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. 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.
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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. 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 a 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, mergers and acquisitions, 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. The people owing to hectic work life prefer several food products that are ready-to-eat and can be consumed instantly. Additionally, the 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, 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 a 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 an increasing preference for ready-to-eat snacks 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.
Large Consumer Base in Europe to Promote Growth
Among the regions, Europe is expected to remain at the forefront and register the 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 the presence of a 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 a 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 has forced the people to remain at home. Several working professionals that is 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.
Information source: https://www.fortunebusinessinsights.com/soup-market-102838