Global Soups and Broths Market Size To Grow At 5.5% CAGR From 2023 to 2030

Global Soups and Broths Market Analysis (2023 - 2030)

As per our research report, the Global Soups and Broths Market size is estimated to be growing at a CAGR of 5.5% from 2023 to 2030.

The pandemic had a significant impact on the soups and broths market. On one hand, due to the closure of restaurants, hotels, and other food services, there was a decline in demand for soups and broths in the market. Further, the sourcing of ingredients, procurement, and production witnessed a slowdown due to movement restrictions during the pandemic.

However, with an increase in the online presence of food companies, groceries, and retailers, there was a gradual increase in demand for soups and broths in the market. Moreover, increased health awareness during the pandemic induced customers to consume immunity-boosting soups and broths such as chickpea noodle soup, turmeric-ginger broth, and others. In addition, packaged soups & broths witnessed a gradual increase in demand, as people preferred longer shelf-life products during the pandemic.

Post-pandemic, the market witnessed positive growth with rising consumer demand for vegan soups, ready-to-eat soups, dairy-free broth, canned soups, and others. Additionally, food companies online are providing customizing features to customers, which enable them the option to customize the ingredients as per their needs and taste preferences. Furthermore, oat milk-based soups, creamy vegan potato soups, and other soups gained traction due to their numerous health benefits to consumers. In addition, manufacturers, producers, and chefs of restaurants are continuously experimenting with new and exotic flavors that can cater to rising consumer demand and also enhance their growth opportunities in the market. They include simple taco soup, hamburger soup, creamy sweet potato soup, coconut milk-based soups, creamy vegan mushroom soup, spicy sesame carrot soup, and others.

The restraints to this market include the negative perception of consumers for canned food and the expensive cost of natural ingredients for making soups & broths.

KEY MARKET INSIGHTS:

• Based on market segmentation by type, canned soups hold the highest share in the market. Canned soups come in the form of soups that are sealed in cans and allow easy consumption, as they can be heated before consumption. Moreover, their growth in the market is attributed to extended shelf life, easy preparation, and various flavor options available to consumers. The growth of canned soups is also attributed to the rising demand for convenience food among consumers with busy lifestyles and hectic work schedules. Furthermore, ready-to-eat soups are the fastest-growing segment during the forecast period. The growth is attributed to the rising demand of consumers for food that requires less or zero preparation, as ready-to-eat soups are fully cooked and are available in packaged containers.

• Based on market segmentation by ingredient type, vegetable-based soups hold the highest share in the market. Vegetable-based soups have gained traction in recent years, due to shifting consumer preferences for healthy and balanced diets. Moreover, the gradual phasing out of meat from the diet is another factor boosting the demand for vegetable-based soups in the market. Furthermore, plant-based and vegan soups are the fastest-growing segment during the forecast period. The growth is attributed to rising trends in veganism and consumer demand for natural and organic sourced food in the market. Cauliflower, chickpea, soya-based, potato-based, and others are becoming popular among vegan consumers.

• Based on market segmentation by distribution channel, supermarkets hold the highest share of the market. Supermarkets offer a wide variety of soups and broths to consumers along with decent discounts and other offers. Moreover, the consumer mindset to check the freshness of any food product physically is another reason for the growth of supermarkets in the soups and broths market. Furthermore, the online retail segment is the fastest-growing segment during the forecast period. The growth is attributed to rising consumer demand for contactless doorstep delivery.

• Based on market segmentation by region, North America holds the highest share of the market. The ever-increasing consumer demand for meat-based soups and vegan soups & broths for health and fitness purposes is contributing to the demand for the soups & broths market in the region. However, trends in veganism are dominating the market landscape of the region. The fastest-growing during the forecast period is Asia-Pacific. The presence of authentic soup recipes in countries like China, Japan, Korea, and Singapore, along with an abundance of natural ingredients for making soups & broths is fuelling the demand for soups and broths in the region.

• Companies playing a leading role in the Global Soups and Broths market profiled in this report are Campbell Soup Company, The Kraft Heinz Company, Nestlé S.A., Unilever, Conagra Brands, Inc., General Mills, Inc., Nissin Foods Holdings Co., Ltd., Amy's Kitchen, Inc., Hain Celestial Group, Inc., Pacific Foods of Oregon, LLC.

MARKET SEGMENTATION

By Type

• Canned Soups

• Packaged Broths

• Dehydrated Soup Mixes

• Ready-to-Eat Soups

• Chilled and Fresh Soups

• Dairy-Based Soups

By Ingredient Type

• Vegetable-Based Soups

• Meat-Based Soups

• Seafood Soups

• Plant-Based and Vegan Soups

• Gluten-Free Soups

By Distribution Channel

• Supermarkets

• Convenience Stores

• Online Retail

• Others

By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle-East & Africa

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