Westford, USA, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Soup is one of the most popular dishes enjoyed by people of all ages. Since it is for those who are looking for something to eat that is healthy and easy to make. The soup market is expected to grow at a rate of 3.38% during the forecast period, according to SkyQuest. This growth is being driven by the increasing popularity of soup as an appetizer or main course, as well as its versatility in terms of ingredients and flavors. The following are some key factors driving the growth of the soup industry:
- Increasing popularity as an appetizer or main course: Consumers are increasingly looking for foods that can be served as an appetizer or main course, and soup is a great option because it is versatile and can be made with a variety of ingredients.
- Increasing demand from emerging soup markets: Emerging markets such as India and Brazil are growing rapidly and are expected to account for a larger share of global food spending in 2022 than they did in 2016. This growth in demand for soup reflects the increasing trend among consumers in these markets toward healthier eating habits, which includes increased consumption of soups that are lower in fat and calories.
- Growing trend toward healthy eating: A growing trend among consumers is toward healthier eating habits, which includes increased consumption of soups that are lower in fat and calories. This trend is also contributing to the growth of the soup industry because many people want alternatives to traditional heavy meals such as burgers.
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Moreover, the growing popularity of hot and cold soups in the global soup market, which offer a variety of flavors and textures, is also expected to drive the demand for soup during this period. SkyQuest forecasts that sales of chilled soup will grow at a CAGR of 5.7% during this period, while sales of hot soup will see a CAGR of 4%.
The growth in the soup market is likely to be fueled by several other factors. For example, according to Gartner, there is rising interest in healthy eating and diets that are low in fat and sugar. Moreover, people are increasingly looking for alternatives to traditional meals such as chicken noodle soup that have been traditionally served as part of an evening meal. In addition, more restaurant chains are offering soups as part of their menu options.
Instant Segment to Enjoy Higher Soup Market Share
Instant soup products are becoming increasingly popular due to their convenience and ease of eating. Some of the most popular instant soups include chili, chicken noodle, and vegetable soup in the global soup market. These soups are convenient to eat because they don't require any preparation time or cooking. Many people choose instant soup products because they are quick and easy to eat. People also enjoy instant soup products because they provide them with a satisfying meal.
Instant soup products are often hearty and full-flavored, which makes them enjoyable to eat. Additionally, many instant soup products are cholesterol-free, gluten-free, and low in calories, which further drives the demand among consumers. This makes them a healthy option for people who want to eat something on the go but don't want to sacrifice taste or nutrition. As the popularity of soup increases, they are becoming more available in stores across the globe. In addition, manufacturers are continuing to develop new versions of this type of product that offer even more variety and convenience for consumers.
One of the most popular instant soup brands in the global soup market is stovetop ready soups by Campbell's. These soups come in a variety of flavors, including chicken and rice, beef and black beans, chickpea and vegetable, Moroccan lentil bean and vegetable, tomato basil, and Texas chili. Campbell's also offers an extensive selection of frozen varieties that are perfect for quick meals on hectic days.
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Other popular brands in the global instant soup market include Swanson's Homestyle Instant Soup, Better'n Bouillon Instant Pot Chicken Noodle Soup, Healthy Expressions Blackbean & Corn Chowder with Shredded Cabbage & Cotija Cheese Bowls (PK Freestyle), Prego Personal Size Tomato Basil Instant Soup (Classic), Kroger Quick Prep Lentil Vegetable Soup (N/A), Campbell's Tomato Bisque (No Sodium added), and Wish-Bone Classic Beef Stock Cubes Frozen Entree.
SkyQuest’s Study Reveals More than 52% of Consumers are Preferring Soup Without Chemical Additives
In 2022, SkyQuest released a survey of consumer behavior in soup market of more than 5,000 people in 14 countries found that almost 66% of consumers believe that soup can make them feel healthier. This has led many manufacturers to create more soup varieties specifically tailored to health-conscious customers. In addition, high prices for full-fat cream and butter have made manufacturers reluctant to add these ingredients to soup products, freeing up space for healthier items like vegetables and beans.
The survey also investigated buyers' intention to purchase soup and preferences across four main regions worldwide: North America, Europe, Asia Pacific, and Latin America. The results showed that consumers in all regions are interested in purchasing soup, but have different preferences. In North America, for example, respondents wanted soups with more toppings (41%) than those with less toppings (28%). Meanwhile, Europeans favor soups with a good balance of flavors (47%) over those with lots of toppings (32%).
Regionally speaking, Asia Pacific foodservice operators appear to be most excited about the potential of mobile on-the-go orders and delivery services that can bring fresh soup to users instantly. Latin American soup market respondents were the least likely to indicate an interest in such services. They also showed the strongest preference for soups without any additives (52%), followed by those containing fewer additives (26%) and more ingredients (21%). Preparing soup at home is still the top choice for most people across all regions: 59% in North America; 54% in Europe; 52% in Asia Pacific; and 50% in Latin America.
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Top Players in Global Soup Market
- The Campbell Soup Company (US)
- Nestle S.A (Switzerland)
- Baxters Food Group Limited (UK)
- General Mills, Inc. (US)
- Conagra Brands, Inc. (US)
- Premier Foods Group Limited (UK)
- The Kraft Heinz Company (US)
- Hindustan Unilever Limited (India)
- Ottogi Co. Ltd (South Korea)
- Associated British Foods plc (UK)
Related Reports in SkyQuest’s Library:
Global Alternative Protein Market
Global RTD Protein Beverages Market
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