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Dried Soup Market Report 2024 - Dried Soup Market Size And Growth By 2033
Dried Soup Market
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According to The Business Research Company's, The dried soup market size has grown strongly in recent years. It will grow from $2.91 billion in 2023 to $3.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to convenience and ease of preparation, consumers' high awareness of health and wellness, the introduction of a wide range of flavors and varieties, the rise of e-commerce platforms, increased the demand for non-perishable, easy-to-store food products.
The dried soup market size is expected to see strong growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to sustainability and eco-friendly packaging, technological advancements in food processing, increasing health consciousness, increasing health consciousness, expansion into emerging markets, and increased marketing and promotional efforts. Major trends in the forecast period include increased demand for organic ingredients, innovations in packaging for convenience, rising popularity of global flavors, expansion in online sales, focus on health and wellness benefits, and increased consumer preference for clean-label products.
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Market Drivers and Trends:
The growing demand for convenience and ready-to-eat food products is expected to propel the growth of the dried soup market going forward. Convenience and ready-to-eat foods are pre-prepared meals or snacks that offer quick and easy consumption and require minimal or no cooking. The rise in demand for convenience and ready-to-eat foods reflects a societal preference for quick and easy meal solutions due to changing lifestyles and increased urbanization. Dried soup is a convenient and ready-to-eat food product that requires only the addition of hot water or broth for quick and easy consumption. For instance, in October 2023, according to Agriculture and Agri-Food Canada (AAFC), a Canada-based government department for agriculture and food-related products, exports of processed food and beverage products reached an all-time high of $54.3 billion in 2022, marking a 14.1% increase compared to 2021. These exports represented 34.7% of the total production value. Therefore, the growing demand for convenience and ready-to-eat food products will drive the dried soup market.
Major companies operating in the dried soup market are adopting innovative products, such as dried vegetable soups, to enhance market growth and diversification. Dried vegetable soups are ready-to-eat soup products that contain dehydrated vegetables as their main ingredients. For instance, in July 2022, Maya Kaimal Foods LLC, a US-based food and beverage manufacturing company, launched spiced lentil, creamy spiced butternut, tomato and warm spices, and creamy chickpea, a range of vegan dried soups in four different flavors. These dried soup products are made up of plant-based products and are available in ready-to-use format.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
The Kroger Co, Nestlé S.A., Unilever PLC, H. J. Heinz Company, General Mills Inc., Trader Joe's Company Inc., Campbell Soup Co., McCormick & Company, Nissin Food Products Co. Ltd., Del Monte Foods Inc., Bob's Red Mill Natural Foods Inc., Maruchan Inc., Tabatchnick Fine Foods Inc., Harvest Right LLC, Dr. McDougall's Right Foods Inc., Mother Earth Products, Cooke Tavern Ltd., Bear Creek Country Kitchens LLC, Brodo Company, Harmony House Foods Inc., Anderson House Foods
Dried Soup Market 2024 Key Insights:
• The dried soup market size is expected to see strong growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• The Role of Convenience And Ready-to-Eat Foods In The Dried Soup Market
• Plant-Based And Organic Offerings Enhanced Dried Soup Market
• North America was the largest region in the dried soup market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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