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Soup Global Market Report 2023

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Major players in the soup market are General Mills Inc., The Kraft Heinz Company, Campbell Soup Company, Unilever PLC, Baxters Food Group Limited, Nestlé, Pacific Organic, TSC Foods, Bear Creek Country Kitchens LLC, Premier Foods Group Limited, Symington’s Ltd.

New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Soup Global Market Report 2023" - https://www.reportlinker.com/p06319228/?utm_source=GNW
, The Hain Celestial Group Inc., Amy’s, Progresso, and Trader Joe’s.

The global soup market grew from $15.53 billion in 2022 to $16.08 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The soup market is expected to grow to $18.36 billion in 2027 at a CAGR of 3.4%.

The soup market consists of sales of desert soups, broths, cream soups ,chowders bisque ,veloute.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

The soup refers to processed soup products in canned or packaged liquid dishes frequently served at the beginning of a meal.It is a combination of different ingredients including meat, poultry, seafood, fish, and vegetables.

Additionally, thickening ingredients and flavoring agents are added to the soup to make it thicker and flavorful.

North America was the largest region in the soup market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the soup market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of soup include canned/preserved soup, chilled soup, dehydrated soup, frozen soup, and ultra-high temperature processing (UHT) soup.Canned/preserved soups are condensed soups made with less amount of water.

The customer then adds water or milk to the solution, which is subsequently cooked.Both vegetarian and non-vegetarian are packaged in cans, pouches, and other packaging materials.

These are distributed through supermarkets & hypermarkets, convenience stores, online stores, and others.

Increasing demand for convenience food is driving the growth of the soup market.Convenient food is specifically created to enhance the convenience of consumption, enabling today’s lifestyle to accommodate delivery and dine-out requirements.

Such cuisine is often ready to eat without extra preparation, conveniently transportable, and has a long shelf life.Increasing demand for convenience foods is expected to boost the consumption of soups, as it is widely consumed among households on daily basis.

For instance, in 2021, Food Export Midwest USA, a US-based non-profit organization that promotes the export of food and agricultural products, Australia ranks 9th in the world for U.S. exports of processed foods accounts USD919 million in 2021, processed food including cooked, canned, frozen, packaged or fortifying foods items and additionally, approximately 66% of the retail food business is still dominated by supermarkets and grocery stores and around 21% of the market is occupied by cafés, restaurants, and takeaway food establishments, demonstrating consumers’ ongoing preference for convenience. Therefore, the increasing demand for convenience food is expected to boost the demand for soup during the forecast period.

Product innovations are a key trend gaining popularity in the soup market.The companies operating in the soup market or packaged soup sector are focusing on developing or manufacturing organic and plant-based soups to capture the untapped market and strengthen their business position across the globe.

In April 2021, Pacific Foods Of Oregon, a subsidiary of Campbell Soup Company, is investing heavily in plant-based innovation with the launch of Creamy Oat Milk Soups and Creamy Plant-Based Broths. The creamy oat milk soups are the first oat milk-based soups to hit the market, and they are predicted to attract a larger group of audience with an interest in plant-based foods.

In August 2022, Del Monte Foods, Inc a US-based food production and distribution company acquired McCormick & Company for an undisclosed amount.Through this acquisition, Del Monte Food Inc aims to expand its presence in the American ready-to-use stocks and broths market.

McCormick & Company is a US-based company operating in seasoning mixes, condiments, and other flavoring products.

The countries covered in the soup market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The soup market research report is one of a series of new reports that provides soup market statistics, including soup industry global market size, regional shares, competitors with a soup market share, detailed soup market segments, market trends and opportunities, and any further data you may need to thrive in the soup industry. This soup market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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