Soup Global Market Report 2024

Soup refers to processed soup products available in canned or packaged liquid form, often served as the initial course of a meal. It is a blend of various ingredients, including meat, poultry, seafood, fish, and vegetables. Additionally, thickening agents and flavor enhancers are incorporated into the soup to give it a thicker consistency and enhance its taste.

The primary types of soup include canned or preserved soup, chilled soup, dehydrated soup, frozen soup, and ultra-high temperature processing (UHT) soup. Canned or preserved soups are condensed soups with a reduced amount of water. The consumer typically adds water or milk to the mixture, which is then cooked. Both vegetarian and non-vegetarian options are packaged in cans, pouches, and various other packaging materials. These products are distributed through supermarkets, hypermarkets, convenience stores, online retail platforms, and other outlets.

The soup market research report is one of a series of new reports that provides soup market statistics, including soup industry global market size, regional shares, competitors with a soup market share, detailed soup market segments, market trends and opportunities, and any further data you may need to thrive in the soup industry. This soup market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The soup market size has grown steadily in recent years. It will grow from $16.11 billion in 2023 to $16.73 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%.
The growth observed in the historic period can be attributed to factors such as the rising demand for convenient meals, consumer interest in healthier eating habits, an aging population, increased availability of easy-to-consume and nutrient-rich foods, and the accelerated rate of urbanization.

The soup market size is expected to see steady growth in the next few years. It will grow to $19.7 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%.
The anticipated growth in the forecast period can be attributed to several factors, including economic growth and stability, the popularity of plant-based and vegan options, a heightened interest in global cuisines and fusion foods, the growth of online food ordering and delivery services, and the prevalence of busy lifestyles. Additionally, major trends expected in the forecast period include technological innovations, packaging advancements, the emergence of premium and artisanal soups, the development of functional and nutrient-rich soup varieties, and an increasing focus on customization and personalization options within the soup market.

The growth of the soup market is being driven by an increasing demand for convenience food. Convenient food is tailored to enhance consumption convenience, catering to the fast-paced lifestyle that accommodates delivery and dine-out preferences. Such cuisine is ready to eat without additional preparation, easily transportable, and has a long shelf life. The surge in demand for convenience foods is anticipated to elevate the consumption of soups, a popular choice among households for daily consumption. For instance, in 2021, Food Export Midwest USA reported that Australia ranked 9th globally for U.S. exports of processed foods, accounting for USD 919 million in 2021. Processed foods, including cooked, canned, frozen, and packaged items, are in high demand, reflecting consumers' ongoing preference for convenience, with supermarkets dominating 66% of the retail food market. Hence, the increasing demand for convenient food is expected to drive the soup market's demand in the forecast period.

The soup market is set to experience growth due to rising consumer demand for healthier food options. Consumers are increasingly seeking nutritious food products that are low in harmful additives and contribute to overall well-being. Soups are meeting this demand by incorporating nutrient-rich ingredients, minimizing unhealthy additives like excessive sodium, and featuring vegetables, lean proteins, and whole grains. For instance, a survey report by the Food Standards Agency in March 2022 highlighted consumer demand for healthier food offerings in various settings, including takeaways (51%), fast-food restaurants (49%), traditional restaurants and pubs (42%), leisure facilities like cinemas and bowling alleys (41%), and vending machines (35%). This growing preference for healthier food is poised to contribute to the growth of the soup market.

A key trend gaining traction in the soup market is product innovation. Companies in the packaged soup sector are concentrating on developing organic and plant-based soups to tap into new markets and solidify their global market position. In April 2021, Pacific Foods of Oregon, a subsidiary of Campbell Soup Company, embraced plant-based innovation with the launch of Creamy Oat Milk Soups and Creamy Plant-Based Broths. These oat milk-based soups, a market first, are expected to appeal to a broader audience interested in plant-based foods.

Major players in the soup industry are adopting a strategic partnership approach to introduce innovative flavors, improve distribution, and expand market reach. This approach involves leveraging each other's strengths and resources for mutual benefits. In June 2023, Campbell Soup Company joined forces with The Walt Disney Company to celebrate Disney's 100th anniversary by introducing limited-edition soup and snack products under the Campbell’s and Goldfish brands. Campbell aims to commemorate Disney's centennial milestone with limited-edition tomato soup and Disney Princess soup in a four-pack.

In August 2022, Del Monte Foods, Inc., a U.S.-based food production and distribution company, acquired McCormick & Company for an undisclosed amount. This acquisition is expected to bolster Del Monte Food Inc.'s presence in the American ready-to-use stocks and broths market. McCormick & Company is a U.S.-based company specializing in seasoning mixes, condiments, and other flavoring products.

Major companies operating in the soup market include General Mills Inc., The Kraft Heinz Company, Campbell Soup Company, Unilever PLC, Baxters Food Group Limited, Blount Fine Foods Corp., Loblaw Companies Limited, B&G Foods Inc., Conagra Brands Inc., Hain Celestial Group Inc., Kettle Cuisine LLC, Knorr Foods Co Ltd., Nissin Foods Holdings Co Ltd., Pacific Foods of Oregon LLC, Premier Foods Group Ltd., Progresso Foods Inc., The Original Soupman Inc., The Real Soup Company Limited, Trader Joe's Company, Amy's Kitchen Inc., Bear Creek Country Kitchens Inc., Dr. McDougall's Right Foods Inc., Imagine Foods Inc., Kewpie Corporation, Maruchan Inc., Nongshim Co Ltd., Ottogi Co Ltd., Sapporo Holdings Ltd., Toyo Suisan Kaisha Ltd., Wei Chuan Foods Corporation

North America was the largest region in the soup market in 2023 and is expected to be the fastest-growing region in the soup market share during the forecast period. The regions covered in the soup market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the soup market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The soup market consists of sales of desert soups, broths, cream soups,chowders bisque,veloute. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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