Soup Products Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F

Global soup products market is anticipated to project robust growth in the forecast period on account of growing health consciousness among consumers, rising demand for convenient products, a comprehensive offering by market players, etc

The Global soup products market is anticipated to project robust growth in the forecast period on account of growing health consciousness among consumers, rising demand for convenient products, a comprehensive offering by market players, etc.

In order to make soup, components such as meat or vegetables are combined with broth, milk, or water. Soup is typically served warm or hot. The solid ingredients are boiled in liquids until the flavors are extracted and a broth form is obtained The rising preference of consumers shifting towards soup consumption is due to the various health benefits offered by such products. Soups are high source of fluids and are healthy & nutritious option with high fiber content and immense richness in taste. The concept of ready-to-eat soup is gaining wide popularity among consumers since it offers convenience.

Moreover, during 2022, soup product companies observed significant rise in sales of soup worldwide. For instance, in Q4 2022, Campbell Soup Company reported a 6% increase in sales to USD2 billion (three months ended July 31, 2022). Furthermore, market players are launching new campaigns in order to attract more consumers. For instance, in 2022, Heinz launched its ‘Heinz Christmas Dinner Big Soup’ campaign. The goal of the campaign was to use social media to increase product recognition, audience engagement, and talkability.

Rising Health Awareness Among Consumers Aiding the Market Growth

The rapidly increasing health consciousness among consumers is prompting them to consider consumer products that contain less salt, sugar, and calories. According to the World Health Organization (WHO), approximately 2 billion adults and 41 million children worldwide are overweight or obese. Therefore, soup product companies are emphasizing on offering healthy products. For instance, in 2021, Unilever Food Solutions North America introduced five new Knorr Soup du Jour variations, all of which are compliant with their Highest Nutritional Standards (HNS). Hence, this factor is anticipated to further enhance the market growth of the soup products in the forecast period.

New Product Launches Fueling the Market Growth

In order to cater to the increasing demand for soup among consumers, market players are focusing on expanding their product portfolio by launching new products in the market. For instance, in 2022, Pacific Foods launched ‘Broken Hearts Soup-port Kit’. Similarly, in 2022, Campbell Soup launched its ‘FlavorUp’ brand offering condensed creams for soups. Also, in 2022, Yeo Valley launched new ranges of soups and dips. The brand-new organic soup line comes in 400g pots that claims to be convenient and recyclable, created with organic ingredients. Consumers are continuing to cook more at home while also returning to pre-pandemic behaviors, such as eating out, making goods like flavor enhancements which is appealing for those seeking convenience.

Increasing Demand for Organic Soup Boosting Market Growth

Since consumers are becoming more aware of the ingredients used in the soup they consume, they are shifting their preferences towards organic products. Also, the increasing availability of organic soup is aiding to the rising market demand. For instance, in 2022, Pacific Foods launched organic canned soups that consist of ingredients such as tahini and kale. Similarly, in 2022, Borough Broth launched co-branded range with Planet Organic, having four products containing collagen between 4.2g and 5.2g. Also, rising consumer awareness regarding the sustainability of products is prompting market players to use environment friendly packaging for their products. For instance, Pacific Foods offers ‘reinvigorated line’ of soups in a recyclable non-BPA (Bisphenol-A) lined packaging. Additionally, in 2022, Tideford Organics launched new soup range with updated packaging. The company experienced strong year on year retail growth of 31.7% during second half of 2022. In addition to a traffic light system and RI statistics based on serving, the business enhanced the nutritional information on its packaging. The modifications are also intended to provide consumers with a clearer direction by communicating the brand's 'organic' classification, more explicitly. Such factors are projected to further expand the market growth in the forecast period.

Market Segmentation

The global soup products market is segmented based on product type, category, packaging type, distribution channel, region, and competitional landscape. Based on product type, the market is further fragmented into dehydrated soup mix, instant soup, ready-to-eat soup, and soup creams. Based on category, the market is divided into vegetarian soup and non-vegetarian soup. In terms of packaging type, the market is segmented into pouches, cans, and others (tubs, bottles, etc.). Based on distribution channel, the market is segmented into supermarkets/hypermarkets, departmental stores, convenience stores, online and others (direct sales, distributor/dealer sales, etc.). The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Company Profiles

General Mills, Inc., Unilever PLC, Campbell Soup Company, The Kraft Heinz Company, B&G Foods, Inc., Nestlé S.A, Baxters Food Group Limited, Premier Foods plc, Conagra Brands, Inc., and Ottogi Co., Ltd. are among the major market players in the global platform that lead the market growth of the global soup products market.

Report Scope

In this report, the global soup products market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Soup Products Market, by Product Type:

• Dehydrated Soup Mix
• Instant Soup
• Ready-to-Eat Soup
• Soup Creams

Soup Products Market, by Category:

• Vegetarian Soup
• Non-Vegetarian Soup

Soup Products Market, by Packaging Type:

• Pouches
• Cans
• Others

Soup Products Market, by Distribution Channel:

• Supermarkets/Hypermarkets
• Departmental Stores
• Convenience Stores
• Online
• Others

Soup Products Market, by Region:

• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global soup products market.

Available Customizations

The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

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