The global canned soup market is expected to reach a market valuation of USD 2.8 Billion by 2022, exhibiting growth at a CAGR of 6.6% during the forecast period (2022 to 2032)
| Attribute | Details |
|---|---|
| Canned Soup Market Size (2022E) | USD 2.8 Billion |
| Canned Soup Market Projected Size (2032F) | USD 5.3 Billion |
| Value CAGR (2022 to 2032) | 6.6% |
| Top 3 Countries' Market Share | 33.2% |
Canned soup is prepared with fresh vegetables, bones, and meat and is gaining popularity due to its numerous health and nutritional benefits, as well as its long shelf life. Furthermore, consumers prefer canned soup products to alternative protein sources due to the presence of macro and micronutrients in good proportions and high protein concentration.
Due to the ease of access and the longevity of the packaging, packaged soups are preferred over soups served in restaurants and food outlets. Drinking canned soups helps to increase protein in the diet while limiting calorie intake.
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According to Future Market Insights, increased consumption of processed foods is surging across the globe, improving the demand for canned soup. Factors such as an increase in the working population, a fast-paced lifestyle, and per capita spending on processed food goods, all contribute to this shift in consumption patterns.
The canned soup industry is growing due to the high demand for ready-to-eat food products, shift in dietary choices, and increasing health concerns. Canned soups are convenient and ready-to-eat food product that is widely available.
It is simple to process and takes less time to prepare. Furthermore, demand for canned soup products is expected to boost by rising preferences for processed foods due to their health benefits.
Individuals' hectic lifestyles are driving the demand for healthier food products that are simple to prepare and store while providing great nutritional value to consumers. Further, the expansion of the convenience food products industry is owing to the increased spending on processed food products, especially by millennials.
According to the study, over 30% of consumers’ monthly income is spent on ready-to-eat or on-the-go snack goods. Furthermore, sales through online distribution channels have boosted the demand in the convenience food sector, particularly canned soups.
Prevalence of Obesity in the USA to Boost Canned Soup Sales
The rising prevalence of obesity in the USA, and increasing health awareness campaigns have surged the demand for boxed soups with natural, fresh ingredients and minimal preservatives. The canned soup market in the USA will gain traction due to packaged soup consumption.
This is allowing producers to expand their product variety with more flavour and taste options, as well as health claims. The USA canned soup industry is well-established and the flourishing manufacturing industry has made it a prospective market for overseas soup makers.
Hence, key players are eyeing the USA market to expand their companies using various packaging techniques, including canned soup. Increased product variety and active marketing by market players will further boost the market.
The UK Canned Soup Market to Gain Traction Amid High Presence of Leading Soup Companies
Sales of canned soup in Europe are expected to reach USD 868 Million, accounting for 31% of the global market, followed by the USA accounting for 22% of the demand share in the market.
The UK has a more working population as compared to other countries in Europe, which is driving up demand for convenience foods. Furthermore, the canned soup industry is being driven by the high presence of key companies that offers high-nutrition components in canned soups. Also, frequent product launches by various companies will propel growth in the market.
Condensed Soup Demand to Increase at a Significant Rate
The canned soup market is segmented into condensed and ready-to-eat. As per FMI, the condensed category led the market in 2021 and is expected to retain its dominance through 2022 & beyond. Condensed canned soups are made with a wide range of flavours and foods that are strong in nutritional content.
Consumption of condensed soup has several health benefits since it is a concentrated supply of protein and calcium, which are essential for body development. As a result, the market for condensed soup is expected to increase significantly.
Organic Canned Soup to Remain Highly Sought-After
Growing awareness of unhealthy lifestyles will increase the demand in the organic soups industry. Several food products, including fowl and chicken, are injected with hormones and other artificial ingredients to encourage growth.
Fruits, which are readily available, are not immune to this trend. Fruits are also prone to coloring, flavoring, and unnatural growth. This is projected to increase the demand for organic food products, fueling the demand in the market.
Key Players to Collaborate with Online Channels to Increase their Revenue
The hypermarkets/supermarkets category dominated the market, while the online segment is expected to expand at the fastest rate. To attract customers canned soups are displayed in an appealing assortment on the shelves of hypermarkets and supermarkets.
These stores bring together products from several brands in one location at lower costs than traditional distribution channels. Additionally, products from various brands are displayed nearby to assist buyers in selecting appropriate products in less time.
The global canned soup market is expected to become more concentrated with an increasing number of global and regional players. Campbell Soup Company accounted for the highest proportion of the global canned soup market due to its diverse product range, which includes condensed soups, microwaveable soups, ready-to-eat soups, organic soups, and others.
Some of the recent development in the canned soup market is as follows:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value and Million. Sq. M. for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa |
| Key Countries Covered | USA, China, Germany, UK, China, India, Japan, Australia, and GCC Countries |
| Key Segments Covered | Type, Category, Processing, Distribution Channel, and Region |
| Key Companies Profiled | Campbell Soup Company; Amy’s Kitchen Inc; General Mills Inc.; The Kraft Heinz Company; Baxters Food Group; Unilever; Struik Foods Europe NV; Vanee Foods Company; BCI Foods Inc.; Hain Celestial |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The canned soup market will reach nearly USD 2.8 Billion by 2022.
Sales in the canned soup market are expected to increase during the forecast period, at a CAGR of 6.6%.
As per FMI, North America canned soup market will reach USD 4.8 Billion in 2022.
High demand for ready-to-eat food products, shift in consumer dietary choices, and an increase in health concerns will facilitate the growth in the market.
Asia pacific is considered to be the fastest-growing region in the canned soup market.
Key players in the market are Campbell Soup Company Amy’s Kitchen Inc, General Mills Inc., The Kraft Heinz Company, Baxters Food Group, Unilever, Struik Foods Europe NV, Vanee Foods Company, BCI Foods Inc., Hain Celestial.
Canned Soup Market
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