Packaged Soup Market

Packaged Soup Market Size, Growth, Forecast (2023-2028)

The Global Packaged Soup Market size was at US$ 12.8 billion in 2022, and it is foreseen that it will reach a valuation of US$ 18.4 billion by 2028 with an annual expansion rate (CAGR) of 6.7% between 2023 and 2028.

Market Overview:

Packaged soup belongs to the category of prepared foods. It is an instant soup designed for quick and easy preparation. It comes in flexible packaging that keeps it safe and fresh from filling to final dispensing with aseptic packaging technology. Packaged soups are manufactured industrially or on a large scale. There are many flavors, types, and styles of packaged soups that are sold in the market through a variety of distribution channels, including supermarkets, online stores, and convenience stores. It is also available in a variety of packaging, such as bottles, bags, cans, and glasses. Packaged soups are prepared foods that can be eaten directly or prepared in a very short time. There is a wide variety of packaged soups on the market, including vegan creamy soup, chowder, regular soup, organic soup, and more. This soup comes in a variety of flavors such as smoked corn flavor, tomato flavor, mixed vegetable flavor, and more. Additionally, the expansion of distribution channels such as supermarkets, online stores, hypermarkets, and foodservice has made these packaged soups more available to customers, contributing to market growth. Packaged soups are prepared foods that can be eaten directly or prepared in a much shorter time. There are a wide variety of packaged soups on the market, including vegan soup, cream soup, regular soup, organic soup, and more. This soup comes in different flavors like smoked corn flavor, tomato flavor, mixed vegetable flavor, etc. They are dried, dehydrated, frozen and canned, prepared by boiling in water and with a high content of corn flour. It has a thick consistency and is often considered the first course.

Packaged Soup Market Growth:

The market for packaged soup has seen significant growth due to the increasing use of e-commerce or online platforms to buy packaged soup among customers.

REPORT COVERAGE:

Drivers:

The world market for packaged soups will grow steadily in the near future. Rapid urbanization requires less time and energy to prepare, but it is leading to a greater propensity for consumers for healthy convenience foods. Increasing investment by international players in new companies handling packaged foods is providing enormous power to market growth. The growing trend for ready-to-eat soups is driving market growth as consumers adopt healthier eating habits. Market players are adopting a collaborative strategy to develop their own brand and develop hype for the individual. Manufacturers are constantly releasing new products with improved nutritional value, ingredients, and delicious taste. To reassure consumers and gain trust, brands are honest about the materials, production processes and supply chains that are used to make and distribute their products. There are a number of factors contributing to the increased demand for packaged soups around the world, including rapid urbanization, busy lifestyles, massive increase in demand for packaging and ready-to-eat foods in the urban population. One of the most promising weapons in the global packaged food and beverage industry, the market for packaged soups has emerged in recent years as one of the most popular food products around the world. In addition, online stores are equipped with time-saving functions and messaging functions, which provide huge market opportunities for the major players operating in the packaging soup market, as the trend of consumers towards the market increases. online stores. Increasing consumer demand for prepared foods, product innovation and quick service restaurants are driving the global market for packaged soups.

Supermarkets and hypermarkets will continue to be the main distribution channel for packaged soup products during the forecast period. In addition, rapid urbanization and the convenience they provide have led to the increasing popularity of hypermarket and supermarket retail formats, leading to an increased number of these stores in developing countries. Strong growth in the retail sector in developed and developing countries is driving the business. The market for packaged soup has seen significant growth due to the increasing use of e-commerce or online platforms to buy packaged soup among customers. The global market for packaged soups is foreseen to see an increase in need for microwave soups in the near future. Along with the changing lifestyle, the growing working-class population around the world is encouraging consumers to seek healthy food options that require minimal prep time, increasing the demand for microwaveable soup products. The growing number of consumers seeking vegan or plant-based products and the growth of the online retail segment are expected to create profitable opportunities for market participants in the future.

Restraints:

Packaged soups do not provide half the health benefits of natural soups. The nutrients are not expected to be stored for as long or processed, which will hamper market growth. The growing awareness of the harmful effects of preservatives used to increase shelf life is stunting the growth of the packaged food market by convincing consumers not to consume packaged soup.

Packaged Soup Market Segmentation Analysis:

Depending on the type of product, the dry segment held the number one market share for packaged soup in 2019. This is because dry soup does not need to be refrigerated and can be prepared in a short time. The wet segment is supposed to show significant growth in terms of sales value during the forecast period.

By end user, the household segment held the largest share in the global packaged soup market in 2019 as consumers have moved to a paradigm across diverse demographics, from traditional handmade soup to soup packaged. This is especially due to the increasing demand for secondary rituals including packaged soups in the domestic sector due to the busy lifestyle of the working class.

In the packaging segment, the packets segment held the largest share of the worldwide packaging soup market. The bags currently used to pack dry soups help to increase the shelf life of products and reduce the risk of contamination and changes in the original flavor.

By distribution channel, the supermarkets/hypermarkets segment had the largest share in the global market for packaged soups in 2019. Hypermarkets/supermarkets are gaining popularity due to the availability of various consumer goods, large parking spaces and convenient operating hours under one roof.

Impact of COVID-19 on the Packaged Soup Market:

The coronavirus pandemic has had a positive impact on this market. This is because consumers around the world continue to buy food, including packaged food products like packaged soups. This is due to the growing number of cases of COVID-19 and the consumer belief that packaged soups have a long shelf life, are healthy, can be stored, and often cannot come out. In addition, online stores are equipped with time-saving functions and messaging functions, which provide huge market opportunities for the major players operating in the packaging soup market, as the trend of consumers towards the online stores increases. Also, the coronavirus pandemic has forced consumers to refrain from leaving their homes or to crowded places such as supermarkets and hypermarkets, which has led to a greater distribution of packaged soups through online stores.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

North America will be a prominent market for the forecast period. As people's busy lifestyles increase, they turn to convenience products that can be consumed directly without any preparation. Rapid urbanization and the high purchasing power of consumers are also driving growth in the region. The growth of Europe can be attributed to changes in the lifestyle of its population. Asia Pacific will experience strong growth during the same period due to the rising number of working professionals. Increasing urbanization and growing disposable income are expanding the market by promoting the sale of packaged food. The global market for LAMEA-packaged soups is expected to witness the highest CAGR of 7.5% during the outlook period due to a busy lifestyle and a growing demand for healthy and convenient meal solutions.

Key Players in the Market:

Major Key Players in the Global Packaged Soup Market are

• ConAgra Inc
• Nestlé
• The Hain Celestial Group
• General Mills
• Kettle Cuisine, LLC
• Campbell Soup Company
• B&G Foods, Inc
• Unilever
• Ajinomoto Co., Inc
• The Kraft Heinz Company