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The instant soup market size is forecasted to increase by USD 4.02 billion, at a CAGR of 3.74% between 2023 and 2028. The market's expansion hinges on various factors, such as the introduction of new products, increasing favorability towards convenient food items among working individuals, and the changing dynamics of retail environments. These elements collectively influence the market's trajectory and growth. New product launches play a pivotal role in capturing consumer interest and driving market expansion by catering to evolving preferences and demands. The preference for convenience food products among the working population is a significant driver, reflecting a shift towards easy-to-prepare and time-efficient meal solutions. Moreover, the evolving retail landscape, characterized by online platforms and changing consumer shopping behaviors, reshapes market dynamics by offering new avenues for product accessibility and customer engagement. Together, these factors create a dynamic environment where innovation, consumer behavior, and retail evolution intersect to shape the future growth prospects of the market for convenience food products. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2022.
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The market is flourishing with a diverse range of options catering to various dietary preferences and lifestyles. Consumers can choose from vegetarian ingredients like tomato, onion, mushrooms, and lentils sourced from vegetables. For non-vegetarian choices, there are chicken ingredients, beef, and seafood ingredients available. Convenience is key with offerings such as frozen pizzas, packaged food products, and noodles, ideal for quick meals and home cooking alike. These products often contain preservatives and additives to maintain freshness and flavor. Health-conscious consumers opt for options that promote immunity levels, support weight loss, and enhance heart health. Instant soups are available in various forms including packets, cups, and powdered bases, featuring broth, bouillon, and dehydrated vegetables for a satisfying meal on the go or at home.
The new product launches will be a major factor driving the packaged soup market share growth. Owing to the rising adoption of instant food products among consumers, companies are focusing on developing new varieties of instant soup to increase the number of options available to their consumers. Product launches help companies increase their sales and market shares. companies are trying to attract several customers by introducing new soup variants.
For instance, in April 2020, Baxters Food Group Ltd. launched a plant-based line of tinned vegan soups. The soup is available in three flavors, namely Butternut Squash & Lentil Dhansak; Jackfruit, Three Bean & Chipotle; and Sri Lankan Sweet Potato. The company launched the range to cater to vegan and flexitarian consumers. With the rising number of product launches, consumers will have a wide range of options to select from. Moreover, companies are increasing their healthy food offerings. Therefore, new product launches will drive the growth of the market during the forecast period.
The rising number of promotional and marketing activities is another factor supporting the packaged soup market. companies have increased their marketing activities with novel strategies and innovative advertisements to improve the visibility of their products. There has been a corresponding rise in marketing and advertising budgets as well as promotional and marketing activities by companies to increase the visibility of their products.
For instance, in 2019, Nestle's consumer-facing marketing expenses increased by 3.4% over the same in 2018. The company has been actively involved in promoting its products, such as MAGGI Soup, globally. Campbell Soup is another prominent company that is actively involved in multiple promotional and marketing activities. Such promotional and marketing activities are expected to drive the market during the forecast period.
The rising product recalls will be a major challenge for the packaged soup market during the forecast period. There are frequent product recalls in the food and beverage industry due to the improper handling of raw materials or supplies, as it can adversely affect the safety and quality of finished products. Product recalls severely impact the brand image as well as the operations and sales of a company. Consumers are very conscious about the brand image of products that they purchase, as any negligence will affect their health and well-being. The market has witnessed various product recalls in the last few years due to the use of contaminated raw materials, the presence of allergens, or incorrect labeling, which can have a negative impact on the market growth and consumers' trust in products.
For instance, in November 2019, a major company in the market voluntarily recalled several products in the US, such as dried chicken soup mixes. The recall was ordered as products containing chicken from a supplier, which issued a recall on its poultry due to potential contamination. Therefore, product recalls can limit the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their expansion strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the packaged soup market.
Nagatanien Co. Ltd. - The company is offering instant soup such as Asage instant miso soup, and Yu-Ge instant miso soup including pancake mix and spicy Chinese tofu.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market research and growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The packaged soup market share growth of the offline segment will be significant during the forecast period. The offline segment includes supermarkets, hypermarkets, convenience stores, discount stores, and cash and carry stores. Supermarkets and hypermarkets are popular distribution channels. The wide prevalence of organized retail is increasing sales. Large shelf spaces and storage areas in these stores accommodate a wide variety from different companies, which allows consumers to choose products based on their preferred flavors and brands. Supermarkets and hypermarkets are preferred by consumers due to the availability of products of all categories under a single roof, which is not possible in small shops. Hypermarkets and supermarkets offer discounts and give away free products when consumers purchase products worth a certain amount, which increases sales through these channels.
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The offline segment was valued at USD 14.36 billion in 2018. The increasing penetration of supermarkets and hypermarkets across the world is driving the growth of the segment. Increasing disposable incomes and rapid urbanization are shifting consumers' buying preferences from neighborhood convenience stores to supermarkets and hypermarkets. Moreover, new product launches and a rise in marketing and promotional spending by companies have resulted in innovative and attractive displays in offline points of sales. These activities increase awareness about brands and product offerings and make such products preferable among consumers. Therefore, these factors will drive the growth of the packaged soup market during the forecast period.
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Europe is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional market growth and trends that shape the packaged soup market during the forecast period. The market in North America is expected to grow during the forecast period, owing to the presence of major market companies, increasing product launches, and rising disposable incomes in the region. The US and Canada are the major countries in the region in terms of both production and consumption. Owing to the growing demand for healthy and organic foods, manufacturers in the region are launching new varieties and flavors of soups.
Further, companies are adopting business strategies such as focusing on marketing and promotional activities to increase their brand awareness and reach. For instance, in 2022, Campbell Soup Co. Brands LP (Campbell Soup) announced to launch Prego, a Chunky innovation, in the US, which will offer bold flavors to meet the increasing demand to bring greater variety to the in-home Italian sauce experience. Such strategies by key companies in the region will drive the regional market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market caters to a wide range of dietary preferences and lifestyles, offering options from vegetable sources to non-vegetarian soups. It serves as a nutritional instant meal solution for health-conscious consumers seeking convenience in their daily diets amidst hectic lifestyles. Varieties include chicken-sourced instant soup for non-vegetarian category enthusiasts and vegan soup for those following plant-based diets. Innovations like organic food products and gluten-free instant soups are available through retail food chains, drug stores, and e-commerce platforms. These soups feature natural ingredients and avoid artificial additives to appeal to consumers focused on nutrition and healthier lifestyles. With options ranging from broccoli-spinach to almond-coconut, instant soups offer delicious taste and nutritional content, making them a popular meal-time soup choice for on-the-go consumers and those embracing dietary requirements.
Industry Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.74% |
Market growth 2024-2028 |
USD 4.02 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.56 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 40% |
Key countries |
US, Germany, China, UK, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
B and G Foods Inc., Bambino Agro Industries Ltd., Baxters Food Group Ltd., Campbell Soup Co., Capital Foods Pvt. Ltd., Chotiwat Manufacturing Public Co. Ltd., Conagra Brands Inc., Frontier Soups, General Mills Inc., House Foods Group Inc., La Herbal India, Nagatanien Co. Ltd., Nestle SA, Nissin Foods Holdings Co. Ltd., Ottogi Co. Ltd., Premier Foods Plc, Tat Hui Foods Pte. Ltd., The Hain Celestial Group Inc., The Kraft Heinz Co., and Unilever PLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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