North America Soup Market Size By Type of Soup, By Packaging Type, By Distribution Channel, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
North America Soup Market size was valued at USD 28.57 Billion in 2023 and is projected to reach USD 36.8 Billion by 2030,growing at a CAGR of 4.2%during the forecast period 2024-2030.
North America Soup Market Drivers
The market drivers for the North America Soup Market can be influenced by various factors. These may include
Health & Wellness Trends As people become more conscious of their health and wellbeing, they are looking for quick and wholesome meal options. These trends are well-suited to soup, particularly ones that are labelled as organic, low-sodium, or that include useful nutrients like veggies and lean proteins.
Busy Lives The need for quick dinner options is fueled by North American customers’ fast-paced lifestyles. This requirement is met by ready-to-eat and simple-to-prepare soups, which offer a quick and filling dinner alternative.
Innovation in Flavours and variants To accommodate a wide range of consumer preferences, manufacturers are always introducing new flavours and variants. Gourmet alternatives, premium products, and ethnic flavours draw customers seeking out new and flavorful experiences.
Growing Demand for Plant-Based Products Concerns about animal welfare, sustainability, and health are driving the growing popularity of plant-based diets, which is having an impact on the soup industry. Consumer interest in plant-based soups prepared with veggies, legumes, and other beans is growing.
Direct-to-consumer channels and e-commerce The retail landscape has changed as a result of the growth of direct-to-consumer sales channels and internet purchasing. More and more soup producers are using e-commerce sites to expand their customer base and provide easy delivery choices.
Seasonality As people seek for cozy, warm meals throughout the winter months, soup consumption tends to rise during such times. In an effort to encourage year-round consumption, producers have been diversifying their product lines to include chilled soups and marketing initiatives.
Sustainability Initiatives As consumers’ awareness of the environment grows, so does the need for materials supplied sustainably and packaging that is eco-friendly. In response, soup makers are implementing recyclable or biodegradable packing materials and implementing sustainable procedures across their supply chains.
Safety and Health Issues Post-Pandemic Health and food safety problems have increased as a result of the COVID-19 pandemic. Customers are giving priority to goods they believe to be hygienic and safe, which has raised scrutiny of the soup market’s production procedures and packaging materials.
North America Soup Market Restraints
Several factors can act as restraints or challenges for the North America Soup Market. These may include
Health Concerns People are becoming more conscious of the potential health risks connected to processed meals, such as soups. The market expansion for soups may be hampered by worries about additives, preservatives, and high sodium levels.
Competition from Fresh and Healthful Alternatives The demand for handmade, fresh, and healthful soup substitutes as an alternative to packaged varieties may limit market expansion. Instead of consuming manufactured foods, consumers are choosing homemade soups with fresh ingredients more and more.
Price Sensitivity Variations in the cost of manufacturing, the price of raw materials, and the discretionary income of consumers can all have an impact on their purchase decisions. During recessions, consumers who are price conscious might choose less expensive options or cut back on their intake of boxed soups.
Seasonality Demand for soup might fluctuate seasonally because it is typically consumed more during the colder months. The management of inventory and production might provide difficulties for manufacturers and retailers due to this periodicity.
Changing Customer Preferences The market for conventional canned or packaged soups may be impacted by changes in consumer preferences toward convenience meals, ethnic cuisines, and healthier options.
Distribution Issues Soup products’ accessibility and exposure at retail establishments may be impacted by distribution issues such as shelf space availability, shipping costs, and rivalry from other food items.
Regulatory Restraints Food safety, labelling, and packaging regulations may affect product innovation and marketing tactics in addition to costing producers compliance.
Environmental Concerns Consumer choices and purchases may be influenced by a greater knowledge of environmental issues, such as packaging waste and the carbon footprint of food production and transportation.
North America Soup Market Segmentation Analysis
The North America Soup Market is Segmented on the basis of Type of Soup, Packaging Type, Distribution Channel, and Geography.
North America Soup Market, By Type of Soup
Broth-based soups These soups are typically made by simmering meat, fish, or vegetables in water with various herbs and spices. Examples include chicken noodle soup, beef broth soup, and vegetable broth soup.
Cream-based soups These soups are made by combining broth with milk or cream to create a creamy texture. Examples include clam chowder, cream of mushroom soup, and broccoli cheddar soup.
Chilled soups These soups are served cold and are often refreshing during hot weather. Examples include gazpacho, cucumber soup, and vichyssoise.
Ready-to-eat soups These are canned or packaged soups that are fully cooked and ready to consume with minimal preparation. Examples include canned tomato soup, canned chicken noodle soup, and microwaveable ramen cups.
North America Soup Market, By Distribution Channel
Retail Stores Including supermarkets, hypermarkets, convenience stores, and specialty food stores.
Online Retail Includes sales through e-commerce platforms and company websites.
Food Service Channels Such as restaurants, cafeterias, and catering services.
North America Soup Market, By Packaging Type
Canned soups Packaged in metal cans, which offer convenience and longer shelf life.
Carton-packed soups Packaged in tetra packs or cardboard cartons, often used for liquid soups.
Pouch-packed soups Flexible pouches made of plastic or foil, convenient for single servings or on-the-go consumption.
North America Soup Market, By Geography
North America Market conditions and demand in the United States, Canada, and Mexico.
Europe Analysis of the North America Soup Market in European countries.
Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
Middle East and Africa Examining market dynamics in the Middle East and African regions.
Latin America Covering market trends and developments in countries across Latin America.
Key Players
The major players in the North America Soup Market are
Campbell Soup Company, General Mills, Inc., Unilever PLC, Blount Fine Foods, Corp., Loblaw Companies Limited.
SEGMENTS COVERED
By Type of Soup, By Packaging Type, By Distribution Channel, and By Geography.
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