Soup Premix Market Size, Share & Industry Analysis, By Type (Vegetarian, Non-vegetarian), By Distribution Channel (Supermarkets/Hypermarkets, Online Retail Stores, Retail Stores, Others) and regional Forecast, 2024-2032

The intensifying demand for ready-to-cook and convenience food is predicted to drive the global soup premix market. The increasing working women population, extended working hours, and rising household income are expected to boost the demand for ready-to-cook products including soup premix. Increasing product variety in retail stores due to expansion of existing product range is expected to positively impact the sales of the product.

Increasing demand for healthier processed food such as preservative-free and salt-free products serve as an opportunity to market players to improve their existing product range. The prominent players operating in the market are embarking on the new launches and collaboration with other market players to increase their market prominence. Furthermore, companies are actively investing in the offline as well as online promotion or advertisement to attract more consumer base.

The popularity of soup premix is increasing in developed as well as developing regions and buyers are opt for different variants in their regular diet. Every region has different food choices according to their culture and ethnic preferences, and these factors inspire producers to launch different flavors and varieties, which is predicted to positively impact the product sale in upcoming years. Moreover, the robust snacking trend has encouraged consumers as well as manufacturers to try out different varieties of soup premixes. Various innovations and on-going research for the production of healthier versions of this product are projected to further propel the market growth. the overall increasing demand for instant food as an alternative to full-fledged meals as it consume less time for cooking is predicted to further propel the market growth.

The rising awareness among consumers regarding the adverse health effects of highly processed food is gravitating them towards clean-labeled food which contains less preservatives and organic ingredients. But, limited availability of organic and clean-labeled soup premixes in retail stores is predicted to hamper the product sale.

Key Market Driver -

Amplifying Demand for Ready-to-Cook and Convenient Processed Products

Key Market Restraint -

Limited Availability of Clean-labeled Products

Key Players Covered:

The prominent players operating in the global soup premix market are Unilever Plc., Mother Earth Products, General Mills Inc., Harvest Right LLC., The Kraft Heinz Company, Conagra Brands Inc., McKenzie's, The Campbell Soup Company, Nestle S.A., Frontier Soups, and Others.

Vegetarian soup premix segment is predicted to hold a considerable share in the global market. Increasing vegetarian population in developed as well as developing economies and high popularity of tomato soup are predicted to drive this segment. However, non-vegetarian soup premix segment is expected to grow at significant pace owing to increasing innovations in this segment and rising popularity of non-vegetarian soup premix among young population.

Super and hypermarkets are expected to hold significant share in the global market. The availability of wide variety of products, freedom of selection, attractive shelf arrangement, and discounts offered by them are expected to increase the sale of the products from these stores. Moreover, the growing number of well-organized retail and departmental stores is expected to increase the product sale through them.

Regional Analysis:

Asia Pacific is expected to grow at considerable pace in the global market. Increasing urbanization, rising disposable income, and increasing demand for read-to-cook food within the region are predicted to positively impact the product sale. The prominent market players operating the market are expanding their business in Asia Pacific to increase their global presence, which is predicted to further propel the product growth.

Europe is anticipated to hold significant share in the market. Changing eating habits of Europeans, rising demand for ready-to-cook food owing to their hectic lifestyle, and increasing number of market players within the region are expected to positively impact the market growth. Increasing demand for healthy snack options such as soup premix is expected to positively impact the product sale.

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Segmentation

Key Industry Developments:

• In February 2019, Marrico announced the launch of Hi Protein Meal Soups under Saffola FITTIFY Gourmet range. The products are gluten free and have no added preservatives, no artificial colors or flavors. The product is available at $ 5 for a box of 4 sachets/servings. But in February 2020, company has introduced a convenient pack size of its nutritious Hi-Protein Soups.


• In November 2017, Marrico announced the launch of soup premix under the brand name Saffola. The product is widely available in Indian market.