Global soup market is projected to witness a CAGR of 3.50% during the forecast period 2024-2031, growing from USD 16.87 billion in 2023 to USD 22.21 billion in 2031. The rise of the soup market is owing to the rise in western culture and urbanization, increasing working population who are demanding convenience foods, and influence of foreign culinary applications.
The soup market is experiencing growth due to rise of the food and beverage industry, with the flourishing demand for processed food options. As per the data on annual survey of manufacturers, provided by the US Department of Commerce, Bureau of Census, in 2021, the food and beverage manufacturing plants amounted to 16.8% of sales and 15.4% of total employees working in all types of manufacturing plants in the US Additionally, in 2021, total food and manufacturing plants in the US were 41,080.
Emerging opportunities for manufacturers can be witnessed due to the use of artificial intelligence to innovate their soup products by analyzing the nutritional trends, emerging technologies, flavors profiles of soups, and consumers' dietary preferences.
Additionally, manufacturers are using various marketing strategies to attract consumers to try out their products, which is helping them gain a greater market share. For instance, in January 2024, Panera Bread, notified a deal of offering cup soup to its consumers for USD 1. The consumers had to just use the coupon code 'SOUP' during the checkout when purchasing any product from the Panera app or website .
The demand for packaged soup is majorly observed in the residential sector, due to its cheaper price as compared to soups available in a restaurant. Moreover, it adds to the convenience of the consumers by eliminating the need for cooking, making it a dominant sector.
Moreover, the launch of soups in innovative methods is further augmenting the growth of the market. Through innovation, manufacturers try to cater to consumers’ rising demand for convenience food. For instance, in November 2023, The Kraft Heinz Company launched grilled cheese and tomato soup dumplings. The product does not require dunking bread into the soup, thus, it becomes convenient for consumers to consume it anytime, even while travelling.
Gluten Free Soups Supplementing the Growth
The gluten free soups are gaining popularity due to several reasons like their health benefits since they are high in fiber and low in calories, consumers' increasing gluten intolerance, rise in celiac disease patients and consumers' preference for less processed and more natural foods.
A gluten-free diet is essential for patients suffering from celiac disease, since the consumption of even the smallest amount of gluten triggers the immune system reaction in consumers, leading to severe damage to their small intestine. According to a study published in the National Library of Medicine, celiac disease is among the most common disorders globally. It has a higher frequency in females, with the prevalence in the general population ranging between 0.7 and 2.9 percent mostly.
Manufacturers are introducing new gluten free soups in the market to cater to different segment of the consumers. For instance, in July 2023, Campbell Soup Co. announced the launch of its latest range of gluten free soups to the line of condensed cooking. The range included two options, Cream of Chicken which is made with chicken meat and Cream of Mushroom being made with mushrooms. Both the products are free from preservatives and have fresh farm cream.
Rising Demand for Convenience Foods Flourishing the Growth
The rising urbanization and busier lifestyle of people is inducing the demand for convenience foods and beverages such as ready to drink soups, instant soups and packaged soups, driving the growth of soup market. They are quick and convenient meal options for the consumers with hectic schedules and busy lives since they require minimal to no preparation before consumption. Moreover, since they are packaged, they are a portable option and offer longer shelf life before opening of its seal.
Longer shelf life of the product adds to the convenience of consumers as they can stock up on the product in larger quantities for future usage, reducing the need to frequently visit grocery stores. Additionally, a strong distribution channel has majorly impacted the availability of soups in the market positively.
For instance, in September 2022, Pacific Foods introduced ready-to-serve soups, which are a go-to option for busy consumers. The product caters to vegan, lactose-intolerant, vegetarian, and non-gluten consumers. The product line includes classic flavors and unique options that suit different kinds of consumers.
Incorporation of Broths is Supporting the Growth
The addition of broths to soup is contributing positively to the growth of the soup market. The increase in growth rate is due to several reasons such as enhancement of flavor, the addition of nutritional benefits and versatility in recipes.
Vegetables and other broths add richness, depth, and complexity to the flavor profile of the soup, enhancing its taste. The umami flavor of the broth provides a savory taste to the soup, offering a unique taste. Moreover, broths are mostly made by boiling bones of chicken, meat, herbs, and vegetables which results in soup which is high in nutrition and packed with minerals, vitamins, and collagen.
Broths are versatile as they can be added as a base to various types of soups, including chicken and tomato soups, enhancing their flavor. It appeals to the consumers as they prefer delicious soup options available in the market over the basic and traditional options which are being offered by most of the players.
For instance, in February 2023, Z Natural Foods announced the launch of its latest instant chicken bone broth soup base powder. The product is a combination of healthy ingredients like real chicken bones, spices, and herbs which offers a flavorful and nutritious broth soup base, since they are an excellent source of protein, collagen, and minerals.
Can Packaging Show a Greater Share
Different types of soup formulations require different types of packaging but can packaging has a greater share in the market due to several reasons.
Can packaging for soups offers a good shelf life, protecting the soup from air and moisture, which helps in maintaining the freshness and quality of the soup. The soups in this packaging can be easily transported, stored or stacked, making it a convenient option for the consumers and the retailers as well.
The other reason for making cans an ideal packaging option for transportation is its sturdiness over other packaging formats like glass bottles which are fragile, pouches and tetra packs which can easily tear up, and plastic bottles which does not maintain the ideal temperature of the product and may result in spoilage of the product. The sturdy construction of cans helps in the prevention of breakage and leakage, allowing the consumers to stock soup on their shelves without any concern of spillage.
For instance, in January 2023, the Kraft Heinz Company launched a plant-based creamy tomato soup in can packaging. The soup is made from fermented soy and is dairy-free. Moreover, in March 2024, Campbell Soup Company, launched a limited-time soup offering in a can format.
Future Market Scenario (2024 – 2031F)
Incorporation of Artificial Intelligence in the food and beverage industry is driving the growth of the soup market.
Artificial Intelligence has been used by manufacturers to analyze consumer data, helping them to understand consumers' choices, consumption patterns and preferences. Additionally, by integrating artificial intelligence, manufacturers can innovate their products by understanding the consumers' purchase history and provide personalized soup recommendations to them on their website.
For instance, Campbell Soup Co. has been using artificial intelligence to innovate its product and launch newer products earlier than other manufacturers. The company analyzes over 300 billion data sets annually to improve their products and expand their offerings. They analyze the culinary and cooking habits of the consumers and their health, wellbeing, fitness and diet preference.
Report Scope
“Soup Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global soup market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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