Soup Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Soup Market is segmented By Product Type (Canned/Preserved Soup, Chilled Soup, Dehydrated Soup, Frozen Soup, Instant Soup, Others), By Packaging (Canned, Pouched, Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Sales, Others), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Soup Market Size

Global Soup Market USD 10.1 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 13.2 billion by 2030. The market is growing at a CAGR of 3.5% during the forecast period 2024-2031. There has been a growing market for premium and gourmet soups, targeting consumers who seek high-quality ingredients, unique flavor profiles, and upscale packaging.

The busy lifestyles of consumers have driven the demand for convenient and ready-to-eat soup options. Single-serve and microwavable soup cups or bowls, as well as pre-packaged soup mixes, have gained popularity due to their ease of preparation and portability. Consumers have shown a greater interest in exploring diverse flavors and cuisines, leading to an increased demand for soups with ethnic and international flavors. Manufacturers have been introducing soups inspired by various global cuisines, such as Thai, Indian, Mexican, and Japanese, to cater to this trend. 

Soup Market Summary

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Soup Market Trends

Rising Consumption of Vegetable Broths and Stocks is Driving the Growth of the Soup Market

Veganism is becoming more common in both developed and developing countries, which is increasing the consumption of vegetable stocks and broths. According to Vegan Society Organization, by 2040, 25% of the global population will consume vegan meat replacements, 35% will consume clean-label meat, and 40% will consume regular meat. Vegetable broths and stocks serve as a foundation for a wide range of vegetarian and vegan soups, providing a flavorful base without the use of meat or animal products. 

This has significantly expanded the options available for those following plant-based diets, leading to greater consumption of vegetable-based soups. Vegetable broths and stocks manifest a rich and savory flavor profile capable of enhancing the palatability of diverse soup recipes. As a multifaceted component, they facilitate the creation of a wide range of soup flavors, encompassing classics such as vegetable soup, minestrone, tomato soup, and many more.

The Introduction of New Flavors and Varieties of Soup is Driving the Soup Market Growth

Introducing new and exciting flavors in the soup market helps attract consumers looking for unique taste experiences. By offering a wide range of flavors beyond traditional options, such as tomato and chicken noodles, soup manufacturers can tap into consumer curiosity and appeal to their desire for culinary exploration. This encourages consumers to try different flavors, thereby expanding the overall soup market.

Consumers have diverse taste preferences and dietary requirements, including vegetarian, vegan, gluten-free, and dairy-free options. The introduction of new flavors and varieties of soup allows manufacturers to cater to these preferences. For instance, in July 2022, Upton’s Natural introduced 3 new flavorful vegan Ready-to-Eat soups such as Chick & Wild Rice, Crimson Lentil, and Minestrone.

Continuous Consumption of Salt and Corn Starch is Restraining the Market Growth

Excessive salt consumption has been linked to various health issues, including high blood pressure, heart disease, and stroke. As consumers become more health conscious, they are increasingly mindful of their sodium intake and seek low-sodium or reduced-sodium food options. Traditional canned or packaged soups often contain high levels of salt for flavor enhancement and preservation purposes. This can deter health-conscious consumers from purchasing such soups, leading to a restraint on market growth.

There is a growing consumer preference for clean-label foods made with natural and recognizable ingredients. Corn starch is commonly used as a thickening agent in many commercial soups. However, some consumers are wary of processed ingredients like cornstarch and prefer soups with minimal additives or artificial ingredients. The presence of corn starch in soups may discourage these consumers, leading to a restraint on market growth.

Soup Market Segmentation Analysis

The global soup market is segmented based on product type, packaging, distribution channel, and region.

Rising Product Offerings of Instant Soup, Boosts the Segment Growth

Based on product type, the soup market is classified into canned/preserved soup, chilled soup, dehydrated soup, frozen soup, instant soup, others

In 2022, instant soup dominated the market. Because of an increase in product offerings such as packet soup, natural and tasty soup, quick soup, pouched soup, and others, the demand for instant soup has a great potential to grow during the forecast period. Furthermore, consumers are increasingly choosing instant soup as a snack choice. 

Consumer demand for instant noodles soups, such as cup noodles soup, is also increasing. The instant soup segment is being driven by companies that provide high-nutrient ingredients in soups, as well as the growing demand for convenient food. Various companies in the industry are introducing new products and expanding their product offerings. For instance, In March 2023, Z Natural declared the launch of its new Instant Chicken Bone Broth Soup Base Powder. This natural product is a convenient way to enjoy the health benefits of bone broth with maximum convenience.

Global Soup Market Geographical Share

Busy Lifestyles in the North American Region 

In 2022, North America accounted for the largest share of the regional soup market. North America has a well-developed and mature Soup market, with a long history of consumer acceptance and product availability. One of the major factors driving the growth of the North American soup market in countries such as the United States and Canada, where people favor ready-to-eat meals, is people's increasingly busy lifestyles. 

Moreover, the launch of premium and novel flavors and the changing perception of soups as a healthier food choice frequently preferred quick meals, are expected to propel the growth of the North American soup market. For instance in January 2022, Zoup! Eatery, a local restaurant chain, launched Zoup! Good, Really Good Soups, a line of premium soups including Chicken Potpie, Portabella Mushroom Bisque, Black Bean Chill, and Chicken Noodle

Soup Market Companies

The major global players include Unilever, General Mills Inc., The Kraft Heinz Company, The Campbell Soup Company, Nestle S.A., Ottogi Co., Ltd, Premier Foods Group Limited, Conagra Brands, Inc., Baxters Food Group Limited and Associated British Foods PLC.

COVID-19 Impact on Soup Market

The demand for soups increased during the pandemic as it gives relief to people suffering from cough and cold. For consumers suffering from cough and cold, soups are considered an effective remedial measure and healthy. COVID-19-positive consumers showcasing similar symptoms are accelerating the demand for soups owing to which sales for ready-to-eat soups have soared. In 2020, a moderate demand-supply gap is anticipated, as supply will be constrained by fewer manufacturing facilities and a small operating workforce. Furthermore, owing to trade fluctuations, shipments to other countries are halted, resulting in a heterogeneous distribution of ready-to-eat soups.

Key Developments

• In August 2022, Tideford Organics, the UK's plant-based, vegan, and gluten-free soup brand, introduced a range of new soup flavors and improved recipes, and doubled its retail distribution from last year.
• In September 2022, Fit Foods, a DMC Foods brand, introduced a new wholesome line of healthy soups. The new soups made with all-natural healthy ingredients are low in calories, MSG free, and gluten-free.
• In August 2021, Pacific Foods, a subsidiary of Campbell Soup Co., doubled down on plant-based innovation with the introduction of Creamy Oat Milk Soups and Creamy Plant-Based Broths.

Why Purchase the Report?

• To visualize the global soup market segmentation based on product type, packaging, distribution channel, and region understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous Soup market-level data points all for segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Global Soup Market Report Would Provide Approximately 61 Tables, 61 Figures And 151 Pages

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies