Soup Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
Soup Market 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 &
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.” The
reports further observe that the market was worth USD 16.12 billion in
2019.
Global COVID-19 Impact Analysis:
The emergence of COVID-19 has brought
the world to a standstill. We understand that this health crisis has brought an
unprecedented impact on businesses across industries. However, this too shall
pass. Rising support from governments and several companies can help in the
fight against this highly contagious disease. There are some industries that
are struggling and some are thriving. Overall, almost every sector is
anticipated to be impacted by the pandemic.
We are taking continuous efforts to
help your business sustain and grow during COVID-19 pandemics. Based on our
experience and expertise, we will offer you an impact analysis of coronavirus
outbreak across industries to help you prepare for the future.
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%.
List of the Companies Operating in the
Soup Market are:
- The Campbell Soup Company
- Nestlé S.A
- Baxters Food Group Limited
- General Mills, Inc
- Conagra Brands, Inc.
- Premier Foods Group Limited
- The Kraft Heinz Company
- Hindustan Unilever Limited
- Ottogi Co., Ltd
- Associated British Foods plc
Segmentation:
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.
Regional Analysis:
Large Consumer Base in Europe to
Promote Growth
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.
Competitive Landscape:
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.
Industry Development:
January 2020: 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.
Browse Detailed Research Insights with
Table of Content: https://www.fortunebusinessinsights.com/soup-market-102838
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Supply Chain & Regulatory Analysis
- Global Soup Trade Analysis
- Recent Industry Developments - Policies, Partnerships, New Type
Launches, and Mergers & Acquisitions
- Global Soup Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Instant
- Canned
- Dehydrated
- Chilled
- Others
- By Distribution Channel
- Hypermarket/Supermarkets
- Convenience Stores
- Online Retail
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate
data, helping organizations of all sizes make timely decisions. We tailor
innovative solutions for our clients, assisting them to address challenges
distinct to their businesses. Our goal is to empower our clients with holistic
market intelligence, giving a granular overview of the market they are
operating in.
Our reports contain a unique mix of
tangible insights and qualitative analysis to help companies achieve sustainable
growth. Our team of experienced analysts and consultants use industry-leading
research tools and techniques to compile comprehensive market studies,
interspersed with relevant data.
At Fortune Business Insights™, we aim
at highlighting the most lucrative growth opportunities for our clients. We,
therefore, offer recommendations, making it easier for them to navigate through
technological and market-related changes. Our consulting services are designed
to help organizations identify hidden opportunities and understand prevailing
competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1-424-253-0390
UK: +44-2071-939123
APAC: +91-744-740-1245
Email: sales@fortunebusinessinsights.com
Fortune
Business Insights™
LinkedIn | Twitter | Blogs
Read Press Release: https://www.fortunebusinessinsights.com/press-release/soup-market-9964
Comments
Post a Comment