The global soup market size is expected to reach USD 26.21 billion by 2030, registering a CAGR of 4.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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.

Access the Soup Market Size, Share & Trends Analysis Report By Product (Canned, Dried, UTH), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online), By Region And Segment Forecasts, 2024 - 2030

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.

Soup Market Report Highlights

·        By product, The UHT (ultra-high temperature) segment is expected to register the fastest CAGR during the forecast period. The growth of UHT soups is driven by long-shelf-life ingredients that don’t require refrigeration, making them ideal for busy lifestyles and reducing meal waste.

·        The dried segment accounted for the largest market revenue share of 59.5% in 2023. The Growing demand for convenient and prepared-to-eat food alternatives, specifically in busy city populations, offers a significant opportunity for producers to innovate and expand their product services.

·        The supermarkets/hypermarkets segment dominated the market in 2023. Supermarkets/hypermarkets offer various soup varieties from different brands and nutritional needs, providing consumers with vast choices and convenient shopping in the same place.

·        The Europe region dominated the market with a revenue share of 38.9% in 2023. The climate in Europe also plays a role in the growth of the soup market.

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Key Soup Company Insights

The Soup Market is witnessing substantial growth in the coming years, driven by way of numerous key techniques and factors. Market players are increasingly focusing on product innovation and development to fulfill evolving customer needs and options.

The Campbell Soup Company offers a variety of products, including canned soups, stocks, broths, and sauces. Its product lineup also features snacks such as Goldfish crackers and Milano cookies, beverages such as V8 juices, and pasta sauces under the Prego brand.

Nestle is food & beverage company which operates in various segments including baby food, bottled water coffee, dairy products, and others. The brand also includes Nescafe, KitKat, and Purina. Nestle emphasizes nutrition, health, and wellness in its product offerings.

Key Soup Companies:

The following are the leading companies in the soup market. These companies collectively hold the largest market share and dictate industry trends.

·        Associated British Foods plc

·        Baxters Food Group Limited

·        Campbell Soup Company

·        Conagra Brands, Inc.

·        General Mills, Inc.

·        Hindustan Unilever Limited

·        Nestlé S.A

·        Ottogi Co., Ltd

·        Premier Foods Group Limited

·        The Kraft Heinz Company

About Grand View Research:

Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit www.grandviewresearch.com

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