, published by IndustryARC, the market is driven by different experiments on organic ingredients for health awareness, which has led to the rising intake of soup market globally.
North America with major share in the Global Soup Market:
North America is projected to maintain its dominance by generating the highest revenue of $7.5 billion in global soup market by 2023. The North American soup market region leads in terms of volume, with 55.9% share in 2017, and is estimated to grow at a CAGR of 0.70% during the forecast period. Rest of the World (RoW) region which includes South America, Middle East and African regions, is projected to witness the fastest growth during the forecast period, both in terms of value and volume, with CAGR of 8.41% and 5.32% respectively. Wide varieties of soups are available in the Asia Pacific region like vegetable soups, lentil soups and meat soups. Populated regions like China, India, Russia, and Brazil are few of the key potential countries in the soup market which will boost the global soup market.
Selected Type Analysis done in the full Report:
Global canned/preserved soup market leads at present, attaining maximum amount of revenue. Canned/preserved soup is estimated to reach revenue of $9.16 billion by 2023, and in terms of volume it will reach 1,531 KGM with a CAGR of 2.09% and 1.30% respectively during the forecast. Canned soups are available in two forms: condensed and ready to eat. In both the forms, the content can be vegetarian and non-vegetarian. This is followed by dehydrated soup, produced by leading brands like Knorr (Unilever) and Maggi (Nestlé). In order to increase the self-life of these products, various manufacturers are using innovative packaging materials, thus propelling the demand of dehydrated soup market. Dehydrated soup market is estimated to reach revenue of $5.6 billion by 2023 and 541 KGM with a CAGR of 5.29% and 4.57% respectively during the forecast period.
Frozen soups comprise of ingredients like fatty acids, natural colors, natural flavors, high intensity sweeteners (HIS) and flavoring. Asian consumers prefer frozen soup to other type of soups due to the hot weather conditions. Innovation in selecting healthy ingredients and regional tastes or flavors will increase the demand for healthy frozen soup market. It is followed by instant soup market, which is the easiest to prepare. Instant soup undergoes primary and secondary packaging. The market is estimated to reach revenue of $1.6 billion by 2023. Chili soup are consumed either by heating or are refrigerated. The limited shelf life of these products is one reason why the chili soup market is dominated by local producer and is typically packed in cartons, glass or pouches. UHT soup contains pieces of meat and vegetables, which is a bit difficult to maintain due to which the adoption rate is quite less as compared to others.
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Excerpts on Market Growth Factors
The availability of departmental store and supermarket will influence the customers to select this distribution channel and thereby contributing major share during the forecast period.
Growing demand for natural and organic soup is triggering the growth in the global soup market.
Increasing desire of low-class and middle-class individuals to purchase products cheaply will bolster the growth of discount store market by volume.
24 hours availability of these store services will appeal to the night shift workers for the purchase of easily made products like soups, broth and so on.
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Key players of the Global Soup Market:
Major players in the global soup market are Campbell Soup Company, General Mills, Unilever PLC, H.J. Heinz Company others. In the dehydrated soup market, the leading brands include Knorr (Unilever) and Maggi (Nestlé). The leading global brands of frozen soups include Findus (Unilever) and Bofrost (Bofrost). Chilled soups include New Covent Garden (Daniels) and Meiraku (Meiraku) and Liebig (Campbell Soup).
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