Soups Market

The global soup and broth market is projected to experience growth in both volume and value terms over the period from 2022 to 2030, with an anticipated CAGR of +1.9% and +4.0%, respectively. In 2022, consumption, production, imports, and exports showed various trends, with some countries leading in terms of consumption, production, and trade. The United States, China, and Japan are among the top players in the market, with notable growth rates recorded in certain countries. Average prices for imports and exports saw fluctuations, with China having the highest export price and Mexico the highest import price in 2022.

Market Forecast

Driven by increasing demand for soups and broths worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market volume to 9.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market value to $34.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Soups And Broths

In 2022, consumption of soups and broths was finally on the rise to reach 8.4M tons for the first time since 2019, thus ending a two-year declining trend. The total consumption volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs at 9M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global soups market revenue contracted modestly to $25.6B in 2022, remaining stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a relatively flat trend pattern. Over the period under review, the global market attained the maximum level at $26.6B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.3M tons), the United States (792K tons) and India (528K tons), with a combined 32% share of global consumption. The UK, Japan, Pakistan, Spain, Russia, Germany, Nigeria, Brazil, Indonesia and Bangladesh lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Spain (with a CAGR of +6.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($4.9B) led the market, alone. The second position in the ranking was held by Japan ($1.8B). It was followed by the United States.

In China, the soups market expanded at an average annual rate of +4.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Japan (-2.5% per year) and the United States (+1.2% per year).

The countries with the highest levels of soups per capita consumption in 2022 were Spain (4.9 kg per person), the UK (4.6 kg per person) and Germany (2.7 kg per person).

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +6.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Soups And Broths

In 2022, after two years of decline, there was growth in production of soups and broths, when its volume increased by 2.2% to 8.4M tons. The total output volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when the production volume increased by 5.7%. Over the period under review, global production attained the peak volume at 9M tons in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, soups production dropped slightly to $25.8B in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 6.9% against the previous year. Over the period under review, global production hit record highs at $28.2B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.4M tons), the United States (836K tons) and India (530K tons), with a combined 32% share of global production. Japan, the UK, Spain, Pakistan, Russia, Nigeria, Germany, Brazil, Indonesia and Bangladesh lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +7.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Soups And Broths

In 2022, overseas purchases of soups and broths decreased by -0.9% to 1.2M tons, falling for the second consecutive year after two years of growth. The total import volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 18% against the previous year. Over the period under review, global imports hit record highs at 1.2M tons in 2020; afterwards, it flattened through to 2022.

In value terms, soups imports expanded markedly to $3.1B in 2022. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2013 when imports increased by 14% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the United States (234K tons), distantly followed by Canada (135K tons) and Mexico (54K tons) represented the largest importers of soups and broths, together generating 36% of total imports. Germany (52K tons), France (50K tons), the Netherlands (49K tons), Mali (47K tons), Belgium (41K tons), the UK (36K tons), Hong Kong SAR (31K tons), Australia (22K tons) and Sweden (21K tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of +11.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest soups importing markets worldwide were the United States ($465M), Canada ($301M) and Mexico ($246M), together comprising 32% of global imports. Germany, France, the Netherlands, the UK, Mali, Hong Kong SAR, Belgium, Australia and Sweden lagged somewhat behind, together comprising a further 30%.

Mali, with a CAGR of +9.6%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average soups import price amounted to $2,643 per ton, with an increase of 6.6% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 9.6%. Over the period under review, average import prices hit record highs at $2,703 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($4,536 per ton), while Mali ($1,958 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+3.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Soups And Broths

In 2022, overseas shipments of soups and broths decreased by less than 0.1% to 1.2M tons, falling for the second year in a row after five years of growth. The total export volume increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 9.8%. The global exports peaked at 1.2M tons in 2020; afterwards, it flattened through to 2022.

In value terms, soups exports totaled $3B in 2022. The total export value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 9.7%. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, the United States (278K tons), distantly followed by Canada (144K tons), Senegal (81K tons) and Spain (63K tons) were the major exporters of soups and broths, together creating 48% of total exports. The following exporters - the Netherlands (49K tons), Germany (40K tons), Poland (39K tons), South Africa (39K tons), Italy (31K tons), Guatemala (30K tons), Cote d'Ivoire (26K tons), China (22K tons) and Thailand (22K tons) - together made up 25% of total exports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +8.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($712M) remains the largest soups supplier worldwide, comprising 23% of global exports. The second position in the ranking was taken by Canada ($173M), with a 5.7% share of global exports. It was followed by Senegal, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at +5.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Canada (+0.4% per year) and Senegal (+6.7% per year).

Export Prices By Country

The average soups export price stood at $2,553 per ton in 2022, with an increase of 1.6% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 7.3%. Over the period under review, the average export prices reached the maximum at $2,697 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($4,416 per ton), while Canada ($1,199 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform