size is expected to
foresee significant growth by exhibiting a CAGR of 2.79% between 2020 and 2027.
Factors such as increasing demand for convenience food products and rapid
urbanization is anticipated to propel the market to reach USD 21.0 Billion by
2027. Fortune Business Insights, publish this information in its latest report,
titled “Soup Market Size, Share & Industry Analysis, By Type (Instant,
Dehydrated, Canned, Chilled, and Others), Distribution Channel (Hypermarket/ Supermarket,
Convenience Store, Online Retail, and Others), and Regional Forecast, 2020 –
2027.” The reports further observes that the market was worth USD 16.12 Billion
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Soup is a type of liquid food that is
typically served warm or hot that includes combination of several vegetables or
meat along with added water. It is believed that this liquid food is one of the
oldest cooking food products. The oldest soup dates back to over 20,000 BC and
since then has evolved in terms of ingredients and taste. Furthermore, it is
savored during the frosty winter days as it provides warmth along with health
benefits. A warm vegetable broth brings in refreshing experience at any given
time of the day. Moreover, it can be prepared quickly, does not require long
preparation hours, and thereby satisfies the hunger pangs instantly.
What does the Report Include?
The market report includes a detailed
assessment of the various market drivers and restraints, opportunities, and
challenges that the market will face during the projected horizon. Furthermore,
the report provides comprehensive research into the regional developments of
the market, affecting the market growth during the forecast period. Moreover,
the report includes information sourced from the advice of expert professionals
from the industry by our research analyst using several research methodologies
for the market. The competitive landscape offers further detailed insights into
the strategies such as product launches, partnerships, merger and acquisition,
and collaborations adopted by the companies to maintain market stronghold
between 2019 and 2026.
Drivers and Restraints:
Increasing Consumption of Convenience
Foods to Aid Growth
Increasing density of population and
high disposable income is driving the demand for convenience food products
across the globe. The people owing to hectic work life prefer several food
products that are ready-to-eat and can be consumed instantly. Additionally,
increasing number of women working population is anticipated to bolster the
growth of the market in the forthcoming years. Furthermore, the manufacturers
are innovating their products to cater to the increasing demand of the
consumers. Moreover, growing demand for packaged food products among developed
and developing economies will bode well for the growth of the market. For
instance, according to the Canada Agri-food report, China registered a total
sales value of USD 272, 741 Million in 2019 and is further anticipated to grow
at a rate of 7%.
Instant Soup that Held 36.78% Market
Share to Exhibit Exponential Growth
The segment Instant Soup (By Type) is
likely to witness massive market in the forthcoming years. Additionally, it
held a market share of about 36.78% in 2019 and is expected to grow gradually
owing to increasing preference for ready-to-eat snack among consumers. On the
other hand, canned soup is anticipated to hold the second-most leading share
for the market backed by large-scale penetration of the product in developed
regions. For instance, countries such as the U.S. and Germany usually prefer
canned soups to chilled and dehydrated soups.
Large Consumer Base in Europe to
Among the regions, Europe is expected
to remain at the forefront and register highest global soup market revenue
during the projected horizon. In addition to this, Europe was worth USD 6.07
Billion in 2019 and is likely to grow significantly. This is ascribable to
factors such as presence of large consumer base and high demand for processed
foods in the region. North America, on the other hand, is anticipated to be the
second-most leading region in the forthcoming years. This is attributable to
factors such as large consumer base that prefers instant food products.
COVID-19 Crisis to Favor Growth
The impact of COVID-19 is anticipated
to bolster the growth of the market. According to Fortune Business Insights,
the market will register a high rate of CAGR value in 2020 during the ongoing
pandemic situation. The lockdown enforced by several government agencies have
forced the people to remain at home. Several working professional that are
working from home and the students confined to their home space will bode well
for the growth of the market. The demand for instant food products as a
snacking option is contributing to the growth of the market.
Ritzy West End Introducing a $15
Takeaway Package to Stimulate Growth
In May 2020, Ritzy West End’s Chef
Ris Lacoste announced its $15 care packages that is available for delivery and
takeaway in D.C. amid the widespread effects of novel coronavirus. In times of
chaos and hardship, the West End restaurant is offering its care packages that
include a salad of the week, fresh baked bread, and pint-sized soups without
charging any delivery fees. Like Ritzy’s, there are several others who are
helping the cause to uplift the people who are suffering from devastating
effects. Furthermore, adoption of strategies such as novel product launch,
collaboration, and merger and acquisition by the companies will positively
affect the growth of the market between 2020 and 2027.
Clarity Food Ventures LLC introduced its new range of
refrigerated soupy kits, Soup Explorers. According to the company, the food
product involves less preparation time and includes several new flavors such as
Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled
Cucumber, among others. The introduction of the product is likely to cement its
position in the global marketplace.
List of the Companies Operating in
The Kraft Heinz
Ottogi Co., Ltd
British Foods plc