As per Future Market Insights, the projected sales for canned soup are anticipated to achieve a valuation of US$ 5.3 billion by the year 2032, experiencing a notable growth at a 6.6% Compound Annual Growth Rate (CAGR) within the forecast period spanning from 2022 to 2032. Canned soup, crafted with fresh vegetables and meat, has gained heightened popularity owing to its nutritional benefits and extended shelf life.
Furthermore, consumers prefer canned soup products to alternative protein sources because of benefits such as balanced macro and micronutrients, as well as high protein content. As the consumption of processed foods is increasing across the globe, the demand in the market is expected to surge.
Other factors influencing the growth in the market include increase in the working population, fast-paced lifestyle, and per capita spending on processed food goods, among others. Also, growing demand for ready-to-eat food products and rising health concerns will boost the market.
Canned soups are a widely available, handy, and are convenient as ready-to-eat food product. With growing prevalence of obesity in North America, demand for boxed soups made with natural, fresh ingredients and minimal preservatives is increasing.
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Key Takeaways
- The U.S. canned soup market is expected to witness fastest growth over the forecast period due to the high presence of leading companies.
- Europe canned soup market will surpass US$ 868 Mn, accounting for 31% of demand share in the global market
- Based on type, the condensed soup segment will remain dominant due to increased health benefits.
- In terms of processing, the organic condensed soup will remain highly sought-after over the forecast period.
“Increased demand for packaged and ready-to-eat food products will favor the sales of canned soup across the globe. With increased spending on convenient food products, key players are likely to introduce new flavors to expand their consumer base”, says a lead analyst at Future Market Insights.
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Competitive landscape
Some of the 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.
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Future Market Insights, in its new offering, provides an unbiased analysis of canned soup presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032
Canned Soup Market By Category
By Type:
- Condensed
- Ready-to-eat
By Category:
- Vegetarian
- Non vegetarian
By Processing:
- Regular Soup
- Organic Soup
By Distribution Channels:
- Supermarkets
- Hypermarkets
- Convenience Stores
- Specialty Stores
- Online
- Others
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Author by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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