The global soup market size is expected to foresee significant growth by exhibiting a CAGR of 2.79% between 2020 and 2027. Factors such as increasing demand for convenience food products and rapid urbanization is anticipated to propel the market to reach USD 21.0 Billion by 2027. Fortune Business Insights, publish this information in its latest report, titled “Soup Market Size, Share & COVID-19 Impact Analysis, By Type (Instant, Dehydrated, Canned, Chilled, and Others), Distribution Channel (Hypermarket/Supermarket, Convenience Store, Online Retail, and Others), and Regional Forecast, 2020 – 2027.” The reports further observe that the market was worth USD 16.12 Billion in 2019.
COVID-19 Crisis to Favor Growth
The impact of COVID-19 is anticipated to bolster the growth of the market. According to Fortune Business Insights, the market will register a high rate of CAGR value in 2020 during the ongoing pandemic situation. The lockdown enforced by several government agencies has forced the people to remain at home. Several working professionals that is working from home and the students confined to their home space will bode well for the growth of the market. The demand for instant food products as a snacking option is contributing to the growth of the market.
Fortune Business Insights™ lists out all the soup market companies that are presently striving to reduce the impact of the Covid-19 pandemic on the market:
- The Campbell Soup Company
- Nestlé S.A
- Baxters Food Group Limited
- General Mills, Inc
- Conagra Brands, Inc.
- Premier Foods Group Limited
- The Kraft Heinz Company
- Hindustan Unilever Limited
- Ottogi Co., Ltd
- Associated British Foods plc
Soup is a type of liquid food that is typically served warm or hot that includes a combination of several vegetables or meat along with added water. It is believed that this liquid food is one of the oldest cooking food products. The oldest soup dates back to over 20,000 BC and since then has evolved in terms of ingredients and taste. Furthermore, it is savored during the frosty winter days as it provides warmth along with health benefits. A warm vegetable broth brings in a refreshing experience at any given time of the day. Moreover, it can be prepared quickly, does not require long preparation hours, and thereby satisfies hunger pangs instantly.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market strongholds between 2019 and 2026.
Drivers and Restraints:
Increasing Consumption of Convenience Foods to Aid Growth
The increasing density of the population and high disposable income is driving the demand for convenience food products across the globe. People owing to hectic work life prefer several food products that are ready-to-eat and can be consumed instantly. Additionally, an increasing number of women working population is anticipated to bolster the growth of the market in the forthcoming years. Furthermore, manufacturers are innovating their products to cater to the increasing demand of consumers. Moreover, the growing demand for packaged food products among developed and developing economies will bode well for the growth of the market. For instance, according to the Canada Agri-food report, China registered a total sales value of USD 272, 741 Million in 2019 and is further anticipated to grow at a rate of 7%.
Instant Soup that Held 36.78% Market Share to Exhibit Exponential Growth
The segment Instant Soup (By Type) is likely to witness a massive market in the forthcoming years. Additionally, it held a market share of about 36.78% in 2019 and is expected to grow gradually owing to increasing preference for a ready-to-eat snacks among consumers. On the other hand, canned soup is anticipated to hold the second-most leading share of the market backed by large-scale penetration of the product in developed regions. For instance, countries such as the U.S. and Germany usually prefer canned soups to chilled and dehydrated soups.
Large Consumer Base in Europe to Promote Growth
Among the regions, Europe is expected to remain at the forefront and register highest global soup market revenue during the projected horizon. In addition to this, Europe was worth USD 6.07 Billion in 2019 and is likely to grow significantly. This is ascribable to factors such as presence of large consumer base and high demand for processed foods in the region. North America, on the other hand, is anticipated to be the second-most leading region in the forthcoming years. This is attributable to factors such as large consumer base that prefers instant food products.
Ritzy West End Introducing a $15 Takeaway Package to Stimulate Growth
In May 2020, Ritzy West End’s Chef Ris Lacoste announced its $15 care packages that is available for delivery and takeaway in D.C. amid the widespread effects of novel coronavirus. In times of chaos and hardship, the West End restaurant is offering its care packages that include a salad of the week, fresh-baked bread, and pint-sized soups without charging any delivery fees. Like Ritzy’s, there are several others who are helping the cause to uplift the people who are suffering from devastating effects. Furthermore, the adoption of strategies such as novel product launches, collaboration, and mergers and acquisitions by the companies will positively affect the growth of the market between 2020 and 2027.
- January 2020: Clarity Food Ventures LLC introduced its new range of refrigerated soupy kits, Soup Explorers. According to the company, the food product involves less preparation time and includes several new flavors such as Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber, among others. The introduction of the product is likely to cement its position in the global marketplace.