Global Soups and Broths Market to Expand with 0.8% CAGR, Reaching 9.4M Tons by 2035

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

The article discusses the expected rise in demand for soups and broths worldwide, leading to a forecasted CAGR of +0.8% for market volume and +1.8% for market value from 2024 to 2035. By the end of 2035, the market volume is projected to reach 9.4M tons and the market value to reach $35.4B in nominal prices.

Market Forecast

Driven by increasing demand for soups and broths worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.8% for the period from 2024 to 2035, which is projected to bring the market volume to 9.4M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.8% for the period from 2024 to 2035, which is projected to bring the market value to $35.4B (in nominal wholesale prices) by the end of 2035.

Consumption

World's Consumption of Soups And Broths

In 2024, consumption of soups and broths increased by 1.9% to 8.6M tons, rising for the third consecutive year after two years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the consumption volume increased by 3.1% against the previous year. Over the period under review, global consumption attained the maximum volume in 2024 and is expected to retain growth in the immediate term.

The global soups market revenue fell to $29B in 2024, waning by -1.9% 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). The market value increased at an average annual rate of +1.3% over the period from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2023 with an increase of 10% against the previous year. As a result, consumption attained the peak level of $29.6B, and then contracted slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were China (1.3M tons), the United States (756K tons) and India (536K tons), together accounting for 30% of global consumption. The UK, Japan, Pakistan, Russia, Brazil, Spain and Germany lagged somewhat behind, together accounting for a further 20%.

From 2013 to 2024, the biggest increases were recorded for Spain (with a CAGR of +2.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($5.5B) led the market, alone. The second position in the ranking was taken by the United States ($2.1B). It was followed by India.

From 2013 to 2024, the average annual growth rate of value in China totaled +2.4%. In the other countries, the average annual rates were as follows: the United States (+2.4% per year) and India (+1.7% per year).

The countries with the highest levels of soups per capita consumption in 2024 were Spain (4.6 kg per person), the UK (4.3 kg per person) and Germany (2.5 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Spain (with a CAGR of +2.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World's Production of Soups And Broths

In 2024, production of soups and broths increased by 2.3% to 8.6M tons, rising for the third year in a row after two years of decline. In general, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 3.1%. As a result, production attained the peak volume of 8.7M tons. From 2020 to 2024, global production growth failed to regain momentum.

In value terms, soups production contracted modestly to $28.9B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2023 when the production volume increased by 11% against the previous year. As a result, production attained the peak level of $29.8B, and then declined slightly in the following year.

Production By Country

The countries with the highest volumes of production in 2024 were China (1.3M tons), the United States (776K tons) and India (538K tons), with a combined 31% share of global production. Spain, the UK, Japan, Pakistan, Russia, Brazil and Nigeria lagged somewhat behind, together comprising a further 20%.

From 2013 to 2024, the biggest increases were recorded for Spain (with a CAGR of +4.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World's Imports of Soups And Broths

For the sixth consecutive year, the global market recorded growth in purchases abroad of soups and broths, which increased by 0.1% to 1.2M tons in 2024. The total import volume increased at an average annual rate of +1.3% over the period from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2020 when imports increased by 8.9% against the previous year. Global imports peaked in 2024 and are expected to retain growth in the near future.

In value terms, soups imports reached $3.7B in 2024. Over the period under review, total imports indicated a perceptible increase from 2013 to 2024: its value increased at an average annual rate of +2.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports increased by +45.3% against 2017 indices. The pace of growth appeared the most rapid in 2023 with an increase of 15% against the previous year. Over the period under review, global imports attained the maximum in 2024 and are likely to see steady growth in the immediate term.

Imports By Country

In 2024, the United States (295K tons), distantly followed by Canada (139K tons) and Mexico (107K tons) were the main importers of soups and broths, together making up 44% of total imports. The following importers - the Netherlands (51K tons), Mali (44K tons), Germany (38K tons), France (31K tons), the UK (31K tons), Hong Kong SAR (25K tons) and Australia (22K tons) - together made up 20% of total imports.

From 2013 to 2024, average annual rates of growth with regard to soups imports into the United States stood at +5.6%. At the same time, Canada (+9.4%), Mali (+8.3%) and Mexico (+3.2%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in the world, with a CAGR of +9.4% from 2013-2024. Hong Kong SAR, France and the Netherlands experienced a relatively flat trend pattern. By contrast, Australia (-2.9%), the UK (-3.3%) and Germany (-4.1%) illustrated a downward trend over the same period. From 2013 to 2024, the share of the United States, Canada, Mali and Mexico increased by +8.8, +6.5, +1.9 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($599M), Mexico ($563M) and Canada ($332M) appeared to be the countries with the highest levels of imports in 2024, together accounting for 40% of global imports.

Mexico, with a CAGR of +9.4%, 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

In 2024, the average soups import price amounted to $3,012 per ton, leveling off at the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2023 when the average import price increased by 14% against the previous year. Over the period under review, average import prices reached the peak figure in 2024 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($5,252 per ton), while the United States ($2,031 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Mexico (+6.1%), while the other global leaders experienced more modest paces of growth.

Exports

World's Exports of Soups And Broths

In 2024, approx. 1.2M tons of soups and broths were exported worldwide; increasing by 3.4% on 2023. The total export volume increased at an average annual rate of +1.6% over the period from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2017 with an increase of 9% against the previous year. The global exports peaked at 1.2M tons in 2020; afterwards, it flattened through to 2024.

In value terms, soups exports totaled $3.5B in 2024. The total export value increased at an average annual rate of +2.3% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2023 with an increase of 12% against the previous year. The global exports peaked in 2024 and are likely to see gradual growth in the immediate term.

Exports By Country

In 2024, the United States (315K tons), distantly followed by Canada (184K tons), Spain (77K tons) and Senegal (74K tons) represented the major exporters of soups and broths, together generating 53% of total exports. Mexico (36K tons), Guatemala (35K tons), Germany (34K tons), Poland (29K tons), South Africa (29K tons) and Australia (27K tons) held a minor share of total exports.

From 2013 to 2024, the biggest increases were recorded for Mexico (with a CAGR of +10.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($913M) remains the largest soups supplier worldwide, comprising 26% of global exports. The second position in the ranking was taken by Canada ($243M), with a 6.9% share of global exports. It was followed by Spain, with a 6.2% share.

In the United States, soups exports expanded at an average annual rate of +6.8% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Canada (+1.9% per year) and Spain (+5.8% per year).

Export Prices By Country

In 2024, the average soups export price amounted to $2,903 per ton, approximately equating the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2023 an increase of 13% against the previous year. As a result, the export price reached the peak level of $2,919 per ton, leveling off in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($3,963 per ton), while Canada ($1,321 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Africa (+4.5%), while the other global leaders experienced more modest paces of growth.