Soup Market - North America, Europe, EMEA, APAC : US, Canada, China, Germany, UK - Forecast 2023-2027

Soup Market Forecast 2023-2027

The soup market size is forecast to increase by USD 4.45 billion, at a CAGR of 4.37% between 2022 and 2027. Market expansion hinges on diverse factors such as the introduction of novel products, a rising inclination towards convenient food choices among working individuals, and the continuous evolution of the retail environment. New product launches play a pivotal role in stimulating consumer interest and driving market growth. The increasing demand for convenience food products is particularly notable among the working population seeking quick and easy meal solutions. Additionally, changes in the retail landscape, including the emergence of online platforms and innovative store formats, contribute significantly to shaping consumer behavior and preferences, thereby influencing the overall market trajectory.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation

This Market research report extensively covers market segmentation by distribution channel (offline and online), product (dried, canned, UTH, and others), and geography (Europe, North America, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

Market Dynamics and Customer Landscape

The market experiences robust growth driven by the fast-paced lifestyle of the working population, particularly working women, leading to increased demand for convenience food products like instant soups, dehydrated soups, and UHT soups. Consumers' growing focus on health and wellness fuels the popularity of organic soups and those with free-from claims. However, challenges such as cultural influences impacting flavor preferences and the need for innovative packaging formats to maintain freshness pose ongoing challenges in this dynamic market. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The new product launches are notably driving the market growth. As consumer acceptance of ready-to-eat meals increases, companies are focusing on developing new types of soups to increase the number of options available to consumers. Product launches help companies increase sales and market share. companies try to attract multiple customers by introducing new flavors. 

Moreover, Pacific Foods launched new plant-based, ready-to-eat, organic, nutrient-rich soups and chili peppers in infinitely recyclable, non-BPA-lined packaging. In parallel with the shift from savory soups to canned foods, Pacific Foods is launching its first-ever plant-based chili line with three unique, delicious recipes such as fire Roasted Vegetable Chili, Harvest Black Bean Chili,  and White Bean Verde Chili. Each new plant-based chili has a tangy flavor and contains 12-17 grams of protein and fiber per pack. In December 2021, Campbell launched several new products, including a line of plant-based segments under Well Yes! brand. New plant-based segments are made with a variety of vegetables and legumes and are aimed at consumers looking for a more plant-based diet. As the number of product launches increases, consumers will have a wider range of choices. Such factors will drive the growth of the Market share during the forecast period.  

Significant Market Trends

The rising number of promotional and marketing activities is a key trend influencing the market growth. companies are stepping up their marketing efforts with novel strategies and innovative advertising to increase awareness of their products. Therefore, companies' marketing and advertising budgets, as well as companies' advertising and marketing activities, are increasing in order to increase product awareness.  

Moreover, Campbell Soup is another prominent vendor actively involved in several promotional and marketing efforts. The company carried out several promotional activities, such as partnering with its streaming platform, Twitch Interactive Inc, to feature prominent esports player Juan DeBiedma to promote Chunky Soup. Such promotional and marketing activities are expected to drive the growth of the market during the forecast period.  

Major Market Challenge

Product recalls are challenging the market growth. Product recalls due to improper handling of raw materials and equipment are common in the food and beverage industry, as they can affect the safety and quality of the final product. Food regulatory and compliance authorities in any country have the right to shut down businesses and withdraw their products from the market if they pose a threat to the welfare of consumers. Product recalls have a severe impact on a company's brand image, operations, and distribution. Consumers are very conscious of the brand image of the products they buy, as carelessness impacts their health and well-being.

Moreover, the market has experienced a variety of product recalls over the past few years due to the use of contaminated raw materials, the presence of allergens, or mislabeling, adversely affecting market growth and consumer confidence in products. Product recalls can take a significant economic toll on a vendor and damage its brand image. Therefore, product recalls are likely to limit market growth during the forecast period. 

Market Customer Landscape

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 growth strategies.

Market Customer Landscape

Who are the Major Market Players?

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 market.

Amys Kitchen Inc: The company offers different kinds of soups, especially organic lentil soup and noodle soup.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• B and G Foods Inc.
• Baxters Food Group Ltd.
• Blount Fine Foods
• Conagra Brands Inc.
• DR KELLYANN LLC
• Frontier Soups
• General Mills Inc.
• Kettle and Fire Inc
• Nestle SA
• Ottogi Co. Ltd.
• Premier Foods Plc
• Savory Creations International Inc.
• The Hain Celestial Group Inc.
• The Kraft Heinz Co.
• The Kroger Co.

Qualitative and quantitative 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. 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.

What is the Fastest-Growing Segment in the Market?

The market is intricately intertwined with various aspects of modern living and consumer preferences. Working population dynamics, especially the rise in working women population, contribute significantly to the demand for convenience food products like instant soups, dehydrated soups, and UHT soups. The fast-paced lifestyle and per capita spending habits drive the popularity of ready-to-eat (RTE) and ready-to-drink (RTD) soups, offering quick and easy meal solutions. Consumers' increasing focus on health and wellness is reflected in the demand for organic soups and those with free-from claims, catering to various dietary needs and preferences. Cultural influences play a pivotal role, with culinary creations and seasonal sales surges shaping the market's product offerings and flavors. Innovations in packaging formats ensure the convenience and freshness of soups, appealing to busy lifestyles. The diverse range of ingredients used, including vegetables, meat, poultry, seafood, legumes, and grains, contributes to the rich and varied soup offerings available to consumers, making it a versatile and adaptable segment of the processed food products market.

The market share growth by the offline segment will be significant during the forecast period. This segment includes department stores, supermarkets, hypermarkets, pop-up stores, and convenience stores. Tesco Plc (Tesco), Walmart Inc. (Walmart), Future Group, and Target Corp. (Target) are some of the largest retail chains with separate retail sections for soups, including functional soups and superfood soups. companies operating in organized retails are based on factors such as geographic presence, ease of production and inventory management, and transportation of goods. Additionally, the market companies use advertising and marketing strategies such as branding through signage and offering discounts on product bundles at these stores. Such factors will drive the growth of the market during the forecast period.

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The offline segment was valued at USD 10.23 billion in 2017 and continued to grow until 2021. Retail growth, fueled by urbanization, is boosting sales in this segment. As a result, many retailers have been observed to offer consumers a wide range of products, including various soups. It also offers the convenience of searching for everything under one roof. Thus, factors such as price reduction and pleasant shopping experiences provided by the store and shelf ambiance encourage consumers to purchase different types in supermarkets and hypermarkets. For example, a German multinational discount chain Lidl Stiftung and Co. KG announced plans to build a new purpose-built facility in Brooklyn by 2024. Such establishments increase the sales through offline distribution channels, which drives the growth of the market during the forecast period.  

Which are the Key Regions for the Market?

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Europe is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

Europe has the largest share of the market due to the presence of major companies offering new types of soups, rising disposable incomes, and the increasing popularity of ordering soups from ethnic kitchens. Europe is home to big companies such as Nestle,  Kraft Heinz, and Unilever. In addition, increasing household spending on food and beverages (F&B) in Europe is driving the growth of the market in this region. Developed Western European countries such as Italy, Germany, France, England, Spain, and Russia are the main markets for soups. Rapid urbanization has led to a direct and proportional increase in consumers' disposable income. This will have a positive effect on the growth of the market in this region.  

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Distribution Channel Outlook 
  • Offline
  • Online

• Product Outlook 
  • Dried
  • Canned
  • UTH
  • Others

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is experiencing notable growth due to various factors, including the rise in processed food products and the increasing preference for convenient options among the working women population with fast-paced lifestyles. This trend is supported by higher per capita spending on ready-to-eat (RTE) and ready-to-drink (RTD) products. Companies like Sonoma Brands and Campbell Soup Company are capitalizing on this demand by offering a wide range of instant food products, including instant soups, vegetable stocks and broths, vegan soups, and vegan meat replacements.

Moreover, consumers are attracted to the flavors and varieties available in instant soups, especially those with free-from claims such as gluten-free and low-sodium options. This aligns with the growing emphasis on health and wellness and healthy eating habits among individuals following dietary choices like vegetarian or gluten-free diets.The market is witnessing innovation in packaging formats such as microwavable cups and recyclable packaging, catering to busy schedules and dual-income households seeking nutritious food options without compromising on convenience. Additionally, there's a trend towards global-inspired soups with exotic flavors, appealing to a multicultural palate and driving brand extension in the market across online stores and retail outlets through promotional deals and bundle offers.

Furthermore, the market exhibits a diverse landscape influenced by numerous factors. The fast-paced lifestyle of consumers drives the demand for instant products like packet soups, instant soupy noodles, and quick soups, catering to their need for quick and convenient meals. Health concerns such as high blood pressure and high blood sugar lead to a growing interest in low-sodium soups and gluten-free options, aligning with dietary preferences and promoting lean proteins and whole grains in soups. Retail sales channels, both in retail stores and online platforms, play a crucial role in distributing a wide range of soup varieties, from canned soups to frozen soups. The market witnesses continuous innovation with organic soups, ethnic flavors, and unique twists on traditional favorites, appealing to consumer lifestyles seeking fresh, organic, and natural ingredients.

Market Scope
Report Coverage	Details
Page number	165
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 4.37%
Market growth 2023-2027	USD 4.45 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	3.64
Regional analysis	Europe, North America, APAC, Middle East and Africa, and South America
Performing market contribution	Europe at 33%
Key countries	US, China, India, Germany, and Italy
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
Key companies profiled	Amys Kitchen Inc., B and G Foods Inc., Baxters Food Group Ltd., Blount Fine Foods, Conagra Brands Inc., DR KELLYANN LLC, Frontier Soups, General Mills Inc., Kettle and Fire Inc, Nestle SA, Ottogi Co. Ltd., Premier Foods Plc, Savory Creations International Inc., The Hain Celestial Group Inc., The Kraft Heinz Co., The Kroger Co., Tideford Organic Foods Ltd., Trader Joes, Unilever PLC, and Campbell Soup Co.
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, Middle East and Africa, and South America
• Thorough market research and growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market growth and forecasting analysis of factors that will challenge the growth of market companies

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