The global soup industry was valued at USD 16.12 billion in 2019 and is forecast to reach USD 21.0 billion by 2027, registering a CAGR of 2.79% from 2020 to 2027. In addition, the U.S. soup market is expected to expand considerably, with its value projected to reach approximately USD 5.89 million by 2032. This growth is driven by consumers’ rising preference for convenient meal solutions and the continuous introduction of new soup varieties by manufacturers. Europe held the largest share of the market in 2019, accounting for 37.66%.
The overall market is expanding as a result of the increasing consumption of processed foods across both developed and developing countries. This shift in dietary habits is influenced by several factors, including the growing working population, the rise in working women, fast-paced lifestyles, growing urbanization and westernization, and an increase in per capita spending on packaged food. As a result, consumers are increasingly choosing ready-to-eat (RTE), ready-to-drink (RTD), and other convenience food products, which directly fuels market growth.
The COVID-19 pandemic further accelerated retail sales of soup products. With millions affected globally and over 180 countries imposing lockdowns, consumers faced shortages of quick-preparation food items, increasing the demand for soups. Restrictions imposed by governments shifted consumer purchase priorities toward essential and long-lasting packaged food and beverages. The large presence of working professionals and students in many countries also boosted the uptake of instant food items, including soups, contributing significantly to the surge in sales.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
Soup Market Trends
Rising Preference for Convenience Foods
Urbanization and fast-paced living continue to boost the demand for convenience food products. Items such as RTE meals, RTD beverages, instant foods, and packaged snacks are witnessing rising popularity. Soups, being easy to prepare and requiring minimal cooking time, have become a preferred choice for many consumers. Population growth and higher disposable income further contribute to market expansion. Europe demonstrated steady growth, with market value increasing from USD 5.98 billion in 2017 to USD 6.07 billion in 2018.
According to Agri-Canada, packaged food sales in China reached USD 272,741 million in 2019 and are expected to grow at 7%, driven by strong consumption of packaged snacks and related products.
Soup Market Segmentation Analysis
Instant soups are emerging as one of the most dynamic segments globally due to their wide range of formats—such as packet, quick-prep, and poached varieties—and their quick preparation time, which supports strong future growth. At the same time, supermarkets and hypermarkets continue to lead the distribution landscape, and even during lockdowns, these outlets, along with online platforms, remained operational, ensuring steady access to essential food items like soups.
Regional Analysis
Europe is projected to retain the largest market share, driven by strong consumer demand for canned and ready-to-eat soups, while the Asia Pacific region is set for rapid growth due to its expanding population and increasing preference for convenience foods, with emerging economies like China and India significantly contributing to the market’s expansion.
Leading Companies in the Soup Market