The global soup market size is expected to foresee significant growth by exhibiting a CAGR of 2.79% between 2020 and 2027. Factors such as increasing demand for convenience food products and rapid urbanization are anticipated to propel the market to reach USD 21.0 Billion by 2027. Fortune Business Insights, publish this information in its latest report, titled “Soup Market Size, Share & COVID-19 Impact Analysis, By Type (Instant, Dehydrated, Canned, Chilled, and Others), Distribution Channel (Hypermarket/Supermarket, Convenience Store, Online Retail, and Others), and Regional Forecast, 2020 – 2027.” The reports further observes that the market was worth USD 16.12 Billion in 2019.
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What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain the market stronghold between 2019 and 2026.
Drivers and Restraints:
Increasing Consumption of Convenience Foods to Aid Growth
The increasing density of population and high disposable income is driving the demand for convenience food products across the globe. The people owing to hectic work life prefer several food products that are ready-to-eat and can be consumed instantly. Additionally, the increasing number of women working population is anticipated to bolster the growth of the market in the forthcoming years. Furthermore, the manufacturers are innovating their products to cater to the increasing demand of the consumers. Moreover, the growing demand for packaged food products among developed and developing economies will bode well for the growth of the market. For instance, according to the Canada Agri-food report, China registered a total sales value of USD 272, 741 Million in 2019 and is further anticipated to grow at a rate of 7%.