The global soup market is projected to experience significant growth, with a compound annual growth rate (CAGR) of 2.79% from 2020 to 2027. In 2019, Europe accounted for 37.66% of the market share, reflecting its dominance in the sector. Factors such as the rising demand for convenience food products and rapid urbanization are expected to drive the market to USD 21.0 billion by 2027. According to Fortune Business Insights, this data is highlighted in their latest report titled “Soup Market Size, Share & Industry Analysis, By Type (Instant, Dehydrated, Canned, Chilled, and Others), Distribution Channel (Hypermarket/ Supermarket, Convenience Store, Online Retail, and Others), and Regional Forecast, 2020 – 2027.” The report also notes that the market was valued at USD 16.12 billion in 2019.
Soup, a classic comfort food crafted from a blend of vegetables, meats, or both, has a history spanning over 20,000 years. Its quick preparation and nutritional value make it a favored choice, particularly during colder months, for those seeking a fast and wholesome meal.
Information Source: https://www.fortunebusinessinsights.com/soup-market-102838
List of the Companies Operating in the Market:
Segmentation:
Instant Soup that Held 36.78% Market Share to Exhibit Exponential Growth
The Instant Soup segment, classified by type, is poised for notable growth in the coming years. In 2019, it held approximately 36.78% of the market share and is expected to expand further, fueled by the rising consumer preference for ready-to-eat meals. On the other hand, canned soup is projected to retain the second-largest market share, bolstered by its strong foothold in developed regions. For example, in countries such as the U.S. and Germany, canned soups are frequently preferred over chilled and dehydrated options.
What does the Report Include?