Global Soups and Broths Market to Witness Steady Growth with an Expected CAGR of +2.3% by 2030

IndexBox has just published a new report: World - Soups And Broths - Market Analysis, Forecast, Size, Trends And Insights.

The article highlights the increasing demand for soups and broths worldwide, with the market projected to grow at a CAGR of +2.3% in volume and +4.4% in value terms from 2023 to 2030. Countries like China, the United States, and India lead in consumption, while the United States, Canada, and Mexico are major importers and exporters of these products.

Market Forecast

Driven by increasing demand for soups and broths worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.3% for the period from 2023 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 +4.4% for the period from 2023 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 2023, approx. 8.3M tons of soups and broths were consumed worldwide; leveling off at the previous year's figure. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 5.2% against the previous year. As a result, consumption reached the peak volume of 9M tons. From 2020 to 2023, the growth of the global consumption remained at a somewhat lower figure.

The global soups market value stood at $25.8B in 2023, approximately equating 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). Overall, consumption, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by 4.3% against the previous year. Global consumption peaked at $26.6B in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were China (1.3M tons), the United States (762K tons) and India (526K tons), together comprising 32% of global consumption. The UK, Japan, Pakistan, Spain, Nigeria, Russia, Mexico, Germany, Brazil and Indonesia lagged somewhat behind, together comprising a further 28%.

From 2013 to 2023, the biggest increases were recorded for Pakistan (with a CAGR of +3.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($5.2B) led the market, alone. The second position in the ranking was taken by Japan ($1.8B). It was followed by the United States.

From 2013 to 2023, the average annual growth rate of value in China totaled +3.1%. The remaining consuming countries recorded the following average annual rates of market growth: Japan (-2.6% per year) and the United States (+1.6% per year).

The countries with the highest levels of soups per capita consumption in 2023 were Spain (4.7 kg per person), the UK (4.4 kg per person) and Germany (2.5 kg per person).

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Spain (with a CAGR of +3.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Soups And Broths

In 2023, the amount of soups and broths produced worldwide dropped to 8.3M tons, remaining relatively unchanged against the previous year. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 5.3%. Global production peaked at 9M tons in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

In value terms, soups production stood at $25.8B in 2023 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 6.9%. Global production peaked at $28.2B in 2019; however, from 2020 to 2023, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2023 were China (1.4M tons), the United States (800K tons) and India (529K tons), together comprising 32% of global production. Japan, Spain, the UK, Pakistan, Nigeria, Russia, Brazil, Germany, Indonesia and Bangladesh lagged somewhat behind, together accounting for a further 28%.

From 2013 to 2023, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Nigeria (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

After two years of decline, overseas purchases of soups and broths increased by 4.1% to 1.2M tons in 2023. The total import volume increased at an average annual rate of +1.3% from 2013 to 2023; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2020 when imports increased by 9.6% against the previous year. Over the period under review, global imports reached the maximum in 2023 and are likely to continue growth in the immediate term.

In value terms, soups imports skyrocketed to $3.6B in 2023. The total import value increased at an average annual rate of +2.5% from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2023, the United States (252K tons), distantly followed by Canada (135K tons) and Mexico (85K tons) represented the major importers of soups and broths, together comprising 38% of total imports. The Netherlands (54K tons), Germany (51K tons), France (44K tons), Mali (42K tons), Belgium (36K tons), the UK (31K tons), Hong Kong SAR (27K tons), Sweden (22K tons) and Australia (20K tons) followed a long way behind the leaders.

From 2013 to 2023, the biggest increases were recorded for Canada (with a CAGR of +10.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($514M), Mexico ($425M) and Canada ($310M) appeared to be the countries with the highest levels of imports in 2023, together accounting for 35% of global imports.

Mexico, with a CAGR of +7.3%, recorded the highest rates of growth with regard to 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

The average soups import price stood at $2,929 per ton in 2023, with an increase of 11% against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of +1.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($5,020 per ton), while Mali ($1,853 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (+6.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Soups And Broths

In 2023, shipments abroad of soups and broths increased by 0.2% to 1.2M tons for the first time since 2020, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +1.5% over the period from 2013 to 2023; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by 7.4%. As a result, the exports attained the peak of 1.2M tons; afterwards, it flattened through to 2023.

In value terms, soups exports expanded notably to $3.4B in 2023. The total export value increased at an average annual rate of +2.0% over the period from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2023, the United States (289K tons), distantly followed by Canada (155K tons), Senegal (80K tons) and Spain (69K tons) represented the key exporters of soups and broths, together achieving 50% of total exports. The following exporters - Germany (42K tons), South Africa (41K tons), Poland (37K tons), Cote d'Ivoire (34K tons), the Netherlands (32K tons), Guatemala (29K tons), Italy (24K tons), Australia (23K tons) and France (21K tons) - together made up 24% of total exports.

From 2013 to 2023, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +8.1%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($816M) remains the largest soups supplier worldwide, comprising 24% of global exports. The second position in the ranking was taken by Spain ($197M), with a 5.8% share of global exports. It was followed by Canada, with a 5.7% share.

From 2013 to 2023, the average annual growth rate of value in the United States totaled +6.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Spain (+5.2% per year) and Canada (-0.2% per year).

Export Prices By Country

The average soups export price stood at $2,837 per ton in 2023, surging by 11% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Germany ($4,297 per ton), while Canada ($1,247 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Guatemala (+4.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform