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The canned soups market was valued US$ 4,889.04 million in 2019, it is estimated to grow at a CAGR of 3.8% from 2020 to 2027.
High demand for ready-to-eat food products, rapid shift in consumer food preferences, and increase in health concerns are driving the growth of the canned soup market. Canned soups is a ready-to-eat convenient food product that is easily available in the market. Processing the canned soups is easy and takes less time for the preparation. Canned soup export business has also augmented in recent times owing to the high acceptance power for these products among consumers and brand awareness among the developing economies. Furthermore, the growing working population and increasing preferences for processed food products due to their health benefits boost demand for canned soup products. In addition, shifting of rural population to urban areas in developing countries in Asia Pacific—such as China and India is also projected to increase the demand for various consumer goods, which is also expected to boost the growth of the canned soups market during the forecast period.
In 2019, North America contributed to the largest share in the global canned soups market. Increasing instance of obesity and rising campaigns regarding health awareness in the North America propelled the demand for packaged soup having natural and fresh ingredients. Therefore, the demand for canned soup has also increased and manufacturers are providing different flavors to the consumers. The increase in the variety of products, surge in the consumption of healthy products, and promotion by the key players in the region have increased the demand for canned soup in North America.
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of January 2021, the US, Brazil, India, Russia, Spain, and the UK are among the worst affected countries in terms of confirmed cases and reported deaths. The pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverage is one of the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. For instance, China is the global manufacturing hub and largest raw material supplier for various industries and it is also one of the worst affected countries. The lockdown of various plants and factories in China is disrupting the global supply chains and hindering the manufacturing activities, delivery schedules, and various materials sales. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hampering the business collaborations and partnerships opportunities. All these factors are hindering the industries, and thus act as restraining factor for the growth of various markets related to this industry.
Global Canned Soups Market Forecast and Analysis
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Market Insights
High Shelf Life of Canned Food Products
The shelf life of any canned soup is the amount of time it requires to degrade to the non-palatable state. Shelf life extension ingredients added in the canned soup products slow down the process of food degradation and enable longer storage of the food items. They are both organic and conventional in origin. Shelf life extension ingredients also aid in the keeping food logistics decongested, sustain canned soups in frozen areas, and improve consumer confidence over stability of food items. Consumers have become more aware about their diet. Health benefits such as improved immunity, lower caloric intake, and high protein intake are other factors expected to influence the product demand. Moreover, canned soups with high shelf life also comprise high content of nutrition, minerals, vitamins, and proteins. On a global level, youngsters are preferring to purchase premium goods due to health attributes and are ready to change their habits toward healthier nutrition. Canned soup made from fresh vegetables, and bone and meat has gained tremendous popularity as it offers various health benefits and nutrition as well as it has a high shelf life. In addition, consumers are opting for canned soup products over other protein sources owing to its benefits such as the presence of macro and micronutrient in good proportion with a high concentration of protein. Additionally, packed soups are majorly preferred over soups served in the restaurants and food outlets due to ease of access as well as durability of packages. Drinking canned soups or making a simple soup help add more protein into the diet and prevents one from consuming too many calories. Thus, consumer’s inclination toward nutrition-based canned soup drives the market growth.
Type Insights
Based on type, the global canned soups market is bifurcated into condensed and ready-to-eat. In 2091, the condensed segment led the market. Condensed canned soup products are produced by using a wide variety of seasonings and foods that offer high nutritional value. The consumption of condensed soup offers numerous health benefits as well as it is a concentrated source of protein and calcium, which play a vital role for the building of body. Thus, the market for condensed soup segment is expected to growth significantly during the forecast period.
Global Canned Soups Market, by Type – 2019 and 2027
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Distribution Channel Insights
The canned soups market, by distribution channel, is segmented into hypermarkets/supermarkets, convenience stores, online, and others. In 2019, the hypermarkets/supermarkets segment dominated the market, whereas the market for the online segment is anticipated to grow at the swiftest growth rate during 2020–2027. Hypermarket and supermarket are considered a minor sales channel for the sales of canned soups and the vast array of other products. Canned soups are also placed at an eye-catching assortment on shelves of hypermarkets and supermarkets to attract customers. These stores offer products of different brands in one place with affordable prices than other distribution channels. Also, products of different brands are placed nearby to help buyer select suitable products in less time. Apart from this, factors such as hassle-free transactions, bulk purchasing, better services, and a pleasant customer experience encourage buyers to shop from hypermarkets and supermarkets.
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Canned Soups Market: Strategic Insights
Market Size Value in US$ 4,889.04 Million in 2019 Market Size Value by US$ 6,494.95 Million by 2027 Growth rate CAGR of 3.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Canned Soups Market: Strategic Insights
Market Size Value in | US$ 4,889.04 Million in 2019 |
Market Size Value by | US$ 6,494.95 Million by 2027 |
Growth rate | CAGR of 3.8% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystA few key players operating in the canned soup 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., and Hain Celestial Companies. These companies provide a wide range of product portfolio for canned soups market. They also have their presence in the developing regions, which provides lucrative opportunities for the growth of the canned soup market.
Report Spotlights
- Progressive industry trends in the global canned soups market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the market from 2017 to 2027
- Estimation of the demand for canned soups across various industries
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
- Recent developments to understand the competitive market scenario and the demand for canned soups
- Market trends and outlook coupled with factors driving and restraining the growth of the canned soups market
- Decision-making process by understanding strategies that underpin commercial interest with regard to the growth of the global canned soups market
- Canned soups market size at various nodes of market
- Detailed overview and segmentation of the global canned soups market as well as its dynamics in the industry
- Canned soups market size in various regions with promising growth opportunities
Canned Soups Market, by Type
- Condensed
- Ready-to-Eat
Canned Soups Market, by Category
- Vegetarian
- Non-Vegetarian
Canned Soups Market, by Processing
- Regular Soup
- Organic Soup
Canned Soups Market, by Distribution Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Online
- Others
Company Profiles
- 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
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Category , Processing , and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global canned soups market are Amy’s Kitchen Inc, Baxters Food Group, Campbell soup Company, The Kraft Heinz Company, General Mills Inc., Unilever, Hain Celestial, Struik Foods Europe NV, Vanee Foods Company, and BCI Foods Inc., among others.
In 2019, North America contributed to the largest share in the global canned soups market. There has been an increasing instance of obesity as well as health awareness campaigns in the North American countries which has increased the demand for packaged soup having natural and fresh ingredients. Due to the growing demand for packaged soup, the demand for canned soup has also increased, and manufacturers are providing different flavors to the consumers. The increase in the variety of products, increase in the consumption of health-related products, and promotion by the key players in the region has increased the demand for canned soup in North America.
The condensed segment had a significant market share, and this trend is expected to continue over the forecast period. Condensed soup is a type of canned soup prepared with a low proportion of water, in which consumers can add milk or water during consumption. The global market for canned soups is projected to expand at a robust rate as canned soups products become popular worldwide. Canned soups made from fresh vegetables have gained tremendous popularity due to this soup's health benefits and nutritional value. Furthermore, the development of new preparation styles for canned soups has also aided the growth of the global canned soups market.
The List of Companies - Canned Soups Market
- 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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