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Soup and Broth Market
Soup and Broth Popular as Hydration Source for athletes and fitness Enthusiasts: Fact Study
ROCKVILLE, MD, UNITED STATES, July 19, 2024 /EINPresswire / -- In a new, detailed research report published by Fact, the global soup and broth
market is estimated at a value of US$ 9.68 billion in 2024 and has been projected to advance at a CAGR of 3.7% between 2024 and 2034.
With appreciation for their variety of tastes rising and increased knowledge of their
health advantages, soup and broth consumption is steadily rising globally. These nutrient-dense food alternatives are becoming increasingly popular among consumers as part of a balanced diet as they grow more health-conscious. Soup and broth have become increasingly popular due to their adaptability to different dietary needs, such as being gluten-free, vegetarian, or vegan. Furthermore, the comforting quality of these hot, filling meals appeals to people all across the world.
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Globalization of the culinary industry has also contributed by bringing foreign soup variations to previously untapped markets. Foodies are discovering a vast array of tastes, ranging from robust Western stews to delicate Asian broths.
The popularity of ready-to-eat and simple-to-prepare soup choices is rising significantly as the convenience factor gains ground. Key factors driving market expansion are the convergence of health advantages, variety of tastes, and ease of consumption.
Key Takeaways from Market Study:
The global soup and broth market is projected to reach US$ 13.89 billion by 2034-end. The East Asia market is forecasted to expand at a CAGR of 4.2% through 2034. Based on ingredients, tomatoes are estimated to account for 20.1% market share in 2024.
The convenience stores segment is projected to expand at a CAGR of 3.6% through 2034. The market in Canada is foreseen to attain a revenue of US$ 595.3 million by 2034. The South Korea market is expected to advance at a CAGR of 4.9% between 2024 and 2034.
“Over the next ten years, as far as varieties of soups and broth are concerned, tomatoes, beans, and chicken will remain the leading choices of people across the world,” says a Fact analyst.
Country-wise Analysis:
What Can Be Expected from the US Soup and Broth Market?
Growing health and wellness trends are significantly affecting the U.S. soup business. Consumers are becoming more conscious of their nutritional choices and are searching for nutrient-dense food substitutes. People that place a great value on their fitness and health love soups. The idea of having vegetables, lean meat, lentils, and whole grains all in one meal is really alluring.
In January 2022, the local restaurant chain Zoup! Eatery made its debut. Good, Really Good Soups is a line of premium soups and broths free of gluten, artificial ingredients, and preservatives. It is one of Zoup!'s home-style bases.
In November 2021, Herbalife Nutrition made its debut in the American soup market with Instant Soup, a tasty and high-protein snack. The soup mix's recipe includes fifteen grams of plant-based protein and three grams of fiber to assist provide sustained energy and help ward off hunger.
How is China's Soup and Broth Market Changing?
Increasingly, both in developed and developing nations, the usage of vegetable stocks and broths is being significantly influenced by the vegan movement. Leading companies are producing vegan soups in various forms due to the growing demand for them. Most people prefer healthful vegetable soups to non-vegetarian ones, with the exception of vegans. Customers' increasing adoption of these broths benefits the market. China is a well-known nation that has long enjoyed soup and other related foods. Over the past few years, the country's market has expanded thanks in part to the vegan trend.
Eco-Friendly Packaging Solutions Here to Stay:
Packaging options that are better for the environment, such as recyclable pouches and biodegradable containers, are becoming more popular with people who care about the environment. To cut down on packaging waste, several firms are launching reusable containers with refill options.
Customers can now access comprehensive product information, recipes, and provenance tracking using smart packaging that uses QR codes. Product freshness is guaranteed throughout storage and transit with the use of temperature-sensitive labeling.
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AI-driven demand forecasting in logistics is cutting waste and improving inventory control. Phase-change materials and Internet of Things-enabled temperature monitoring are two examples of cold chain advances that are enhancing product quality in transit.
To cut down on carbon emissions and transportation distances, several businesses are investigating localized manufacturing strategies. Efficient last-mile delivery technologies are being used by new subscription-based delivery businesses that offer fresh, homemade-style soups. By tackling sustainability issues and improving product quality and consumer experience, these innovations are setting up the soup and broth business for future expansion and development.
More Valuable Insights on Offer:
Fact, in its new offering, presents an unbiased analysis of the soup and broth market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (traditional, light, vegetarian classics, non-vegetarian, organic, noodles), ingredient (tomatoes, beans, chicken, beef, broth, artichokes, mixed vegetables), and sales channel (wholesale/ distributors/direct, supermarkets/hypermarkets, convenience stores, online retailers), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
FAQ'S:
What is the projected market size for soups and broths in 2024?
The global soup and broth market size is expected to reach a value of US$ 9.68 billion in 20241.
How much growth is expected in the soup and broth market by 2034?
The market is anticipated to expand at a CAGR of 3.7%, ending up at US$ 13.89 billion by the year 20341.
What types of soups and broths are available in the market?
The market offers a wide range of soups and broths, including canned, instant, chilled, and frozen varieties, catering to diverse dietary needs and preferences1.
What trends are influencing the soup and broth market?
Trends such as the growing demand for quick and nutritious meal options, popularity of plant-based diets, and the rise of globally inspired cuisines are influencing the market1.
Who are the key players in the soup and broth market?
Some of the key companies profiled include Campbell Soup Company, Pacific Foods of Oregon, College Inn, Progresso, Knorr, and others, contributing to the market's growth through innovative product development and targeted marketing strategies1.
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