The global soup market was valued at $ 16,903 million in 2017 and is anticipated to grow at a CAGR of 3.3% during the forecast period 2018-2023. The market would be experiencing steady growth given the incredible health benefits such as aiding in weight reduction, providing health amounts of proteins and vitamins. In addition, the products ability to aid in weight reduction, affordability is driving the market. Canned/Preserved soup segment generated $8,091.80 million in value terms in 2017. This is given the decreasing cooking time and change in lifestyle especially in the urban areas. The Supermarkets/hypermarkets held the major share of 79.3% in the retail distribution channel of soup market. Independent restaurant held the largest share of 53% in the on-trade distribution channel which is estimated to grow at a CAGR 3.85% during the forecast period 2018-2023.
What is Soup?
Soup is a liquid food which is served warm and considered to be the first course of a meal and good appetizers. Soup is prepared using ingredients such as meat and vegetables with stock, juice, water and other liquids. It is also made by boiling or simmering meat, fish, or vegetables with various added ingredients and often containing solid pieces. Traditionally soups are classified into two main groups’ clear soups and thick soups. Commercial soup became popular with the invention of canning in 19th century.
What are the major applications for Soup?
Soup is a delicious and nutritious meal which are high in vitamin A, B, K, C, cream soups are rich in vitamin D, and soups are low in fat making them a best choice for those who prefer a healthy diet as it has high proportion of water in it. It is the easiest way to add vegetables to your daily meal. Eating hot/warm soup can help to clear the sinuses with steam.
Vegetable soups are low in calories and high in nutrients, and helps your vegetable intake, whereas non veg soup help treating the physical maladies, and helps in removing bacteria in throat, mouth and tonsils.
Market Research and Market Trends of Soup Market
- Natural products without preservatives or additives: Growing sophistication of markets with regards to demand of value added products such as functional soups with health promoted characteristics in addition to natural, safe nutritious and home-made appearance.
- Organic Soups: Organic products have started to gain prominence only from the last few years and the urban affluent population has started is shifting towards them in light of rising health concerns. New variety and range of products are being introduced in the organic segment on a continuous basis to cater to the rising demand of the consumers.
- Eco Friendly Packaging: Growing trend for lightweight pouch packaging for soup which is bio-degradable is aiding the market growth. UK- based Aegg which is into packaging has developed a new range of fresh soup and pasta sauce spots, features a built-in pouring spout and a tear back lid and are suitable for adhesive, in-mould and print labels which boosts the shelf life of the product.
- New Flavors: Consumers have started to opt for different types of flavors matching local taste preferences and cooking and consumption habits. The trend in testing various types of global food products is gaining prominence including the soup market.
Who are the Major Players in Soup market?
The companies referred in the market research report includes Heinz classic, New Covent garden, Campbell soup company, Yorkshire soup, Batchelors cup aSoup, Mugshot pasta snack, Baxters, Unilever PLC, General Mills, Kettle cuisine, Amy’s kitchen inclusive, Blount fine foods, Weight watchers, Knorr, Crosse & Blackwell.
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