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U.S. Soup Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The U.S. soup products market was valued at USD 11.3 billion in 2022 and is projected to expand at a CAGR of 5.5% from 2023 to 2030. Soup products are gaining popularity among consumers due to their convenience and health benefits. Consumers are increasingly seeking ready-to-eat food products, which are convenient and have a longer shelf life. The growing demand for convenient and healthy food products is driving the growth of the U.S. soup products market. Moreover, the rising number of working women and the growing trend of on-the-go consumption are further augmenting the market growth.
The growing number of health-conscious consumers is increasing the demand for healthy soup products. Consumers are increasingly opting for low-calorie, high-fiber, and low-fat soup products. In addition, the increasing demand for organic and gluten-free soups is also driving the market growth. For instance, in October 2021, Campbell Soup Company launched its organic Well Yes! soup products in the United States. The product range includes soups made with organic ingredients and no artificial colors, flavors, or preservatives. Furthermore, the product is gluten-free, non-GMO, and has no antibiotics.
The increasing number of product launches and marketing strategies adopted by key players are expected to boost the market growth. For instance, in April 2021, Progresso launched a new line of soups with a blend of vegetables, herbs, and spices. The product range is known as ‘Progresso Outrageous Soups’ and consists of five varieties of soups, including Mexican-style Chicken Pozole, Chipotle Chicken Noodle, and Broccoli Cheddar. The company is aiming to target the growing demand for flavorful and convenient soup products among consumers.
Furthermore, the increasing demand for instant soup products due to their convenience is expected to drive the market growth. For instance, in April 2021, Nestle launched a new range of instant soups under its Maggi brand. The product range includes nine flavors of instant soups, including Vegetable, Tomato & Basil, and Chicken, which are available in microwaveable bowls. The company also launched Maggi ‘Easy-to-Make’ soup mixes. These soup mixes are available in four flavors, such as Creamy Tomato, Cream of Tomato & Basil, Cream of Chicken, and Cream of Vegetable.
Product Insights
The canned soup segment held the largest share of the market in 2020 and is expected to continue its dominance over the forecast period. This segment is expected to be driven by the growing demand for convenience foods and the availability of a wide range of flavors and types of canned soup products. The growing demand for ready-to-eat meals and packed meals is also expected to boost the growth of this segment. According to an article published by the U.S. Department of Agriculture, in 2019, canned soup accounted for the largest share of the soup market in the U.S., with over 25% of total soup sales.
The frozen soup segment is expected to expand at the fastest CAGR of 8.2% during the forecast period. This segment is driven by the high nutritional value of frozen soup products and the convenience of preparation. Furthermore, the availability of a wide range of frozen soup products in various flavors, as well as the rising demand for healthy and organic frozen soup products, are expected to propel the segment’s growth in the near future. According to an article published by the Soup Kitchen, in 2019, frozen soup accounted for around 15% of the overall soup sales in the U.S.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the highest market share of 42.5% in 2022. The growth of the segment is mainly driven by the convenience of shopping in supermarkets and hypermarkets, as they offer a wide choice of soup products in one place. In addition, they provide convenience in terms of product availability, price, and discounts. Furthermore, the presence of private labels in supermarkets and hypermarkets enables consumers to purchase soup products at lower prices as compared to branded products.
The e-commerce segment is poised to expand at the highest CAGR of 13.7% over the forecast period. The increasing penetration of the internet and rising adoption of smartphones are stimulating the growth of the e-commerce segment. Moreover, the availability of discounts and offers on online platforms is encouraging consumers to purchase soup products online. In addition, companies are launching their online stores to capitalize on the rising online purchasing trend. For example, in April 2021, Campbell Soup Company launched its online store to increase its brand visibility among consumers.
Type Insights
The canned soup segment accounted for the largest revenue share of 65.4% in the year 2022. This is attributed to the increasing demand for convenient and ready-to-eat food products. Also, the easy availability of these products in retail stores, supermarkets, and hypermarkets is driving the canned soup segment. Furthermore, the increasing trend of consuming canned soup in the U.S. due to its convenience and low-cost is also driving the market growth.
The chilled soup segment is expected to exhibit the highest CAGR of 7.2% during the forecast period. This is attributed to the increasing trend of consuming chilled soup in the U.S. due to its nutrition benefits. Moreover, the increasing demand for healthy and organic products is driving the growth of the chilled soup segment. For instance, in February 2020, Campbell Soup Company, a U.S. food and beverage company, launched Well Yes! Sipping Soups, a range of sippable chilled soups. These soups contain natural ingredients, real vegetables, and plant-based proteins.
Regional Insights
The U.S. accounted for the largest revenue share of over 40.2% in 2022. This can be attributed to the high demand for convenience food products, as well as the presence of prominent players operating in the region. The U.S. market is highly competitive, with major players such as Campbell Soup Company, Unilever, and Conagra Brands dominating the market. Increasing consumer preference for ready-to-eat and ready-to-heat soups has been driving the U.S. market.
Europe is expected to witness the second-fastest growth in the coming years. Increasing consumer interest in organic, gluten-free, and vegan soups has been driving the growth of the market in the region. The presence of prominent players such as Nestle, Kraft Heinz, and Unilever in the region has also been aiding the growth of the market. For instance, in May 2021, Kraft Heinz launched a new range of vegetable-based soups in the UK.
Financial Projections
In this part of the U.S. 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 the U.S. Soup Products business comes from retail sales, direct-to-consumer sales, wholesale orders, and private labels. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, food service industry, restaurants, and catering.
Projecting Expenses
In this section, all the regular expenses related to keeping the U.S. Soup Products business running will be described. The list of operating expenses includes overhead costs, packaging, ingredients, marketing, wages, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the U.S. soup 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 Well Yes!, a line of canned soups, which are free from artificial flavors and colors, and are high in protein and fiber.
– In August 2022, Unilever launched the Knorr Lipton Soup Secrets line of soups, which contain real vegetables and herbs for a healthier and more flavorful soup.
– In October 2022, Progresso launched a range of organic soups, which contain no artificial flavors, colors, or preservatives.
Some of the prominent players in the U.S. soup market include:
– Campbell Soup Company
– Unilever
– Progresso
– ConAgra Foods, Inc.
– B&G Foods, Inc.
– Premier Foods
– Nestle S.A
– The Kraft Heinz Company
– Hormel Foods Corporation
– The J. M. Smucker Company
Global U.S. Soup Market Segmentation
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 U.S. soup products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Instant Soup
– Ready-To-Serve Soup
– Canned Soup
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Organic
– Conventional
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– U.S.
– Canada
– Mexico
Frequently Asked Questions
[Q]: What are the Major Drivers of the U.S. Soup Products Market?
[A]: The U.S. soup products market is driven by factors such as the growing demand for convenience foods, health-consciousness among consumers, and the increasing availability of ready-to-eat and ready-to-cook soups in the market. Additionally, the introduction of new flavors and varieties of soups has also helped in driving the market.
[Q]: Who are the Key Players in the U.S. Soup Products Market?
[A]: Key players in the U.S. soup products market include Campbell Soup Company, The Kraft Heinz Company, Conagra Brands, Inc., General Mills Inc., Unilever, The Clorox Company, Nestle S.A., Baxters Food Group, Premier Foods plc, and The J.M. Smucker Company.
[Q]: What are the Different Types of Soup Products Available in the Market?
[A]: The different types of soup products available in the market include canned soups, dried soups, chilled soups, frozen soups, ready-to-eat soups, ready-to-cook soups, and soup mixes.
[Q]: What are the Major Trends in the U.S. Soup Products Market?
[A]: The major trends in the U.S. soup products market include the emergence of organic soups, the growing popularity of gluten-free soups, the increasing demand for vegan soups, the rising demand for ready-to-eat soups, and the growing trend of soup bars.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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