The global Soup Market size is expected to reach USD 19.8 billion by 2025. Expanding at a CAGR of 3.0% over the forecast period. Growing demand for processed, ready to eat, and packed food and increasing women workforce are expected to increase the market demand in the upcoming years. In addition, increase in disposable income and changing consumer lifestyle in emerging economies including China and India are anticipated to increase the demand for soups.
Consumption of canned and dried soup products is increasing in North America and Europe, on account of continuous product innovation as per customer behavior and preferences. In addition, growing economic independence among women is increasing the consumption of packed and processed food products in the developed countries.
Soup being a healthy source of vitamins, minerals, nutrition, and protein serves as a prominent replacement for home cooked food. Therefore, this evolution in the working population is anticipated to significantly influence the demand for soup in future. Demand for soups in restaurants, food outlets, and food joints is expected to acquire a small market share due to growing consumer preference for ready to eat products and rising inclination towards healthy food habits.
Continuous use of cornstarch and salt in canned and dried soup products is expected to act as a restraining factor in the global market. High consumption of corn starch can lead to several health issues like increased level of blood sugar and blood pressure. However, continuous product development by companies such as Campbell Soup Company, which provides new flavors like roasted red pepper and tomato, butternut squash and sweet potato, and harvest carrot and ginger, is expected to influence the buying behavior of the younger population across the globe. The market leaders are focusing on developing new flavors and products in order to make their style statement in the market.
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Further key findings from the study suggest:
• By product, the canned segment is projected to expand at a CAGR of 3.2% over the forecast period. This is attributed to high consumption of processed food in developed countries, including U.S. and Germany
• The dried product segment dominated the global market in 2018 with almost 60.0% share of the overall revenue. The growth is attributed to high vitamin and nutrient content in dried soup products in comparison with the other packed products
• The offline distribution channel dominated the market in 2018, accounting for a share of almost 90.0% of the overall revenue as most of the products are purchased through supermarkets/hypermarkets, convenience stores, and ordered at restaurants/food joints
• Europe dominated the global soup market in 2018, accounting for 39.6% share of the overall revenue. This trend is projected to continue over the next few years due to high preference for healthy food products in countries, including U.K., Germany, and France
• The industry is highly competitive in nature due to presence of the main players including Baxters Food Group Limited.; Nestle; The Original Soupman; AMY’s Kitchen Inc.; and Associated British Foods PLC.
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