Soup Market To Grow Enormously with Size Worth $19.8 Billion By 2025 |Grand View Research, Inc.



The global soup market size is expected to reach USD 19.8 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.0% over the forecast period. Growing demand for processed, ready to eat, and packed food and increasing women workforce are expected to increase the market demand in the upcoming years. In addition, increase in disposable income and changing consumer lifestyle in emerging economies including China and India are anticipated to increase the demand for soups.
Consumption of canned and dried soup products is increasing in North America and Europe, on account of continuous product innovation as per customer behavior and preferences. In addition, growing economic independence among women is increasing the consumption of packed and processed food products in the developed countries.
Soup being a healthy source of vitamins, minerals, nutrition, and protein serves as a prominent replacement for home cooked food. Therefore, this evolution in the working population is anticipated to significantly influence the demand for soup in future. Demand for soups in restaurants, food outlets, and food joints is expected to acquire a small market share due to growing consumer preference for ready to eat products and rising inclination towards healthy food habits.
Continuous use of cornstarch and salt in canned and dried soup products is expected to act as a restraining factor in the global market. High consumption of corn starch can lead to several health issues like increased level of blood sugar and blood pressure. However, continuous product development by companies such as Campbell Soup Company, which provides new flavors like roasted red pepper and tomato, butternut squash and sweet potato, and harvest carrot and ginger, is expected to influence the buying behavior of the younger population across the globe. The market leaders are focusing on developing new flavors and products in order to make their style statement in the market.
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https://www.grandviewresearch.com/industry-analysis/soup-market/request/rs4
Further key findings from the study suggest:
·         By product, the canned segment is projected to expand at a CAGR of 3.2% over the forecast period. This is attributed to high consumption of processed food in developed countries, including U.S. and Germany
·         The dried product segment dominated the global market in 2018 with almost 60.0% share of the overall revenue. The growth is attributed to high vitamin and nutrient content in dried soup products in comparison with the other packed products
·         The offline distribution channel dominated the market in 2018, accounting for a share of almost 90.0% of the overall revenue as most of the products are purchased through supermarkets/hypermarkets, convenience stores, and ordered at restaurants/food joints
·         Europe dominated the global soup market in 2018, accounting for 39.6% share of the overall revenue. This trend is projected to continue over the next few years due to high preference for healthy food products in countries, including U.K., Germany, and France
·         The industry is highly competitive in nature due to presence of the main players including Baxters Food Group Limited.; Nestle; The Original Soupman; AMY's Kitchen Inc.; and Associated British Foods PLC.
The global soup market size was valued at USD 16.1 billion in 2018 and is anticipated to witness significant growth in the forecast period. The industry is driven by increasing demand for convenience food and growing awareness regarding health benefits of soups. Soups are rich in vitamins, minerals, nutrients, and protein. Changing consumer lifestyle and rising inclination towards consumption of healthy food products are expected to propel the overall demand over the next few years.
Increase in disposable income, urbanization, and introduction of innovative flavors are also expected to drive the global demand for soup in future. Moreover, growing working population and increasing preferences for processed food due to its health benefits are boosting the market demand. In addition, shifting of rural population to the urban areas in the developing countries of Asia Pacific, including India and China, is expected to increase the demand for soup.
Dried soup products dominated the market due to their high content of nutrition, vitamins, minerals, and proteins as compared to the other forms of convenience soup products. Moreover, packed soups are mostly preferred over soups served in restaurants and food outlets due to the ease of access and durability of the packages.
High content of salt and corn in dried products is considered to hamper an individual’s health as it increases the level of blood pressure and blood sugar, thereby restraining the market growth. In addition, the supply chain of the canned foods is expected to be a major restraining factor in the market, as canned products need timely delivery and sale, else the product will be damaged or expired. These factors can pull down the global market demand for soups in the coming future.
Browse Press Release of this report:                                
https://www.grandviewresearch.com/press-release/global-soup-market
Grand View Research has segmented the global soup market on the basis of product, distribution channel:
Soup Product Outlook (Revenue, USD Million, 2015 - 2025)
·         Canned
·         Dried
·         UTH
·         Others
Soup Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
·         Supermarkets/Hypermarkets
·         Convenience Stores
·         Online
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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