Canned Soups Market - Forecast(2023 - 2028)

Key Takeaways

• Geographically, the North America Canned Soups Market accounted for the highest revenue share in 2021. The growth is owing to high widespread availability because of well-established infrastructure, widescale urbanization, the presence of major market players, and high purchasing power.
• Changing tastes and preferences of people with rapid urbanization, growing cuisine culture, the improving standard of living in low-income countries, technological advancements, enlarging disposable income levels in developing countries are said to be preeminent drivers driving the growth of the Canned Soups Market. Rising inflation and unemployment rates are said to reduce market growth.
• Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Canned Soups Market report.

Canned Soups Market Segment Analysis-By Category

The Canned Soups Market based on the category can be further segmented into veg and non-veg. The non-veg segment held the largest share in 2021. The growth is owing to the rising demand for protein-rich foods. The increasing active and hectic lifestyle of people has allured them to consume ready-to-drink non-vegetarian instant soups. This inclination of people is majorly owing to the benefits offered by a non-vegetarian soup diet such as keeping the stomach healthy and clean, soup being a complete meal, and its combating infections capabilities. Also, non-veg soups have become an inextricable part of people having a gym membership because of their protein and vitamin-rich nature, it helps in quick muscle and stamina buildi

g, and maintains hemoglobin levels. Chicken sweet corn soup, seafood soup, chicken man chow soup, gosht shorba, cabbage and lamb soup, shrimp and fish soup, Thai prawns hot and sour soup, crabmeat soup, and many others are the major types of non-vegetarian soups consumed worldwide. Nevertheless, veg along with non-veg is estimated to be the fastest-growing segment with a CAGR of 4.5% over the forecast period 2022-2027. This growth is owing to rising vegetarian and veganism trends. Moreover, mounting demand for innovative flavors and tastes has aided the demand for soups, prepared through fruit and mixed vegetables. In addition to that, veg soups help in strengthening bones, promote digestion, weight loss, and better cardiac functioning.

Canned Soups Market Segment Analysis-By Distribution Channel

The Canned Soups Market based on distribution channels can be further segmented into Offline (Hypermarkets/Supermarkets, Convenience stores, Brick-and-Mortar) and E-commerce platforms. The offline segment held the largest share in 2021. The growth is owing to round the corner presence of physical retail stores in metropolitan as well as pastoral areas. The rudimentary infrastructure in rural areas of developing nations has obstructed the entry of e-commerce services; as a result, offline channels enjoy all the consumer traffic in underdeveloped areas. In addition to that, people living in cities are turning toward modern outlets like hypermarkets and supermarkets. Shopping in these outlets aligns entirely with the eventful lifestyles of people as the consumers can buy in bulk and find everything in one place. However, the online segment is estimated to be the fastest-growing with a CAGR of 5.0% over the forecast period 2022-2027. This growth is owing to traveling restrictions aimed at eradicating the COVID-19 spread. The last two years have changed people's perception of their work and lifestyles. As people were cooped inside their homes, online platforms became an inextricable part of their lives. Also, swift digitalization and budding smartphone users across the globe are aiding the market.

Canned Soups Market Segment Analysis-By Geography

The Canned Soups Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 34% of the overall market in 2021. The growth in this segment is owing to the factors such as proliferating demand for soups with lower preservative content as obesity rates are surging unprecedently. North American countries like Canada and the US are the most preferred destinations for migrators from around the world; as a result, these countries are known for their diverse cuisine culture which has stimulated the canned soup market in the said region. Nevertheless, high disposable incomes because of full-fledged economies and across-the-board availability of such products because of the better retail network.

However, Asia-pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to the enormous size of the population and rising living standards. Asia-Pacific is the most rapidly developing region across the globe. Countries like India and China are challenging the years-long western hegemony. Growing manufacturing activities, expanding MSMEs, improving disposable incomes, and rapid urbanization are the factors paving the way for steady growth of the canned soups market.

Canned Soups Market Drivers

Busy lifestyles of people, rapid urbanization, and expanding cuisines culture are the factors anticipated to boost market demand

The hectic lifestyle of people across the globe coupled with the efficient packaging and long shelf life offered by canned soup fuels the market growth. Moreover, swift urbanization has its fair share in driving the aforementioned market as urban areas are known for their well-established infrastructure and better connectivity. Therefore, it becomes easy for players to adopt contemporary marketing techniques (digital marketing, billboards) and reach out to as many consumers as they want. According to the UN World Urbanization Prospects report, nearly 56.61 percent (4.46 billion) of the world population were living in metropolitan areas in 2021, Also, the figure is projected to reach 68 percent (6.68 billion) by the year 2050. In addition to that, because of globalization, the overall cuisine culture has expanded across the globe. Indian, Mexican, Chinese, French, Turkish, and Italian cuisines are some of the prominent examples that have made their presence known worldwide which in turn is anticipated to drive market growth.

Ameliorating retail infrastructure and improving GDP per capita in low-income nations are expected to boost market demand

With bettering infrastructure, businesses from across the world are finding their way into developing nations. It is also paving a way for the smooth functioning of modern retail outlets and e-commerce companies in rural areas making the purchase of canned soups from this outlet much easier. In November 2021, the Indian government a scheme “Gati Shakti” worth $1.5 trillion to build world-class infrastructure inside the country. In addition to that, the Indian retail sector attracted an investment of nearly $6.2 billion in 2020. The major sources of investment were venture capital and private equity funds. Also, with an 84 percent hike, the Indian e-commerce industry is anticipated to reach $11 billion. Additionally, improving GDP per capita incomes in countries like Indonesia, China, and India have their fair share in driving the market.

Canned Soups Market Challenges

Hazardous Side-Effects Of Canned Soup Consumption Are Hampering The Market Growth

Canned soup is convenient to consume. However, it is also one of the most highly processed packaged foods one can partake in. Although the canned soup may be packed with carrots, celery, and lentils, many are also heavy with sodium, saturated fat and additional stuff that is clearly not as healthy as a "brothy, beany soup" prepared at home. Canned soups, as a class, are some of the saltiest foods, with the average serving of canned soup including about 600 to 700 milligrams of sodium. While it is not clear just how sodium brings about bloating, researchers think that the capability of sodium to bring about water retention is the probable reason. In an investigation in the American Journal of Gastroenterology that inspected high- and low-sodium diets, researchers detected that soaring salt intake increased the hazard of bloating by around 27% in comparison with low-sodium diets. Bloating may be pretty uncomfortable, and it is a typical side effect of consuming salty foods which may include canned soups. The average can of soup includes between 1,400 and 1,800 milligrams of sodium and some include a good quantity more. The American Heart Association (AHA) suggests a perfect limit of 1,500 mg of sodium per day, specifically for those with high blood pressure and 2,300 mg for most adults without hypertension. However, the average American partakes of around 3,600 mg per day. These issues are hampering the growth of the Canned Soups Market. 

Canned Soups Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Canned Soups market top 10 companies include-

1. General Mills Inc.
2. Hain Celestial Group
3. Campbell Soup Company
4. Ajinomoto Co Inc.
5. Amy’s Kitchen Inc.
6. Bar Harbor Foods
7. Unilever
8. ConAgra Inc
9. Kettle Cuisine LLC.
10. B&G Foods Inc.

Recent Developments

• On September 14, 2021, Tokyo, Japan-based Ajinomoto (a firm known for its flavor enhancers and seasonings) announced the successful acquisition of Turkey-based food company “Orgen Gida Sanayi ve Ticaret AS”, commonly known as Orgen. A payment of $64.22 million was made by Ajinomoto to bring the acquisition to a close. The transaction has added powdered soups, bouillon, powdered desserts, and seasonings businesses of Orgen into Ajinomoto’s portfolio.
• On October 26, 2020, Parsippany, New jersey-based food company B&G Foods (a firm known for its branded foods) announced that it has successfully reached a worth $550 million agreement with the Ohio, United States-based food product manufacturer “The J.M. Smucker Co.” According to the agreement, B&G agreed to acquire the oil brand “Crisco” from Smucker.
• On December 23, 2019, New Jersey, United States-based Campbell Soup Company (a firm that sells processed food and snack) announced the successful sale of its international operations to American investment company “Kohlberg Kravis Roberts”, commonly called KKR. KKR made a payment of $2.2 billion in order to acquire a business in Latin America and Australia-based Arnott’s biscuit brand and shelf-stable beverage business.

Relevant Links:

Europe Soup Market – Forecast (2022 - 2027)

Report Code: FBR 0409

Dried Soup (Mixes) Market – Forecast (2022 - 2027)

Report Code: FBR 0317

North America Soup Market – Forecast (2022 - 2027)

Report Code: FBR 0413

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