Market Size of Soup Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Soups Market Analysis
The soup market is projected to witness a CAGR of 2.9% in the upcoming five years.
Increasing product varieties, consumption of health and wellness products, and active promotions by market players are expected to contribute to the growth of the soup market. Moreover, the growing demand for healthier food products is expected to boost the demand for soups. Instant, dehydrated, and UHT soups are expected to dominate the soup market during the forecast period due to their ease of preparation and the increasing consumer demand for such products, driven by busier lifestyles.
Additionally, there has been a substantial surge in demand for soups selling specific certifications and health claims, especially among consumers monitoring a particular diet. Consumers are willing to pay extra for such health-oriented products, eventually supplementing the studied market. The trend has extensively boosted the sales of soups labeled with organic, made-with-natural ingredients, and free-from claims. Furthermore, there has been a significant rise in convenience food products, particularly among middle-to-higher-income consumers. The surge can be attributed to the rising women's workforce and their growing demand for quick and time-saving meal options worldwide. This is set to boost market growth in the forecast period.
Soups Industry Segmentation
In general, soup is a liquid food, usually served warm or hot, made of ground meat, vegetables, and liquids such as water, stock, or milk. Soup refers to commercially available soups, including instant soups available in the retail market. The soup market is segmented into category, product type, packaging type, distribution channel, and geography. Based on variety, the market is segmented into vegetarian and non-vegetarian soups. The market is segmented by product type: canned/preserved, chilled, dehydrated, frozen, instant, and UHT. By packaging, the market is segmented into canned, pouched, and other packaging. The market is segmented into distribution channels: supermarkets/hypermarkets, convenience stores, online, and other distribution channels. By geography, the market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa. The report also offers market size and forecasts for soup products across four major regions. For each segment, the market sizing and forecasts have been provided based on the value in USD million.
| By Type | |
| Canned/Preserved | |
| Chilled | |
| Dehydrated | |
| Frozen | |
| Instant | |
| UHT |
| By Category | |
| Vegetarian Soup | |
| Non-vegetarian Soup |
| By Packaging | |
| Canned | |
| Pouched | |
| Other Packaging |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
| Geography | |||||||||
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Soup Market Size Summary
The soup market is experiencing a steady growth trajectory, driven by an increasing variety of products and a rising consumer preference for health and wellness-oriented foods. The demand for instant, dehydrated, and UHT soups is particularly strong, as these products cater to the fast-paced lifestyles of consumers seeking convenience. The market is also witnessing a surge in interest for soups with specific health certifications and claims, such as organic and natural ingredients, which appeal to health-conscious consumers willing to pay a premium. This trend is further supported by the growing women's workforce, which drives the demand for quick and easy meal solutions. Cultural influences and seasonal trends also play a significant role, with soup consumption peaking during colder months.
In North America, the soup market is propelled by busy lifestyles and a preference for ready-to-eat meals, with innovations in product offerings and packaging formats enhancing convenience. Companies are actively launching new products and flavors to meet diverse consumer tastes, including ethnic flavors in regions with significant expatriate populations. The competitive landscape is dominated by major players like Campbell Soup Company, Unilever, and Nestlé, who are investing in research and development to introduce innovative flavors and maintain market share. The market's consolidation is evident as these companies compete on price, quality, and promotional strategies, while also expanding their product lines to cater to evolving consumer preferences.
Soup Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Canned/Preserved
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2.1.2 Chilled
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2.1.3 Dehydrated
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2.1.4 Frozen
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2.1.5 Instant
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2.1.6 UHT
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2.2 By Category
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2.2.1 Vegetarian Soup
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2.2.2 Non-vegetarian Soup
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2.3 By Packaging
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2.3.1 Canned
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2.3.2 Pouched
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2.3.3 Other Packaging
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2.4 By Distribution Channel
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2.4.1 Supermarkets/Hypermarkets
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2.4.2 Convenience Stores
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2.4.3 Online Retail Stores
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2.4.4 Other Distribution Channels
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Mexico
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2.5.1.4 Rest of North America
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2.5.2 Europe
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2.5.2.1 Spain
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2.5.2.2 United Kingdom
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2.5.2.3 Germany
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2.5.2.4 France
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2.5.2.5 Italy
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2.5.2.6 Russia
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2.5.2.7 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 Japan
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2.5.3.3 India
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2.5.3.4 Australia
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2.5.3.5 Rest of Asia-Pacific
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2.5.4 South America
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2.5.4.1 Brazil
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2.5.4.2 Argentina
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2.5.4.3 Rest of South America
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2.5.5 Middle East & Africa
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2.5.5.1 South Africa
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2.5.5.2 Saudi Arabia
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2.5.5.3 Rest of Middle East & Africa
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Soup Market Size FAQs
What is the current Soup Market size?
The Soup Market is projected to register a CAGR of 2.9% during the forecast period (2024-2029)
Who are the key players in Soup Market?
General Mills Inc., The Kraft Heinz Company, The Campbell Soup Company, Nestlé S.A and Unilever Plc are the major companies operating in the Soup Market.
