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Report
Canned Soup Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 110 Pages I Mordor Intelligence
The canned soup market is projected to grow at a CAGR of 4.8% during the forecast period (2022-2027).
The market has been witnessing a paradigm shift in consumer consumption behavior from traditional homemade soups to ready-to-eat canned soups, which has been one of the major factors driving the growth of the canned soup market. Furthermore, social distancing measures due to the COVID-19 pandemic have encouraged consumers to shop for canned soups on e-commerce retail outlets such as Amazon and Walmart. This has helped drive the market's growth over the past few months and is projected to continue throughout the forecast period.
Owing to the growth in demand for canned soups, the key manufacturers have launched new products to cater to both the nutritional needs and diversified taste preferences of consumers.
The growing advancements in food and packaging technologies to improve shelf-life, combined with the innovation and introduction of new regional flavored organic canned soups, are expected to boost the sales of canned soups over the forecast period.
Canned Soup Market Trends
Rise in Spending on Convenience Products
The convenience food products market has been growing rapidly worldwide, with an increasing number of consumers, primarily millennials, investing nearly a third of their monthly expenditure on ready-to-eat or on-the-go snack products. Furthermore, the sales through robust distribution channels have strongly augmented the sales of convenience foods, including canned soups, which are expected to continue during the forecast period. As soups are a part of several cuisines worldwide, the canned ready-to-serve soups with various health claims such as organic and low-sodium, among others, have gained strong attention among the growing number of time-constrained consumers who are seeking convenient yet healthy food products.
North America Emerges As The Largest Market
The increasing instances of obesity and health awareness campaigns in regions such as North America and Europe, among others, have resulted in the demand for packaged soups that contain natural and fresh ingredients with minimum preservative content. Owing to the increasing consumption of packaged soups, the canned soup market has paved the way for key manufacturers to expand their product range by launching new flavor and taste variants and new variants concerning health claims. As the North American soup market is well established, the region's autonomous production capabilities have made it a potential market for foreign soup manufacturers to expand their business using different packaging techniques, including canned. Increasing product varieties, increasing consumption of health and wellness products, and active promotions by the players in the market are projected to propel the growth of the canned soup market during the forecast period.
Canned Soup Market Competitor Analysis
The Canned Soup Market is fragmented owing to a growing number of global and regional players who account for a major share of the global market. The diversified product portfolio includes condensed soups, microwavable soups, ready-to-eat soups, and organic soups. Campbell Soup Company accounted for the largest share of the Global Canned Soup Market during the base year. Over the last few years, expanding in emerging economies has helped boost the company's growth. The other key players in the market include - ConAgra Foods, General Mills, Subo Foods, The Kraft Heinz Company, General Mills, Unilever, and Amy's Kitchen, among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Condensed
5.1.2 Ready-to-Eat
5.2 By Category
5.2.1 Vegetarian
5.2.2 Non-Vegetarian
5.3 By Processing
5.3.1 Regular Soup
5.3.2 Organic Soup
5.4 By Distribution Channel
5.4.1 Supermarkets/Hypermarket
5.4.2 Convenince Stores
5.4.3 Food Specialty Stores
5.4.4 Online Stores
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.1.4 Rest of North America
5.5.2 Europe
5.5.2.1 Spain
5.5.2.2 United Kingdom
5.5.2.3 Germany
5.5.2.4 France
5.5.2.5 Italy
5.5.2.6 Russia
5.5.2.7 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 Rest of Asia-Pacific
5.5.4 South America
5.5.4.1 Brazil
5.5.4.2 Argentina
5.5.4.3 Rest of South America
5.5.5 Middle-East
5.5.5.1 South Africa
5.5.5.2 United Arab Emirates
5.5.5.3 Rest of Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Campbell Soup Company
6.3.2 General Mills Inc.
6.3.3 Hain Celestial
6.3.4 The Kraft Heinz Company
6.3.5 Unilever PLC
6.3.6 Amy's Kitchen Inc.
6.3.7 Baxters Food Group Limited
6.3.8 Bar Harbor Foods
6.3.9 BCI Foods Inc.
6.3.10 Sprague Foods, Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
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