The global soup products market was valued at USD 19.4 billion in 2022 and is expected to expand at a CAGR of 5.2% from 2023 to 2030. Soup is a popular dish consumed across the world and is consumed by a large population. The ready-to-eat soup segment is anticipated to witness a surge in demand due to the busy lifestyle of consumers and their preference for convenience. Furthermore, increasing health consciousness among consumers and the growing demand for organic and natural food products are driving the market growth.

The increasing demand for convenience food products is a major factor driving the global soup market. Soup, which can be prepared easily, is gaining high popularity due to its convenience and longer shelf life. Moreover, the growing demand for ready-to-eat and instant soups is further driving the market growth. The availability of a wide variety of flavors and convenience of pre-packaged soups are also expected to drive the market growth.

The rising demand for healthy and nutritious food products is driving the market growth. The presence of essential minerals and vitamins in soups is encouraging consumers to prefer soups over other food products. Furthermore, the growing popularity of vegan soup products is further driving the market growth.

Additionally, the growing penetration of e-commerce platforms and the availability of various offers on these platforms are increasing the demand for soup products. For instance, in March 2021, Amazon launched its own soup brand, AmazonFresh Soups, which is available in a variety of flavors.

Moreover, the growing demand for ready-to-eat and instant soups is propelling the market growth. The demand for these products is rising due to the hectic schedules and busy lifestyle of consumers. Furthermore, the availability of a wide variety of flavors and convenience of pre-packaged soups are also expected to drive the market growth.

The canned soup segment led the market and accounted for a share of around 27.2% in 2022. This is attributed to the growing preference for canned soup among consumers due to its convenience and cost-effectiveness. According to an article published by the University of California, in December 2019, 21% of canned soup consumers stated that convenience was the primary factor for their preference for canned soup. In addition, canned soup helps in reducing food waste, as it can be stored over a long period of time. Furthermore, increasing demand for ready-to-eat food products among working professionals is also bolstering the demand for canned soup.

The ready-to-eat soup segment is anticipated to expand at the fastest CAGR of 9.7% over the forecast period. This is attributed to the rising demand for convenience food among consumers, which has led to the increased demand for ready-to-eat soups. According to an article published by the University of California, in December 2019, 65% of consumers said that convenience is the primary factor for their preference for ready-to-eat soups. In addition, various market players are introducing innovative ready-to-eat soup products with various flavors, which is further propelling the demand for the segment.

The supermarkets and hypermarkets segment accounted for the largest market share of over 55.2% in 2022. The growth of this segment is mainly driven by the increasing consumer preference for supermarkets and hypermarkets as a primary source for purchasing food products, particularly ready-made soups. According to a survey by the US Department of Agriculture in 2020, the majority of soup products, around 48%, are purchased from supermarkets and hypermarkets. These stores also offer a wide variety of products, enabling customers to make quick purchasing decisions.

The online segment is expected to register the highest CAGR of 13.2% during the forecast period. The growth of this segment is attributed to the increasing popularity of online grocery stores, as consumers become comfortable with buying food products online. For instance, in July 2020, Amazon launched Amazon Fresh, an online store offering fresh produce, meat, dairy, and prepared foods, including a range of soups. The store also offers discounts and delivery services, which make it more attractive for consumers.

The canned soup segment accounted for the largest revenue share of 66.6% in the year 2022. The convenience of storing and preparing canned soups is driving the growth of the segment. For instance, they can be stored at room temperature and require a minimal amount of preparation, such as adding water, before consumption. This has made canned soups a popular choice among consumers, especially those who lead a busy lifestyle.

The frozen soup segment is anticipated to expand at a CAGR of 8.2% over the forecast period. This growth is attributed to the increasing demand for convenience foods and the rising popularity of frozen foods amongst health-conscious consumers. Moreover, the increasing number of supermarkets and hypermarkets providing a variety of frozen food options has further increased the adoption of frozen soup products. Furthermore, the availability of microwaveable frozen soups has further boosted the sales of frozen soup products, as they are easy to prepare and require minimal time.

Europe was the largest regional segment in the soup products market in 2022, accounting for a revenue share of over 35.3%. This can be attributed to the increasing demand for healthy, convenient, and affordable products among consumers. The demand for ready-to-eat and ready-to-heat products is rising rapidly across the region. For instance, in October 2021, Nestlé launched a range of ready-to-eat soups for the European market.

Asia Pacific is expected to witness the fastest growth in the coming years. Rising disposable income coupled with increasing consumer preference for convenient and healthy food products are driving the growth of the market in the region. For instance, in December 2021, Mc Cain Foods, a Canada-based food company, launched a range of frozen soups in India.

In this part of the soup products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your soup products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a soup products business comes from the sales of its products in supermarkets, grocery stores, and online stores. Other possible sources of profit include food service establishments, catering companies, and direct sales.

Projecting Expenses
In this section, all the regular expenses related to keeping the soup products business running will be described. The list of operating expenses includes product packaging, raw materials, wages, shipping and distribution, advertising, utilities, insurance policies, and others.

Some of the key companies operating in the soup products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Campbell Soup Company launched a range of organic soups in the US market.

– In August 2022, Nestle SA launched a range of ready-to-eat soups in the European market.

– In October 2022, Unilever launched a range of plant-based soups in the UK market.

Some of the prominent players in the soup products market include:

– Campbell Soup Company
– Nestle SA
– Unilever
– Conagra Brands, Inc.
– General Mills, Inc.
– Kraft Heinz Company
– McCormick & Company, Inc.
– H.J. Heinz Company
– Premier Foods plc
– The J.M. Smucker Company.

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global soup products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Ready-To-Eat Soup
– Canned Soup
– Instant Soup
– Frozen Soup
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Convenience Stores
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Meat-based
– Vegetable-based
– Seafood-based
– Others

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Drivers of the Global Soup Products Market?
[A]: The global soup products market is driven by the increasing health awareness among consumers and the growing demand for convenient and ready-to-eat food products. Additionally, the growing demand for organic, gluten-free, and vegan soups are also driving the market growth. The growing popularity of new flavors and convenience features such as packaging and portion sizes are also expected to contribute to the market growth.

[Q]: What are the Key Players in the Global Soup Products Market?
[A]: The key players in the global soup products market are Campbell Soup Company, Nestlé S.A., Unilever, The Kraft Heinz Company, General Mills, Inc., Conagra Brands, Inc., Amy’s Kitchen, Inc., and Baxters Food Group Ltd.

[Q]: What are the Regional Markets for Soup Products?
[A]: The regional markets for soup products include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

[Q]: What are the Factors Restraining the Global Soup Products Market?
[A]: The high cost of soup products and the presence of substitutes such as ready-to-eat meals and canned food are some of the factors restraining the global soup products market.

[Q]: What is the Potential for New Product Development in the Global Soup Products Market?
[A]: Companies are launching new products with better flavors and health benefits such as high protein, low fat, and organic soups. Additionally, manufacturers are focusing on developing convenient packaging formats such as microwavable pouches, resealable lids, and eco-friendly packaging to meet consumer demand.