Ready to Eat Soup Market Products, Demand, Sales and Future Growth to 2032

A new research report published by Fact.MR predicts that the global ready-to-eat soup market will grow at an estimated CAGR of 5.9% during the period 2017–2022 and exceed a value of US$ 750 Mn by the end of 2019.

The study suggests that the ready-to-eat soups market is poised for growth, propelled by a range of factors. These include the escalating demand for convenient food options, the growing presence of women in the workforce, and the consumption of soups as a remedy for common colds and sore throats. According to the study, manufacturers are aware of the evolving consumer preferences, and are diversifying their product portfolio to cater to the tastes of a wide range of consumers.

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North America to Lead the Ready-to-Eat Soup Market with a CAGR of over 6% during 2017–2022

According to the study, North America will continue to be one of the leading markets for ready-to-soup over the forecast period. Sales of ready-to-eat soups are relatively higher in countries with harsh winters, and the US with its established food & beverage industry and expansive distribution channels continues to lead the rally. The study opines that ready-to-eat soups will continue to outsell other variants in North America.

Another challenge for the ready-to-eat soup market is the extensive use of preservative to extend the shelf life of the soups. Rising health consensus among consumers, coupled with the known health impacts of preservatives can create reluctance among consumers. The study finds that constantly fluctuating prices of raw materials continue to pose challenges in terms of supply-demand.

Sales through Online Channels Creating Growth Opportunities

According to the study, surge in the online purchasing patterns of the consumers, coupled with the advancement of ecommerce portals is expected to highly influence the growth of the ready-to-eat soup market.

North America is poised to remain as the largest contributor to the online sales of ready-to-eat soup and exceed US$ 31 Mn in online stores segment by the end of 2019. As per the statistics mentioned in the study, online stores will be the fastest growing segment in the ready-to-eat soup market and record a CAGR of 6.8% during the forecast period.

Read 170 page research report with TOC on “Ready-to-Eat Soup Market Size, Share & Trends Analysis Report By Ingredients (Tomato, Beans, Chicken, Beef, Artichokes, Mixed Vegetables, Other Ingredients), By Sales Channel ( HORECA, Modern Trade, Convenience Stores, Online Stores, Others) & by Region (North America, Latin America, Europe, Japan, APEJ, MEA)

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Competitive Analysis
Global Ready-to-Eat Soup market is a consolidated market where tier 1 players hold nearly 80% of market share. Among tier 1 players, Campbell’s holds nearly 90% share, while tier 2 and tier 3 companies are focusing in emerging markets and are expanding their processing plants in these regions.

Recent News
In February 2020, Knorr launched three different flavored vegan soups in United Kingdom, where the products were part of “cheat on meat” campaign carried out by the company.
In October 2019, Amy’s Kitchen launched a new range of soup products in a new packaging format to attract more consumers. Along with this, company is opening up a new facility in New York to increase sustainable capacity.