Global Soup Market to Garner USD 23.19 Billion By 2028 - IMR

Market Overview:
Global Soup Market Size Was Valued at USD 18.60 Billion In 2021 And Is Projected to Reach USD 23.19 Billion By 2028, Growing at A CAGR of 3.2 % From 2022 To 2028, Analysis Period 2023-2030.

Soup is a liquid cuisine made by flavoring meat, chicken, fish, beans, or vegetables in liquids like milk, stock, or water. It has a long history, with early methods involving cooking with hot stones. Soups were a way to extract nutrients from tough or bony cuts of meat. Fruit soups are popular in parts of Europe and served as desserts. Soup is a quick hot meal that offers various health benefits due to its nutritious ingredients. Common soup ingredients include vegetables, meat, grains, and legumes. Soups support digestion, boost immunity, and can be found in dried or canned forms on the market.

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Top Key Players Covered in Soup Market
• The Campbell Soup Company (US)
• Unilever PLC (UK)
• Nestlé SA (Switzerland)
• The Kraft Heinz Company (US)
• Premier Foods Group Limited (UK)
• Ottogi Co. Ltd (South Korea)
• General Mills Inc. (US)
• Conagra Brands Inc. (US)
• Tideford Organic Foods Limited (UK)
• Upton's Naturals Co (US)
• WA Baxter & Sons (Holdings) Limited (UK)
• B&G Foods Holding Corp. (US)
• The Hain Celestial Group Inc (US)
• Associated British Foods Plc (UK), and Other Major Players

Market Dynamics:
Drivers:
The increasing demand for convenient and healthy food options, driven by urbanization and busy lifestyles, is fueling the growth of the soups market. Pouched soups, known for their convenience and nutritional value, are particularly gaining popularity. The rising disposable income and desire for ready-to-eat foods contribute to the market expansion. The use of packaged soups in the food and beverage sector is also on the rise due to their easy preparation, high nutritional value, and longer shelf life. The introduction of organic soup variations and the preference for sustainable packaging options further contribute to the market's growth.

Opportunities:
Online merchants have seen increased demand for soup, particularly in countries where online shopping is popular. Emerging nations like India and China rely heavily on online sales channels, driving growth in the ready-to-eat soup market. Modern sales channels account for about 50% of soup sales, with North America having strong distribution networks. A creative aisle marketing approach in supermarkets and retail establishments aligns with consumer behavior, fostering strong relationships between businesses and retailers, which is a growing trend in the industry.

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Market Segment
By Type
• Canned/Preserved
• Chilled
• Dehydrated
• Others

By Category
• Vegetarian Soup
• Non-vegetarian Soup
• By Packaging
• Canned
• Pouched
• Other

By Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• Online Retail Stores
• Other

Soup Market Trend Analysis
Rising Demand for Healthy Convenience Food
Urbanization's increased desire for convenience meals is a major factor in the market expansion of soups. The growing working population and busy lives have raised consumer desire for healthy convenience foods, which is driving up sales of pouched soups, a significant market segment in the soups industry.

Opportunity for Restaurants, Hotels, and Bar
Online merchants have reported a rise in demand for soup. One of the popular distribution methods in nations where Soup goods are in high demand is online shopping. Customers in emerging nations like India and China are significantly relying on online sales channels during the current pandemic, which is boosting growth in the ready-to-eat soup business.

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Regional Analysis of the Soup Market
Europe is Expected to Dominate the Market Over the Forecast Period.
Due to the region's larger canned soup consumer base, Europe is anticipated to hold the majority of the market share. Due to their expanding populations, the U.K. and Russia are the two European nations that consume the most soup. In comparison to the other countries in the region, these countries consume a disproportionately high amount of processed food.

The region's consumption of dehydrated soups is anticipated to increase as a result of ongoing product introductions to address customer preferences and purchasing patterns. Additionally, the region's demand for processed and quick food goods is being driven by the increased economic independence of the women's population. The market is anticipated to develop as a result of this.

Sales in the region are anticipated to expand at a higher CAGR in 2020 as a result of the pandemic crisis and the total lockdown in many European nations. The ability to work from home has paved the path for consumers to consume a variety of instant food items, with increased sales of soup and noodles among them.

North America is anticipated to hold the second-largest market share for soup, behind Europe. The greatest consumer in the area, the U.S., helps the industry expand by driving up sales of instant soup. The influence of COVID-19 on the nation is undoubtedly not hindering market expansion, as consumers favor quick-to-prepare items over those that take longer.

Key Industry Developments in Soup Market
July 2022, Upton's Naturals launches new soup flavorsUpton's Naturals is introducing three new recipes to its lineup of wholesome and flavorful vegan soups. Providing plant-based protein (8-11g per serving) and only 180-300 calories a bowl, the new products are Non-GMO Certified (NSF), Plant-Based Certified, contain no added colors, flavors or preservatives, and are completely free of cholesterol and trans-fat.

November 2021, The new Campbell's Condensed Soup. This past summer, Campbell's released a new look for Campbell's Condensed Soup-contemporizing the beloved brand for the 21st century. The new logo, packaging, and visual identity leans heavily into the brand's existing distinctive look, while also creating a new modern feel to help attract and retain new generations.

Key Highlights Covered in this Updated Research Reports Include:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint

Frequently Asked Questions:
1. What is the study period of this market?
2. What is the growth rate of Soup Market?
3. What is Soup Market size in 2030?
4. Which region has highest growth rate in Soup Market?
5. Who are the top key players in this market?

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