The U.S. Soup Market is expected to increase at 1.05% CAGR to register revenue of $5551.22 million by 2023
By Type ( canned, dehydrated, Frozen, Instant, Chilled, UHT); By Content( veg ingredients, non-veg ingredients); By trademark owner( Brand manufacturer, private label); By packaging( cans, carton, tubs, bags, pet bottles); By distribution( Retailers, On trade); By sales( Canned, dried); By application( Home use, commercial); By Region (2018-2023)”, published by IndustryARC, the market is driven by advancement in customized product such as low sodium and gluten frees soups are improving the growth of the industry.
(2018 - 2023)”
U.S. market dominates with major share and growth in the U.S. Soup Market
Southern region held highest revenue share of 35.6% in the U.S. Soup market in 2017 and is projected to continue its dominance throughout the forecast period. U.S. is the world’s largest national economy by GDP with $18.03 trillion, followed by Canada and Mexico. The North America comprises of U.S., Canada and Mexican countries. The calculation says, North America market is expected to grow at a CAGR of 0.88% to reach revenue of $7274.31 million by 2023 from $6847.4 million. The U.S. is supposed to be the leading region to dominate. The U.S. market is majorly driven by chilled soup and organic soup products owing to the growing interest towards natural and organic products.
Selected Type Analysis done in the full Report:
In U.S. Soup market, among all list of soups, the segment Canned/Preserved Soup preserved the most as its available forms are condensed and ready to eat forms. The Canned/Preserved Soup market is expected to grow at a CAGR of 0.49% to register revenue of $4381.33 million by 2023 from $4254.7 million in 2017. Dehydrated Soup market is the second leading type segment in the present market. The dehydrated soup market is expected to grow at a CAGR of 0.28% to reach revenue of $440.73 million by 2023 from $433.4 million in 2017. The leading brands of dehydrated soup market include Knorr (Unilever) and Maggi (Nestlé). Innovative packaging materials and methods by various manufacturers will increase the shelf-life of these products and thereby increasing the revenue. UHT Soup market is witnessed to grow at a faster CAGR of 7.84% to reach revenue of $296.16 million by 2023. Super markets and hyper markets play a vital role in making these set of soups available easily. In distribution of different soups market, super and hyper markets is leading in distribution channel, which is expected to grow at a CAGR of 4.25% to reach a revenue of $1952.34 million by 2023.
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Excerpts on Market Growth Factors
Monosodium glutamate (MSG) acts as a flavouring agent, but its usage might hamper the growth of the soup market due to its potential danger. So, innovative developments have been made by various manufacturers in their products by reducing the use of sodium content to overcome the situation will help in driving the market.
Comfortable distribution of products across the globe is helping the market to grow through lightweight materials and thus its usages will propel the demand for soups market.
Increasing demand for healthy, health conscious, affordable food, and changing demographics will drive the soup market in U.S. sub-states.
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Key players of the U.S. Soup Market
Campbell Soup Company and General Mills are the leading food manufacturing company in the U.S., which has soups with brand Progresso in their product line. Unilever manufacturers and markets soups in brand Knorr owns a market share of 10% in the total U.S. soup market. Same way ConAgra has a wide range of soups in its products line and owns a market share of 8% in the total U.S. Soup market. There are few more players a vital role in serving the sub regions of U.S. are CSC Brand LP, Ajinomoto Co.,Inc., Spar Group Ltd and others.
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