Soup is one savory that is served hot or cold with different vegetables, meat, and seasonings and condiments are added to add flavor and texture. The soup market encompasses different product categories such as wet soup, dry soup, broth and stock, bouillon, and many others. Whereas, the major distribution channels for soups are supermarkets and hypermarket, followed by convenience stores.
The global Soups Market Analysis is composed to garner USD 19,655.9 Million by the year 2025, asserts Market Research Future (MRFR) in its latest report. Also, the reports include that the market will create a benchmark with its growth rate at a 3.07% CAGR from 2016 to 2025.
Global Soups Market: Drivers & Trends
The analysts have observed in their research study that the global soups market is mainly driven by several factors, including rising demand for convenience foods, an increasing number of women in the workforce, with consumption of soups. As per the research, the manufacturers are aware of the evolving consumer preferences and therefore varying their products accordingly catering to different tastes.
With that, the global soups market is also experiencing a healthy growth rate with the rate of new product launch coupling with the introduction of innovative flavors by key market players. Soups are also convenient in the making due to which the working population, especially, is shifting their preference towards processed food items. Such factors are noticeable to trigger the global soups market in rapid ways in the years to come. Soups are also attracting a vast population owing to its health-related benefits. Mainly health-conscious consumers are getting benefitted with soups, which in turn, the market of soups is proliferating year by year.
On top of that, the increasing consumption of soup as a meal replacement is also benefitting the global soups market, which is estimated to flourish during the forecast period. Also, the key market players with their launch of innovative packaging and flavors, especially for the children, is also fostering the global soups market growth in substantial ways.
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On the flip side, some factors such as rising preferences towards freshly prepared food items and the presence of preservatives are somehow damping the global soups market growth during the forecast period. Even the canned soups with a high salt content are also making inconvenient for the consumers to consume, which is likely to slow down the soups market growth in the coming years.
According to the reports, it is mentioned that the global soups market is segmented based on type and distribution channel.
By the mode of type, the global soups market is categorized into dry, wet, and others. Further, segmentation has been done into bouillon, and broth & stock. Among these, the dry soups are convenient to use and can be packed easily, and thus gaining complete acceptance among the working population. Whereas, the dry segment is also considered to exhibit 3.13% CAGR over the forecast period and would garner 12,714.1 million in revenue by 2025.