By Daniel Webster, dWeb.News Publisher
Companies covered in the soup market are The Campbell Soup Company, Nestle S.A, Baxters Food Group Limited, General Mills, Inc, Conagra Brands, Inc., Premier Foods Group Limited, The Kraft Heinz Company, and more players profiled
November 23, 2021 08: 25 ET | Source: Fortune Business Insights
Pune, India, Nov. 23, 2021 (GLOBE NEWSWIRE) — The global 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. The reports further observe that the market was worth USD 16. 12 Billion in 2019.
Soup is a type of liquid food that is typically served warm or hot that includes a combination of several vegetables or meat along with added water. This liquid food is considered to be one of the oldest food products. The oldest soup dates back to over 20,000 BC and since then has evolved in terms of ingredients and taste. It is also enjoyed during winter because it offers warmth and health benefits. Warm vegetable broth is refreshing at all times of the day. It can also be made quickly and is quick to prepare.
List of the Companies Operating in the Soup Market:
The Campbell Soup Company
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
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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. The report also provides extensive research on the market’s regional developments, which will impact the market’s growth over 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 the market stronghold between 2019 and 2026.
Drivers and Restraints:
Increasing Consumption of Convenience Foods to Aid Growth
The increasing density of population and high disposable income is driving the demand for convenience food products across the globe. People who have a hectic work schedule prefer convenience foods that can be eaten immediately. In the coming years, the market will grow due to the increasing number of working women. Manufacturers are constantly innovating to meet the growing demand from consumers.
Moreover, the 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%.
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. Canned soup, on the other hand is expected to have the second largest market share due to its widespread penetration in the developed world. For example, the United States and Germany prefer canned soups over dehydrated and chilled soups.
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. Europe was valued at USD 6. 07 Billion in 2019 and is likely to grow significantly. This can be attributed to the large population and high demand for processed food in the region. North America is expected to be the second most important region in the coming years. The reason is that North America is expected to be the second-most important region in the next few years.
Browse In-depth Summary of This Research Insight:
Detailed Table of Content:
Definitions and Assumptions
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 Distribution Channel
Middle East & Africa
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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. The West End restaurant offers care packages that include a weekly salad, fresh bread, and pint-sized soups, free of delivery charges, in times of hardship and chaos. There are many others who support Ritzy’s cause to lift people suffering from the devastating effects of the recession. Furthermore, the 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.
Key Industry Development:
January 2020: Clarity Food Ventures LLC introduced its new range of refrigerated soupy kits, Soup Explorers. The company claims that the new food product requires less preparation and comes in several new flavors, including Vietnamese Vegetable Pho, American Chicken Noodle and Moroccan Chilled Cucumber. It is expected that the introduction of this product will cement its position on the global market.
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