Soup Market Outlook 2024: Exclusive Report By The Business Research Company | General Mills Inc., The Kraft Heinz Company, Campbell Soup Company, Unilever PLC, Baxters Food Group Limited

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2747

The Business Research Company offers in-depth market insights through Soup Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The soup market size has grown steadily in recent years. It will grow from $16.11 billion in 2023 to $16.73 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to rise demand for convenient meal, consumer interest in healthier eating habits, aging population, increased easy-to-consume and nutrient-rich foods, increased rate of urbanization.

The soup market size is expected to see steady growth in the next few years. It will grow to $19.7 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to economic growth and stability, plant-based and vegan options, increased interest in global cuisines and fusion foods, growth of online food ordering and delivery services, busy lifestyles. Major trends in the forecast period include technological innovations, packaging innovations, premium and artisanal soups, functional and nutrient-rich soups, customization and personalization options.

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Market Segmentation:
The main types of soup include canned/preserved soup, chilled soup, dehydrated soup, frozen soup, and ultra-high temperature processing (UHT) soup. Canned/preserved soups are condensed soups made with less amount of water. The customer then adds water or milk to the solution, which is subsequently cooked. Both vegetarian and non-vegetarian are packaged in cans, pouches, and other packaging materials. These are distributed through supermarkets & hypermarkets, convenience stores, online stores, and others.

Major Driver - Consumer Demand For Convenience Foods Drives Soup Market Growth
Increasing demand for convenience food is driving the growth of the soup market. Convenient food is specifically created to enhance the convenience of consumption, enabling today's lifestyle to accommodate delivery and dine-out requirements. Such cuisine is often ready to eat without extra preparation, conveniently transportable, and has a long shelf life. Increasing demand for convenience foods is expected to boost the consumption of soups, as it is widely consumed among households on daily basis. For instance, in 2021, Food Export Midwest USA, a US-based non-profit organization that promotes the export of food and agricultural products, Australia ranks 9th in the world for U.S. exports of processed foods accounts USD919 million in 2021, processed food including cooked, canned, frozen, packaged or fortifying foods items and additionally, approximately 66% of the retail food business is still dominated by supermarkets and grocery stores and around 21% of the market is occupied by cafés, restaurants, and takeaway food establishments, demonstrating consumers' ongoing preference for convenience. Therefore, the increasing demand for convenience food is expected to boost the demand for soup market during the forecast period.

Competitive Landscape:
Major companies operating in the soup market include General Mills Inc., The Kraft Heinz Company, Campbell Soup Company, Unilever PLC, Baxters Food Group Limited, Blount Fine Foods Corp., Loblaw Companies Limited, B&G Foods Inc., Conagra Brands Inc., Hain Celestial Group Inc., Kettle Cuisine LLC, Knorr Foods Co Ltd., Nissin Foods Holdings Co Ltd., Pacific Foods of Oregon LLC, Premier Foods Group Ltd., Progresso Foods Inc., The Original Soupman Inc., The Real Soup Company Limited, Trader Joe's Company, Amy's Kitchen Inc., Bear Creek Country Kitchens Inc., Dr. McDougall's Right Foods Inc., Imagine Foods Inc., Kewpie Corporation, Maruchan Inc., Nongshim Co Ltd., Ottogi Co Ltd., Sapporo Holdings Ltd., Toyo Suisan Kaisha Ltd., Wei Chuan Foods Corporation

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Top Trend - Innovative Products Revolution Soup Market
Product innovations are a key trend gaining popularity in the soup market. The companies operating in the soup market or packaged soup sector are focusing on developing or manufacturing organic and plant-based soups to capture the untapped market and strengthen their business position across the globe. In April 2021, Pacific Foods Of Oregon, a subsidiary of Campbell Soup Company, is investing heavily in plant-based innovation with the launch of Creamy Oat Milk Soups and Creamy Plant-Based Broths. The creamy oat milk soups are the first oat milk-based soups to hit the market, and they are predicted to attract a larger group of audience with an interest in plant-based foods.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Soup Market Characteristics
3. Soup Market Trends And Strategies
4. Soup Market - Macro Economic Scenario
5. Soup Market Size And Growth
…..
27. Soup Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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