NEW
YORK, May 16, 2024 /PRNewswire/ -- The
global soup market size is estimated to grow by
USD 4453.9 million from 2023-2027,
according to Technavio. The market is estimated to grow at a CAGR
of 4.37% during the forecast period.
For more insights on the forecast market size and
historic data (2017 - 2021) - Download Free sample
report in minutes
Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Distribution Channel
(Offline and Online ), Product (Dried, Canned, UTH, and Other ),
and Geography (Europe, North America, APAC, Middle East and Africa,
and South America)
|
Region
Covered
|
Europe, North America,
APAC, Middle East and Africa, and South America
|
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.
|
Key Market Trends Fueling Growth
In the soup market, vendors have amplified their marketing
efforts with creative strategies and innovative advertisements to
boost product visibility. This trend is reflected in the rise of
marketing and advertising budgets and the surge in promotional
activities by companies. For example, Nestle's consumer-facing
marketing expenses grew by 6.4% in 2021 compared to 2019. The
company has been promoting its soups, such as MAGGI Soup, on a
global scale. Campbell Soup is another notable player, engaging in
various promotional activities in 2020. Keywords: marketing
activities, innovative advertisements, marketing and advertising
budgets, promotional activities, consumer-facing marketing, MAGGI
Soup, global promotion, Campbell Soup, 2020 promotions The soup
market caters to diverse consumer lifestyles, dietary choices, and
convenience needs. Busy schedules and hectic lifestyles of working
individuals drive the demand for healthy eating habits. Fresh,
organic, and natural ingredients, as well as low-sodium, low-fat,
gluten-free, and exotic flavor options, are essential
considerations. Companies offer recyclable and biodegradable
packaging to cater to eco-conscious consumers. Soup varieties
include canned/preserved, chilled, and frozen options, available at
convenience stores, online stores, and retail outlets. Shelf space
is a crucial factor in retail sales. Keywords: consumer lifestyles,
dietary choices, convenience, busy schedules, working individuals,
healthy eating habits, fresh ingredients, organic ingredients,
natural ingredients, low-sodium options, low-fat options,
gluten-free options, exotic flavors, global-inspired soups,
multicultural palate, recyclable packaging, biodegradable
packaging, hectic lifestyles, dual-income households, RTE foods,
nutritious food options, lean proteins, whole grains, dietary
preferences, gluten-free soups, vegetarian soups, low-sodium soups,
nutrient-rich soups, vitamins, minerals, flavor diversity, unique
flavors, Mediterranean cuisine, traditional soups, innovative
twists, convenience stores, online stores, retail stores, shelf
space.
Market Challenges
- The soup market encompasses various product categories,
including high blood pressure and high blood sugar-friendly
options, poached and quick soups, packet and instant soupy noodles,
canned soups, and a range of product varieties. Consumers
prioritize health and wellness, leading to demand for organic,
free-from claims, and culturally influenced soups. Seasonal sales
surges and diverse packaging formats cater to consumer preferences.
Key ingredients, such as vegetables, meat, poultry, seafood,
legumes, grains, herbs, and spices, contribute to the nourishing
qualities and essential nutrients found in these liquid-based
culinary creations.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This soup market report extensively covers market segmentation
by
- Distribution Channel
- Product
- 2.1 Dried
- 2.2 Canned
- 2.3 UTH
- 2.4 Other
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Offline- In the dynamic soup market,
distribution channels significantly influence consumer behavior and
purchasing decisions. Promotional deals and bundle offers, such as
"buy one get one free" or "3 for the price of 2," attract the
working population and working women, catering to their fast-paced
lifestyles. Brand extension strategies, like introducing vegan
soups or regular meat options, expand market reach and cater to
diverse consumer preferences. Per capita spending on instant food
products, including RTE (ready-to-eat), RTD (ready-to-drink), and
soupy noodles, is influenced by cultural influences and health and
wellness trends. Sonoma Brands, for
instance, offers a wide range of flavors and varieties, including
low-sodium, low-sugar, and gluten-free options, to cater to
consumers with high blood pressure, high blood sugar, or dietary
restrictions. Retail sales of soup products are driven by product
innovations, such as quick soups in packets or UHT (ultra-high
temperature) soups, and free-from claims, like "no added MSG" or
"no artificial flavors." Instant soups and dehydrated soups
continue to dominate the market due to their convenience and
affordability. Overall, distribution channels play a crucial role
in shaping the soup market landscape, with retailers and
manufacturers constantly adapting to consumer demands and
trends.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
Research Analysis
The soup market caters to the working population, including
women, who lead fast-paced lifestyles and seek convenient,
nutritious meal options. Per capita spending on retail sales of
soup continues to rise, driven by the popularity of instant food
products and their varied offerings. Health and wellness trends
have led to the growth of instant soups, dehydrated soups, UHT
soups, and organic soups. Free-from claims, such as gluten-free and
vegan, are increasingly important to consumers. Cultural influences
and seasonal sales surges impact packaging formats and culinary
creations. Ingredients, such as vegetables, meat, poultry, seafood,
legumes, and grains, are used to create liquid-based dishes that
cater to diverse tastes and dietary preferences.
Market Research Overview
In the realm of culinary delights, the Soup Market stands as a
vibrant and diverse bazaar where various flavors and textures come
together. This marketplace is a feast for the senses, offering an
extensive array of soups crafted from an assortment of ingredients.
From hearty vegetable concoctions to rich and creamy chowders, the
Soup Market caters to every palate. The aroma of simmering broths
wafts through the air, enticing visitors to explore the myriad of
options. The market is a testament to the art of soup-making,
showcasing the creativity and passion of its vendors. Whether
you're seeking comfort on a chilly day or craving a refreshing
summer dish, the Soup Market is sure to satisfy your cravings.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Product
-
- Geography
-
- Europe
- North America
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio