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The global soup market size is expected to reach USD 21.0 billion by 2027, while exhibiting a CAGR of 2.79% between 2020 and 2027. This is ascribable to factors such as increasing demand for instant and processed food products owing to high disposable incomes and hectic life style across the globe. Fortune Business Insights, in its latest report, titled “Soup Market Size, Share & COVID-19 Impact Analysis, By Type (Instant, Dehydrated, Canned, Chilled, and Others), Distribution Channel (Hypermarket/Supermarket, Convenience Store, Online Retail, and Others), and Regional Forecast, 2020 – 2027.” Observes that the market was worth USD 16.12 billion in 2019 and is poised to rise gradually during the forecast period.
Baxters Launch of New Vegan Soup Range to Tread Colossal Growth
Rapid Urbanization has meant availability of high disposable income among the population and fast-paced lifestyle that is driving the demand for processed food. Additionally, increasing awareness among consumers to include healthy and nutritious food in their diet is propelling the companies to innovate food products to cater to the increasing demand across the globe. Baxters is one such company striving to consolidate its position by introducing products that suit the taste of the consumers.
For instance, in April 2020, Baxters introduced its novel first-ever range of tinned soups to cater to the needs of vegan people. According to the company, the novel high quality plant-based soups are available in different flavors such as Sri Lankan Sweet Potato, Jackfruit, Three Bean & Chipotle, and Butternut Squash & Lentil Dhansak. Furthermore, the company says it is committed to innovate products to introduce new and exciting recipes that provide lip-smacking flavor packed with essential nutrients.
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Increasing Consumption of Vegetable Broths to Bolster Growth
Varied taste preferences along with growing demand for clean-labelled food products by the health-conscious population across the globe is likely to aid the growth of the market during the projected horizon. According to the Vegan Society Organization (VSO), around 25% population will be consuming vegan meat replacement food products, while 35% would consume clean-labelled meat, and further 40% shall consume regular meat by the year 2040. Increasing demand for consumption of healthy vegetable broths and rising population of vegans is likely to drive the growth of the market in the forthcoming years.
COVID-19 to Influence Market Growth
The pandemic has forced the people to remain confined at their home spaces. Several government agencies having announced lockdown across the globe, have allowed the sales of essential materials. People prefer healthy and instant processed foods such as soupy products and noodles that is expected to surge the market share in the coming future.
Major Focus on Product Development by the Companies to Foster Growth
Fortune Business Insights states that the market is highly organized that comprises of several players striving to gain maximum share and consolidate their position. With fierce competition witnessed in the market, the companies are focusing on the development of novel products to suit the consumer’s taste. Furthermore, expansion of horizon by the players to strengthen their position and offer unique products will bode well for the market growth between 2020 and 2027.
List of the Companies Proliferating in the Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Distribution Channel