servings for offices, schools, take away, and order-in. Soup is generally classified as a hot liquid that serves as a whole food including ingredients like green vegetables, beans, lentils, tomatoes, mushrooms, meat, and rough soups are rich in vitamins, proteins, and minerals. Because of less heavy and complex items that compile to form soup, it is said to be one of the healthiest foods which are easily digested. Soups provide immunity-boosting energy and are also helpful to prevent stomach infection when one feels sick. The great and healthy digestive properties a soup carries have attracted many health-conscious people to switch to a soup diet. Most people prefer fresh cooked meals or soups over canned food and soups, pointing to the quality and nutrients the fresh food offers. This fact might hamper the canned soup market. Canned products generally have preservatives, high sugar content and salt content also serves are an inconvenience to the market concerning human health.
Study Objectives of Soups Market:
The global soups market study objectives are:
- Provide a brief analysis on Soups Market trends, value, share, and volume.
- Impact of COVID-19 virus on the soup industry.
- Factors responsible for the market growth and the challenges faced by the industry.
- Segmentation, technological analysis, and regional segmentation including key market players.
- Strategical analysis of industry’s supply and demand.
Soups Market Segment Overview:
Soups Market Regional Analysis:
The global Soups Market is segmented by region as Asia Pacific (China, Japan, Malaysia, Indonesia, Australia, The Philippines, India, Vietnam, Thailand, Singapore, South Korea, and the Rest of Asia Pacific), North America (The U.S., Canada, and Mexico), Europe (U.K., Spain, Germany, Italy, France, and Rest of Europe), The Middle East, Africa, Turkey, Egypt, GCC Countries, and South America.
- North America is the market-dominant in the global soup market accounting for a total of 37.4% of the global soup industry as per a report collected in 2017. With manufacturers ' rising interest to improve existing products and introduce new products seeing to the consumer's interest have boosted the North American economy in the soup industry.
- Europe poses to be the second most prominent region in the global soup country targeting a CAGR of 2.60% by the end of the forecast period. Awareness amongst people to adopt a healthy lifestyle which includes switching to a soup diet from a complete meal has boosted the European soup market by 40%.
- With augmenting demand for healthy food items and regional growth of the soup market in countries with emerging economies of countries like China, Japan, Singapore, and India has highly affected the soups market in the Asia-Pacific region.
- Disposable income levels, new product launches, increase in marketing campaigns by industry manufactures, the introduction of new, exotic flavors has proven to be accelerating the soup market in the Rest of the World.
Soups Market Competitive Landscape:
The soup market study emphasizes the quantitative and qualitative analysis complied by industrial experts providing a study on emerging trends, strategic alliances, market penetration, market structure, mergers and acquisitions, competitive landscape, and comprehensive standards.
The Intended Audience of the soup market is Hotels, motels, restaurants, the service industry, soup manufacturers, soup processors, raw material suppliers, raw material distributors, retailers, E-commerce industry, wholesalers, importers, exporters, and traders.
The prominent market players of the global soup industry are Bear Creek Country Kitchens LLC (U.S.), Nestle (Switzerland), Associated British Foods PLC (U.K.), Conagra Brands Inc. (U.S.), TSC Foods (U.K.), Maruchan Inc. (U.S.), Premier Foods (U.K.), Campbell Soup Company (U.S.), The Kraft Heinz Company (U.S.), The Kroger Co. (U.S.), AMY's Kitchen Inc. (U.S.), General Mills Inc. (U.S.), Unilever PLC (U.K.), Symington's Ltd (U.K.), Hain Celestial (U.S.), Baxters Food Group Limited (U.K.), Kettle Cuisine LLC (US), and The Original Soupman (U.S.).
Soups Market Recent Developments:
March 2022: Nestle, a significant player in the soup market, and HUL announced price increases for a variety of their goods, citing inflationary pressures. Nestle's Maggi, milk, and coffee powders will become more expensive, while HUL's tea and coffee powders will get more expensive. Following a price increase across the board for the majority of consumer items, the most current and one of consumers' favorite brands to see a price increase is Nestle's Maggi. Additionally, another FMCG company, HUL, increased prices on its tea and coffee powder lines. The company's Bru coffee will increase in price by 3-7 percent across all packs and varieties. Taj Mahal tea costs have been increased by 3.7–5.8% across all packs and varieties.
Soups Market Report Overview:
Frequently Asked Questions (FAQ) :
The global soup market is expected to register a CAGR of 3.07% by the year 2025.
North America is the market-dominant in the global soup market.
The global soup market is segmented by type as wet, dry, stock, broth, bouillon, ready to eat, condensed, refrigerated, frozen, ramen, and others.
Increasing demand for convenience foods and innovations in food flavors are encouraging the key players of soups to expand their business portfolio and increase their geographical reach
Major key players listed in the soups market include Campbell Soup Company (US), General Mills, Inc. (US), The Kraft Heinz Company (US), and Nestle (Switzerland) among others. Soups have an established market throughout the globe and increasing product offering with innovative flavors through strategic acquisitions and product research are further driving the growth of the market. Also, the growth in the marketing strategies adopted by the key players is a major driver in the global soups market. These listed players account for the major developmental share in the global soups market. To compete with the new players entering the soups market, the established players follow certain strategies to sustain their consumer base.
Campbell Soup Company accounted for the highest market share in terms of development and is projected to constitute 17% of the developmental share in the global soups market. The company delivers wide range of soups under several brands. The company is majorly focused on delivering consumer needs and expectations through new and innovative product launches. For instance, in 2017, the launch of Well Yes! a new line of ready-to-serve soups offering clean, simple, and nutritious ingredients and created a significant demand among the consumers. Moreover, expansions are also a part of company strategies which has helped Campbell enter potential market regions through strong distribution and partnerships. For instance, Campbell in 2016 restructured manufacturing and streamline operations for its soup business in China through partnership with Swire Pacific.
General Mills, Inc. holds a prominent place in the market with strong focus on acquisition, geographical expansion, and product launches. General Mills accounted for a respective share of 14% in the global soups market during the period of 2013–2018. Major steps taken by the company in the review period include several product launches which cater to a wider target audience such as the launch of a range of soups for vegans under its canned food brand Progresso in 2016 as well as several new wellness products in 2015. Other developments planned by the company include expansions in terms of region as well as increasing production capacity to meet growing consumer demands. For instance, in 2015, General Mills increased its production capacity in Murfreesboro, Tennessee (US) through a heavy spending of USD 253 million. Company acquisitions in order to increase its product offerings are also a part of company strategy during the period of 2013–2018.
The Kraft Heinz Company and Nestle both accounted a decent 11% share of the total development in global soup market during the period of 2013–2018. Kraft Heinz is primarily focusing on product launches to create strong brand position leading to a strong consumer base. In 2018, Kraft Heinz launched the Eat Well range of balanced soups which includes variants such as tomato, spinach, and lentil soup; tomato and cannellini beans; chicken, vegetable, and quinoa; and butternut squash and chickpea. The company has also collaborated with famous celebrity such as Oprah Winfrey in 2017 to launch new line of healthy comfort soup called O, That's Good. Expansions has also been a planned initiative of Kraft Heinz during the period of 2013–2018. In 2016, construction of a production facility in the southern Minnesota city of New Ulm with an investment of USD 100 million thereby, creating job opportunities and catering growing product demand in the region. Major developments Nestle underwent were mainly product lunches. For example, in 2018, launch of ready-to-drink herbal drinks and soups “Xingshan” made with traditional Chinese ingredients. Other strategies include expansions where the company is planning to enter potential markets. In 2018, Nestle started direct operations in Afghanistan to grow in terms of regional footprints.
Other major manufacturers include The Kroger Co. (US), Kettle Cuisine, LLC (US), Hain Celestial (US), TSC Foods (UK), Premier Foods (UK), and AMY's Kitchen, Inc. (US), among many others. These companies are also found to have a high focus on strategic product launch to seek consumers’ attention towards their product range. They are also involved in the strategic agreement which will further support the company to expand and reach out to consumers across the regions. Acquisitions are also made to mark the company’s presence and expand their business line. Additionally, the companies are inclined towards product promotions and strengthening their marketing base. The promotional strategy aids in retaining the existing customers and to regenerating new customer base.