Rockville, Feb. 04, 2025 (GLOBE NEWSWIRE) — In a new, detailed research report published by Fact.MR, the global soup and broth market is estimated at a value of US$ 9.68 billion in 2024 and has been projected to advance at a CAGR of 3.7% between 2024 and 2034.
With appreciation for their variety of tastes rising and increased knowledge of their health advantages, soup and broth consumption is steadily rising globally. These nutrient-dense food alternatives are becoming increasingly popular among consumers as part of a balanced diet as they grow more health-conscious. Soup and broth have become increasingly popular due to their adaptability to different dietary needs, such as being gluten-free, vegetarian, or vegan. Furthermore, the comforting quality of these hot, filling meals appeals to people all across the world.
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Globalization of the culinary industry has also contributed by bringing foreign soup variations to previously untapped markets. Foodies are discovering a vast array of tastes, ranging from robust Western stews to delicate Asian broths.
The popularity of ready-to-eat and simple-to-prepare soup choices is rising significantly as the convenience factor gains ground. Key factors driving market expansion are the convergence of health advantages, variety of tastes, and ease of consumption.
Key Takeaways from Market Study
- The global soup and broth market is projected to reach US$ 13.89 billion by 2034-end.
- The East Asia market is forecasted to expand at a CAGR of 4.2% through 2034.
- Based on ingredients, tomatoes are estimated to account for 20.1% market share in 2024.
- The convenience stores segment is projected to expand at a CAGR of 3.6% through 2034.
- The market in Canada is foreseen to attain a revenue of US$ 595.3 million by 2034.
- The South Korea market is expected to advance at a CAGR of 4.9% between 2024 and 2034.
“Over the next ten years, as far as varieties of soups and broth are concerned, tomatoes, beans, and chicken will remain the leading choices of people across the world,” highlights a Fact.MR analyst.
Eco-Friendly Packaging Solutions Here to Stay
Packaging options that are better for the environment, such as recyclable pouches and biodegradable containers, are becoming more popular with people who care about the environment. To cut down on packaging waste, several firms are launching reusable containers with refill options.
Customers can now access comprehensive product information, recipes, and provenance tracking using smart packaging that uses QR codes. Product freshness is guaranteed throughout storage and transit with the use of temperature-sensitive labeling.
AI-driven demand forecasting in logistics is cutting waste and improving inventory control. Phase-change materials and Internet of Things-enabled temperature monitoring are two examples of cold chain advances that are enhancing product quality in transit.
To cut down on carbon emissions and transportation distances, several businesses are investigating localized manufacturing strategies. Efficient last-mile delivery technologies are being used by new subscription-based delivery businesses that offer fresh, homemade-style soups. By tackling sustainability issues and improving product quality and consumer experience, these innovations are setting up the soup and broth business for future expansion and development.
Key Market Players Driving the Soup and Broth Market
Some of the leading players in the Soup and Broth Market as studied include, Campbell Soup Company; Pacific Foods of Oregon; College Inn; Progresso; Knorr; Manischewitz Company; Paleo Broth Company; Bonafide Provisions; Bare Bones Broth; Unilever; Del Monte Food Inc.; Hain Celestial Group; Epic Provisions LLC; Kettle and Fire Inc.; LonoLife; McCormick and Company Inc.; Zoup Specialty Products.
Industry News in the Soup and Broth Market
Leading companies in the soup and broth market are introducing personalized soup kits that allow customers to customize their soups according to their preferences. To expand their customer base, companies are focusing on innovations, portfolio diversification, and the launch of new products such as instant and frozen soups.
In April 2024, NotCo, a trailblazer in food technology, created a plant-based alternative to turtle soup to protect the endangered green sea turtle population while preserving traditional recipes from cultures that continue to consume turtle meat. Leveraging NotCo’s advanced AI technology and the culinary expertise of Peruvian chef Diego Oka, the newly developed NotTurtle Soup replicates the taste and texture of turtle flesh without the need for actual turtles.
Meanwhile, in November 2023, the Peninsular Export Company unveiled SAARRU, India’s first indigenous soup line with regional variations. The company offers three types of soup: chicken soup masala, mutton soup masala, and chicken coriander rasam masala, with plans to expand its offerings in the near future.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the soup and broth market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (traditional, light, vegetarian classics, non-vegetarian, organic, noodles), ingredient (tomatoes, beans, chicken, beef, broth, artichokes, mixed vegetables), and sales channel (wholesale/ distributors/direct, supermarkets/hypermarkets, convenience stores, online retailers), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Discover Additional Market Insights from Fact.MR Research
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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