In 2019, the global soup market was valued at USD 16.12 billion and is projected to reach USD 21.0 billion by 2027, expanding at a CAGR of 2.79% from 2020 to 2027. The U.S. soup sector is also showing promising growth, expected to reach USD 5.89 million by 2032. This upward trend is primarily fueled by consumers' increasing demand for convenient meal options and ongoing product innovation from key manufacturers. Europe dominated the market in 2019, accounting for a 37.66% share.

Growth Drivers

The surge in processed food consumption across both emerging and developed economies plays a key role in market expansion. Factors such as an increasing number of working professionals, higher female workforce participation, rapid urbanization, Western lifestyle influences, and rising disposable income are contributing to the popularity of ready-to-eat (RTE) and ready-to-drink (RTD) foods.

Information Source: https://www.fortunebusinessinsights.com/soup-market-102838

Report Scope

This comprehensive study explores significant drivers, challenges, and opportunities expected to shape the soup industry through the forecast period. It also examines regional contributions to market performance and outlines major strategic activities by industry players, including product launches, partnerships, mergers, and acquisitions between 2019 and 2026.

Key Market Trends

Convenient Food Demand on the Rise

The global rise in disposable income and population growth is propelling demand for easy-to-prepare food items. With more individuals leading fast-paced lives, the appetite for instant meals continues to grow. This shift is further reinforced by increased female employment and a broader preference for packaged foods. For example, data from the Canada Agri-Food Report showed that China’s food sales reached USD 272.74 billion in 2019, with a forecasted annual growth rate of 7%.

Segmentation Insights

Instant Soups Lead by Category

Among product types, instant soups captured the highest market share of 36.78% in 2019, owing to heightened demand for ready-made meal options. Canned soups ranked second, especially favored in established markets such as the U.S. and Germany, where they continue to outperform chilled and dehydrated varieties.

Regional Insights

Europe Maintains Market Leadership

Europe remains the frontrunner in the global soup industry, driven by a robust appetite for processed food products. In 2019, the European soup market alone was valued at USD 6.07 billion. North America follows closely, supported by a growing consumer preference for quick and easy meal choices.

Competitive Landscape

Strategic Moves Fuel Market Expansion

In May 2020, Chef Ris Lacoste of Ritzy West End in Washington, D.C., introduced a USD 15 takeaway meal bundle including weekly salads, bread, and pint-sized soups with complimentary home delivery—an initiative responding to changing consumer behaviors during the pandemic. Such innovative responses, alongside continued product development, mergers, and partnerships, are expected to bolster the industry through 2027.