The global Soup Market size reached USD 17.8 Billion in 2021. The publisher expects the market to reach USD 21.2 Billion by 2032, exhibiting a CAGR of 3.2% from 2022-2032.
This industry is driven by growing demand for convenience foods and increasing awareness about the health benefits of soups. Soups are high in vitamins, minerals, and nutrients. The future is expected to see a shift in consumer habits and a rising desire for healthy foods.
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Increasing disposable income, urbanization, and new flavors will drive global soup demand. The market demand is also boosted by the increasing working population and growing preference for processed foods due to their health benefits. The demand for soup will increase due to shifting rural populations to urban areas in developing countries like India and China.
Due to their high nutritional content, vitamins, minerals, and protein, dried soups dominated the market. Because of their ease of use and long-lasting nature, packaged soups are preferred to soups sold in restaurants or food outlets.
Driving Factors
The increasing demand for convenient nutrition, and growing awareness regarding the health benefits of soups, are the motivations behind the business. They are rich in vitamins, minerals, and nutrients. In the next few years, the general demand will rise as customers have a higher standard of living and more people are willing to consume healthy food.
Increase in Vegetable Broths Consumption and Stocks to Support Market Growth
To increase vegetable stock and broth consumption, there is a significant rise in vegans in developed countries and developing nations. Major manufacturers make vegan soups in different packaging to meet current consumer demand. In addition to vegans, many people prefer vegetable soups over other soups. The growing popularity of these soups positively impacts this market.
Restraining Factors
Corn starch consumption can cause health problems.
Salt and corn starch are market constraining factors, leading to obstructive health conditions such as obesity, high blood glucose, high blood pressure, or high blood sugar. As thickening agents, most canned and dehydrated soups are made with corn flour and cornstarch. Japan, for example, includes soup consumption in its diet.
The market is slowing down because consumers are more aware of the ingredients in their food. Top manufacturers are working with leading companies to develop new products with less corn starch and vegetable content to counter this trend. Campbell Soup Company has launched a range of soupy varieties featuring different vegetable flavors like carrot, sweet potato, and red pepper. This is a way to reach the younger generation with excellent knowledge of the ingredients.
Key Trends
One of the main factors driving the market growth is the increasing demand for convenience foods across the globe. Consumers are turning to ready-to-eat (RTE) and healthier snacks due to their busy lifestyles. Market growth is also driven by the widespread acceptance of packaged soups in the food and beverage industries. Because of their ease of preparation, high nutritional content, and longer shelf life, packaged soups are widely used in restaurants, cafes, and food outlets. Market growth is also supported by product innovation, such as developing organic soup varieties. Organic soups are made from natural ingredients and don’t contain any preservatives. They meet the health-conscious consumer’s requirements. The market is expected to grow due to other factors, such as the growing demand for soups made with clean ingredients and sustainable and reusable packaging options and the increased adoption of vegetarian and vegan dietary habits.
Recent development
Pacific Foods (a Campbell Soup Company division) expanded its product offering in 2021 with plant-based soups. Creamy Oat Milk Soups and Creamy Plantbased Broths are available in different flavors. They’re completely vegan and certified organic by the United States Department of Agriculture.
Campbell Soup Company added Chunky chicken and noodle soup to its Classic chicken stock. This new product is made with chicken, antibiotics, and vegetables.
Unilever PLC launched 2020, a recyclable polypropylene(PP) mono-material in Turkey for Knorr dried soup powder. It was produced in Mondi’s flexible packing plant in Kalenobel.
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Key Market Segments:
Type
- Ready-to-serve Wet Soup
- Condensed Wet Soup
- Dry Soup
Application
- Home Use
- Commercial
Key Market Players included in the report:
- Campbell Soup Company
- Heinz Classic
- New Covent Garden
- Batchelors Cup aSoup
- Baxters
- Glorious
- Mug Shot Pasta Snack
- Weight Watchers
- Yorkshire Soup
- Ainsley Harriott Cup Soup
- Knorr
- Crosse & Blackwell
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Recommended Reading
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Ceramic Soup Pot Market Growth [PDF]| Top Company Shares, Regional Forecasts to 2032
Commercial Soup Pot Market Size, Trends, And Forecast To 2032 [REVENUE SOURCE]
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