Soup is a type of liquid food that is typically served warm or hot that includes a combination of several vegetables or meat along with added water. It is believed that this liquid food is one of the oldest cooking food products. The oldest soup dates back to over 20,000 BC and since then has evolved in terms of ingredients and taste. Furthermore, it is savored during the frosty winter days as it provides warmth along with health benefits. A warm vegetable broth brings in a refreshing experience at any given time of the day.
Increasing Consumption of Convenience Foods to Aid Growth
The increasing density of population and high disposable income is driving the demand for convenience food products across the globe. The people owing to hectic work life prefer several food products that are ready-to-eat and can be consumed instantly. Additionally, an increasing number of women working population is anticipated to bolster the growth of the industry in the forthcoming years. Furthermore, the manufacturers are innovating their products to cater to the increasing demand of the consumers. Moreover, the growing demand for packaged food products among developed and developing economies will bode well for the growth of the industry. For instance, according to the Canada Agri-food report, China registered a total sales value of USD 272, 741 Million in 2019 and is further anticipated to grow at a rate of 7%.
Instant Soup that Held 36.78% industry Share to Exhibit Exponential Growth
The segment Instant Soup (By Type) is likely to witness massive industry in the forthcoming years. Additionally, it held an industry share of about 36.78% in 2019 and is expected to grow gradually owing to increasing preference for a ready-to-eat snack among consumers. On the other hand, canned soup is anticipated to hold the second-most leading share for the industry-backed by large-scale penetration of the product in developed regions. For instance, countries such as the U.S. and Germany usually prefer canned soups to chilled and dehydrated soups.
Large Consumer Base in Europe to Promote Growth
Among the regions, Europe is expected to remain at the forefront and register the highest global soup industry revenue during the projected horizon. In addition to this, Europe was worth USD 6.07 Billion in 2019 and is likely to grow significantly. This is ascribable to factors such as the presence of a large consumer base and high demand for processed foods in the region. North America, on the other hand, is anticipated to be the second-most leading region in the forthcoming years. This is attributable to factors such as a large consumer base that prefers instant food products.
The global soup industry size is expected to foresee significant growth by exhibiting a CAGR of 2.79% between 2020 and 2027. Factors such as increasing demand for convenience food products and rapid urbanization are anticipated to propel the industry to reach USD 21.0 Billion by 2027. The reports further observe that the industry was worth USD 16.12 Billion in 2019.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic. We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreaks across industries to help you prepare for the future.
COVID-19 Crisis to Favor Growth
The impact of COVID-19 is anticipated to bolster the growth of the industry. According to Fortune Business Insights, the industry will register a high rate of CAGR value in 2020 during the ongoing pandemic situation. The lockdown enforced by several government agencies have forced the people to remain at home. Several working professional that are working from home and the students confined to their home space will bode well for the growth of the industry. The demand for instant food products as a snacking option is contributing to the growth of the industry.
Ritzy West End Introducing a $15 Takeaway Package to Stimulate Growth
In May 2020, Ritzy West End’s Chef Ris Lacoste announced its $15 care packages that is available for delivery and takeaway in D.C. amid the widespread effects of novel coronavirus. In times of chaos and hardship, the West End restaurant is offering its care packages that include a salad of the week, fresh baked bread, and pint-sized soups without charging any delivery fees. Like Ritzy’s, there are several others who are helping the cause to uplift the people who are suffering from devastating effects. Furthermore, adoption of strategies such as novel product launch, collaboration, and merger and acquisition by the companies will positively affect the growth of the industry between 2020 and 2027.
Read Also: Delectable Cupcake Choices in Singapore
List of the Companies Operating in the industry includes The Campbell Soup Company, Nestlé S.A, Baxters Food Group Limited, General Mills, Inc, Conagra Brands, Inc., Premier Foods Group Limited, The Kraft Heinz Company, Hindustan Unilever Limited, Ottogi Co., Ltd, Associated British Foods plc.
