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U.S. Soup Market Overview
The U.S. Soup Market size is
forecasted to reach $7,320 million by 2027 and is expected to grow at a CAGR of 2% during
the forecast period 2022-2027. Soups are primarily liquid food, generally
served warm or hot or even cold, as per the rising trends in the market.
Additionally, soups are made by combining ingredients of various classes such
as poultry or vegetables with stock, milk or even water. The preferred
variants of soups such as canned and dried are condensed in the case of the former,
while the dry soup is available in a form of a dry mix requiring the addition
of water or another thinning agent. Moreover, ready-to-drink Soups and Soups in the form of bouillon cubes have been gaining immense
market traction in the U.S. owing to the recent pandemic which has resulted in
an increased inclination of consumers toward healthy foods. Soups have been
linked with better health by adding useful herbs or ingredients such as meat
extracts while keeping them free from artificial additives. However, soups
have faced considerable heat from market participants owing to high-sodium
content in pre-packaged soups leading to critical cardiovascular diseases in
the long run. The movement of turning diets to “vegan” based or the alternative
“plant-based meat” has allowed the vegetarian soup market to positively
benefit. According to Plant Protein Sources, nearly 6% of U.S. consumers are
vegan. Interestingly, nearly 39% of consumers claim that they wish to
eliminate animal-related food products from their daily diet and tend to
follow a flexitarian food model, highly skewed towards vegan options.
U.S. Soup Market Report Coverage
The report: “U.S. Soup Market - Forecast (2022-2027)” by Industry ARC, covers an in-depth analysis of the
following segments in the U.S. Soup Market.
Key Takeaways
- The growing trend of various consumers in the United States evaluating and fulfilling their daily dietary requirements has created a positive outlook for the entire soup industry in the country. Before the pandemic, the soup industry's generous leaders were struggling to maintain profitability and generate revenue. To increase consumer interest in health-food items such as soups, marketers have adopted changing trends such as label claims, health claims and sustainable sourcing methods. Furthermore, prior to the pandemic, soups were ideally targeted at the adult and senior population; however, companies have re-evaluated their strategies to address the ever-demanding Gen-Z and millennials as their primary targets, by scrutinizing their primitive marketing techniques to follow current demand scenarios.
- Consumer buying behaviors have evolved ever since the pandemic came to light. As per a survey from Food Manufacturing, 64% of consumers do not plan to return to their pre-pandemic habits of dining in restaurants, thereby around 61% of those surveyed expressed their interest in ordering from a retail outlet and cooking at home or take-food delivery home.
- U.S. Soup Market Detailed Analysis on the Strength, Weaknesses and Opportunities of the prominent players operating in the market will be
provided in the U.S. Soup Market report.
U.S Soup Market Segment Analysis – by Type
The U.S. Soup Market based on type can be segmented into Canned/Preserved, Chilled,
Dehydrated, Frozen, Instant and UHT. The instant
segment held the largest U.S. Soup Market share in 2021 and is poised to grow at a
CAGR of 4.1% during the forecast period 2022-2027, as freeze-drying and pre-drying, are opening up a slew of new opportunities in the instant and ready to
drink soup market. There has been a significant demand for instant liquid foods over
the last few months. Instant soup products have been gaining a lot of traction
amongst the millennials and the growing urban population. With their
immune-boosting properties, the various instant and delicious spice-rich soup
mixes and broths promise abundant market growth.
However, Canned/Preserved is expected to be the fastest growing segment and will witness the highest CAGR during the forecast period 2022-2027. Because of the increased availability of canned soups in numerous varieties in online retail outlets, the number of purchasers in the business is increasing. Furthermore, the cheaper alternative offered to customers to cook dinner at home rather than traveling to restaurants has helped the rise of this sector. Over the next eight years, these factors are likely to boost U.S. Soup Industry expansion.
U.S. Soup Market Segment Analysis – by Ingredient
The U.S. Soup Market based on ingredients can be segmented into Vegetarian
Soups (Tomato, Mushroom, Potato, Onion, Broccoli, Others) Non-Vegetarian Soups
(Chicken, Beef, Seafood and Others). The non-vegetarian
soup segment held the largest U.S. Soup Market share in 2021 and is projected to grow
at a CAGR of 2.2% during the forecast period 2022-2027. According to the Food Industry Association in
Arlington, Virginia and the American Frozen Food Institute in McLean,
Virginia, frozen food sales in the United States climbed by 21% in 2020 as the
COVID-19 epidemic drove more people to the frozen food aisle. Despite some
increases in online meat sales, supermarkets remain meat powerhouses.
Supermarkets are the primary source of meat products for more than half of
customers.
However, the vegetarian soup segment is expected
to be the fastest growing segment and will witness the highest CAGR
during the forecast period 2022-2027. Vegetarian
and vegan liquid food has become increasingly popular in recent years. In 2027, the
global market for meat replacements is estimated to reach $35.5 billion. The growing interest in a healthy lifestyle, government initiatives and big food companies providing plant-based menu alternatives to the public,
among other factors, are expected to drive the U.S. Soup industry for vegetarian food
products.
U.S. Soup Market Segment Analysis – by End-user
The U.S. Soup Market based on end-user can be segmented into residential
and commercial. The residential segment held the largest U.S. Soup Market share in 2021 and is expected to grow at a CAGR of 2.7% during the
forecast period 2022-2027. The advent of urbanization and globalization has
brought about significant changes in the world. People now have greater access
to high-quality products and services that help them keep up with the
fast-paced changes. Consumer demands have shifted as the working population has
grown and lifestyles have changed. Manufacturers are increasing their efforts
to provide consumers with high nutrition without jeopardizing their health and
well-being. They're also introducing products with labels and claims like 'low
cholesterol,' 'no trans-fat,' 'no artificial colors,' or 'no added monosodium
glutamate (No MSG).' As a result of these efforts, the consumption of these
products for residential use has steadily increased fueling the U.S. soup market size.
However commercial segment is forecasted to be the fastest growing segment and will witness the highest CAGR during the forecast period 2022-2027. With the rise of nourishing and useful foods, healthy soups made with vegetables, legumes, grains and mushrooms are becoming popular. They have been successful in garnering a lot of customer interest due to their nutritious value and inexpensive prices. Soups have become popular as quick, delectable dinners as well as pleasant, light snacks.
U.S. Soup Market Drivers
Medicinal Benefits of Consuming Soups to Drive Market Growth:
People are now putting greater emphasis on their diet and nutrition in an effort to correct nutrient deficiencies and lifestyle disorders. New dietary trends have exploded as a result of rapid technological improvements. As a result, there is a growing need for high-quality, economically viable alternative food items. These foods satisfy both the nutritional requirements and the wide range of consumer desires. Vegetable soups and creams have also gained popularity among U.S. consumers. As per NIH, Vegetable soup sales grew by 5% from 2014, driven by the growing demand for healthy ready-to-drink products and the rise of Veganism. Broccoli's popularity in the United States has grown significantly in recent decades, owing to its versatility as a versatile vegetable that can be quickly used in a variety of dishes. According to the green giant survey, it has stated that broccoli is America's favorite vegetable in the year 2021, Consumers who chose broccoli as their favorite vegetable cited 'taste' as the most important reason for their decision. This is further propelling the market for already popular flavors such as The Broccoli Cheddar instead of meat extract and broth-based soups, across the U.S.
Growth in Demand for Convenience Foods to Fuel Product Demand:
Soup manufacturing is a continuously evolving and innovative industry around the world, with a large and growing range of value-added soup products that have a homemade flavor and are ready to eat. Because consumers' eating habits are drastically changing, there is a growing demand for dinnertime solutions from modern consumers. Despite the fact that more and more people lack the time and expertise to cook food at home, many customers are nevertheless eager to spend money on convenience foods. This is evident from the survey conducted by Food Navigator, which reveals that almost 20% of U.S. consumers are ordering Convenience food kits online. The figure has increased by almost 50% within 5 years, therefore enhancing the U.S. soup market size.
U.S. Soup Market Challenges
Disruption in Supply Chain may adversely Affect the U.S. Soup Industry:
Supply
Chain worries often impede the growth of beverages markets such as soups on a
broader level. Critical disruption in the supply chain can impede manufacturing
capabilities, disrupt warehousing abilities and impede the distribution
capacities- which would impact supplier or consumer relationships, thereby
posing a significant threat to the ever-changing market. Increasing initiatives by animal protection organizations are further limiting the usage of meat extract and broth for the production of soups is impeding the market growth. Furthermore, several
issues are impacting a major ingredient for U.S. soups, the supply chain’s weak
links and California’s fickle winter weather are clouding the forecast for the
state’s processing-tomato growers. For instance, according to the USDA's
National Agriculture Statistics Service (NASS) 2021 Report, the volume of sales
for the 2020-2021 mushroom harvest totaled 758 million pounds, down 7% from the
previous season.
U.S. Soup Industry Outlook
Product Launch and Acquisitions were the key strategies adopted by players in the U.S. Soup Market. In 2022, the U.S. Soup Market share is consolidated by the top ten players present in the market. The top 10 companies in the Portable Medical Electronic Products market are;
Recent Developments
- In January 2022, Amy’s Kitchen announced the launch of two new varieties of canned soup, on January 2022. The Butternut Squash variant is made of organic coconut milk, while the Mushroom Bisque contains organic mushrooms along with creamy organic coconut milk. The products have been released for the U.S. Market.
- In October 2021, Campbell Soup partnered up with Universal Music Group, to launch a range of specially marked soup cans that are capable of unlocking socks and additional content, with the help of QR codes. The Soups with built-in QR codes in their cans will be available in select retailers across the U.S.
- In September 2020, General Mills announced the launch of its new line of soup and topping pairing, called the Progresso Toppers. The new launch will cater to the constantly increasing consumer base of at-home-cooked foods and will launch in the U.S. and other markets. The Progresso Toppers range of soups comes in various flavors and ingredients which include chicken, potato, tomato and Broccoli Cheese.
Relevant Titles:
Report Code: FBR 0414
Report Code: FBR 0345
Report Code: FBR 0409
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