(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Nov. 23, 2021 (GLOBE NEWSWIRE) -- 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. The reports further observe that the market was worth USD 16.12 Billion in 2019.
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 refreshing experience at any given time of the day. Moreover, it can be prepared quickly, does not require long preparation hours, and thereby satisfies the hunger pangs instantly.
List of the Companies Operating in the Soup 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
Get a Sample PDF Brochure:
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, merger and acquisition, and collaborations adopted by the companies to maintain the market stronghold between 2019 and 2026.
Drivers and Restraints:
Increasing Consumption of Convenience Foods to Aid Growth
The increasing density of population and high disposable income is driving the demand for convenience food products across the globe. The people owing to hectic work life prefer several food products that are ready-to-eat and can be consumed instantly. Additionally, increasing number of women working population is anticipated to bolster the growth of the market in the forthcoming years. Furthermore, the manufacturers are innovating their products to cater to the increasing demand of the 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 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 ready-to-eat snack among consumers. On the other hand, canned soup is anticipated to hold the second-most leading share for 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.
Browse In-depth Summary of This Research Insight:
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Supply Chain & Regulatory Analysis
- Global Soup Trade Analysis
- Recent Industry Developments - Policies, Partnerships, New Type Launches, and Mergers & Acquisitions
- Global Soup Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Distribution Channel
- Convenience Stores
- Online Retail
- By Region
- North America
- Asia Pacific
- South America
- Middle East & Africa
Get your Customized Research Report:
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 launch, collaboration, and merger and acquisition by the companies will positively affect the growth of the market between 2020 and 2027.
Key Industry Development:
- 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.
Have a Look at Related Research Insights:
Toaster Market Size to Reach USD 4.72 Billion by 2027; Rising Consumer Demand for Kitchen Appliances to Contribute Growth, states Fortune Business Insights™
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune - 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Connect us via Social Media Channels:
LinkedIn Facebook Twitter
Tags Soup Market Soup Industry
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.