Latest News- Soup Market: Offline is expected to lead the Distribution Channel segment during 2024-2028

The Soup Market is being driven by New product launches

The Soup Market is expected to grow at a CAGR of 4.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4603.1 million. In the soup market, vendors have amplified their marketing efforts through inventive strategies and captivating advertisements to boost product visibility. This trend is reflected in the significant increase in marketing and advertising budgets, with Nestle's consumer-facing marketing expenses rising by 6.4% in 2021 compared to 2019. Notably, Nestle has intensified its promotional activities for its renowned brands, including MAGGI Soup, on a global scale. Campbell Soup is another key player in the market, having executed various promotional campaigns in 2020 to enhance product exposure. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Offline
  • Online
• Product
  • Dried
  • Canned
  • UTH
  • Others
• Geography
  • Europe
    • Germany
    • Italy
  • North America
    • US
  • APAC
    • China
    • India
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• New product launches
• Growing preference for convenience food products in working population
• Evolving retail landscape

However, the market also witnesses some limitations, which are as follows:

• Product recalls
• Stringent regulations in food and beverage industry
• Raw material price fluctuations

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Market Scope in Soup Market Research Report

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Research Analysis Overview

In today's fast-paced lifestyle, the working population, including a significant number of working women, turn to the soup market for quick and convenient meals. With increasing per capita spending, retail sales of soup products, including instant, dehydrated, UHT, organic, and culturally influenced varieties, have surged. Consumers seek product varieties catering to health and wellness trends, such as free-from claims. Packaging formats and culinary creation continue to evolve, making liquid-based dishes like soups a staple in modern diets.

Market Research Overview

The packaged soup market is a significant segment of the global packaged foods and meats industry, encompassing vendors engaged in the production of ready-to-eat soups in various forms, including canned, fresh, organic, plant-based, low-fat, vegan, gourmet, and frozen. Market growth is driven by consumer preferences for convenient, nutritious, and flavorful food options. Innovations in soup packaging, such as aseptic cartons and stand-up pouches, have extended shelf life and improved product preservation. Additionally, the rise of plant-based diets and health-conscious consumers have fueled demand for soup varieties that cater to these trends, such as organic, gluten-free, and low-fat options. The market is expected to continue growing due to the health benefits associated with soup consumption, including the provision of essential nutrients like potassium, dietary fiber, folate, vitamin A, and vitamin C.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/