Canned Soup Market Outlook 2031
The global canned soup market size was valued at USD 2.80 Billion in 2022 and is projected to reach USD 4.98 Billion by 2031, expanding at a CAGR of 6.6% during the forecast period, 2023–2031. The growth of the market is attributed to inclination toward ready-to-eat canned soups owing to convenience, efficiency of preparation, and longer storage stability.
Industrial soup became prevalent with the discovery of canning in the 19th century, and now a wide range of canned soups are available in the market. Canned soup can be used for consumption by mixing water or milk.
Canned soups are found in a wide range of combinations, tastes, and variations to meet the different requirements of customers. The worldwide canned soup business is focusing on attracting customers by providing nutritious advantages as well as a pleasant flavor.
Canned Soup Market Drivers, Restraints and Opportunity
- The presence of diversified product line with additional flavor and taste varieties, as well as medical claims, is estimated to drive the market growth.
- Growing customer preference for dietary canned soup is anticipated to drive the market expansion
- Rising awareness about canned soups benefits such as high shelf life and presence of products with nutrients, minerals, antioxidants, and proteins is expected to propel the growth of the market.
- Epidemic and the measures put in place to stop the spread of the coronavirus are disrupting the food and beverage industry throughout the world owing to issues faced in the supply and distribution chains. This, in turn, have hampered the market growth.
- Increasing consciousness regarding healthy eating has enhanced product demand that improves immunity, decreases calorie consumption, and a high protein diet. This, in turn, has created lucrative opportunities for market players.
Scope of Canned Soup Market Report
The report on the global canned soup market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Canned Soup Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Processing (Organic Soup and Regular Soup), Categories (Vegetarian and Non- Vegetarian), Types (Ready-to-eat and Condensed), Distribution Channels (Food Specialty Stores, Convenience Stores, Online Stores, and Supermarkets/Hypermarkets)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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The Campbell Soup Company; The Kraft Heinz Company; Nestle S.A; General Mills Inc.; Unilever, and Others
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Canned Soup Market Segment Insights
Processing Segment Analysis
Based on processing, the market is bifurcated into organic soup and regular soup. The organic soup segment is anticipated to hold a key share of the market in the coming years due to rising demand for the products with high content of nutrition, minerals, vitamins, and proteins.
Moreover, rising disposable income of consumers and increasing spending on organic products are expected to boost the segment market growth.
Categories Segment Analysis
On the basis of categories, the canned soup market is segregated into vegetarian and non- vegetarian. The vegetarian segment is projected to expand at a considerable CAGR during the forecast period.
Young population are buying premium items owing to health benefits, and they are inclining themselves toward eating healthy products. This, in turn, is stimulating the segment growth. On the other non- vegetarian segment is anticipated to account for a major market share during the forecast period due to rising demand for meat products that are high in protein.
Types Segment Analysis
In terms of types, the market is divided into ready-to-eat and condensed. The condensed segment is projected to expand at a considerable CAGR during the forecast period.
Condensed products contain essential minerals such as calcium and magnesium in large amounts and it provides long shelf life. Moreover, increasing demand from the food industry is contributing to the market segment growth.
Distribution Channel Segment Analysis
Base on distribution channels, the canned soup market is categorized as food specialty stores, convenience stores, online stores, and supermarkets/hypermarkets.
The food specialty stores segment is expected to constitute a key share of the market during the projected period. The general convenience of access and durability of the packaging, packaged soups are preferable over soups served in restaurants and other food retailers.
Regional Outlook
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period. Wide expansion in term of R&D investment for the development of canned soup products acts as a major driver of the market growth in the region.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period. The growth of the market in region is attributed to increasing demand for canned soup in countries such as India and China.
Segments
The global canned soup market has been segmented on the basis of
Processing
- Organic Soup
- Regular Soup
Categories
- Vegetarian
- Non- vegetarian
Types
Distribution Channels
- Food specialty stores
- Convenience stores
- Online stores
- Supermarkets/Hypermarkets
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Market Players
Competitive Landscape
The market is very competitive in nature owing to the presence of many major players. Some of the major players competing in the global canned soup market are The Campbell Soup Company; The Kraft Heinz Company; Nestle S.A; General Mills Inc.; Unilever, And Others.
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