Global Soups and Broths Market's Value to Grow at a 1.9% CAGR Through 2035

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The global soups and broths market is forecast for steady growth from 2024 to 2035, with volume expected to expand at a CAGR of +0.8% to 9.4M tons and value projected to increase at a CAGR of +1.9% to $35.4B. In 2024, consumption rose to 8.6M tons, led by China, the United States, and India, which together accounted for 30% of global consumption. Spain showed the highest per capita consumption at 4.6 kg. The United States was the largest importer by volume, while Mexico had the highest import price. The United States also remained the world's leading exporter by value, with the Netherlands commanding the highest export price per ton.

Key Findings

• Market value is forecast to grow at a CAGR of +1.9%, reaching $35.4B by 2035
• China, the US, and India are the top three consuming countries by volume, accounting for 30% of the global total
• Spain leads in per capita consumption at 4.6 kg per person
• The United States is the largest importer by volume, while Mexico has the highest import unit price
• The United States is the leading global exporter by value, holding a 24% share of total export value

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 +1.9% 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 1.5% to 8.6M tons, rising for the third year in a row after two years of decline. Overall, consumption continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 3.1%. As a result, consumption attained the peak volume of 8.6M tons; afterwards, it flattened through to 2024.

The global soups market size reduced slightly to $28.9B in 2024, falling by -2.3% 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% from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2023 with an increase of 10%. As a result, consumption reached the peak level of $29.5B, and then reduced 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 (755K tons) and India (534K tons), with a combined 30% share of global consumption. The UK, Japan, Pakistan, Russia, Spain, Brazil and Germany lagged somewhat behind, together comprising a further 20%.

From 2013 to 2024, the biggest increases were recorded for Spain (with a CAGR of +3.0%), 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 rate of growth in terms of value in China stood at +2.4%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+2.4% per year) and India (+1.6% 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 (2.6 kg per person).

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.

Production

World's Production of Soups And Broths

In 2024, production of soups and broths increased by 1.8% to 8.6M tons, rising for the third year in a row after two years of decline. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 3.1% against the previous year. 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 $28.7B 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 relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2023 when the production volume increased by 11%. As a result, production attained the peak level of $29.8B, and then declined modestly 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 (775K tons) and India (536K tons), together comprising 31% of global production. Spain, the UK, Japan, Pakistan, Russia, Brazil and Germany lagged somewhat behind, together comprising a further 20%.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by 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

In 2024, the amount of soups and broths imported worldwide stood at 1.3M tons, surging by 5.2% on the previous year. The total import volume increased at an average annual rate of +1.7% over the period from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2020 when imports increased by 8.9%. Global imports peaked in 2024 and are expected to retain growth in the near future.

In value terms, soups imports amounted to $3.9B in 2024. In general, total imports indicated noticeable growth from 2013 to 2024: its value increased at an average annual rate of +3.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports increased by +54.3% against 2017 indices. The most prominent rate of growth was recorded in 2023 when imports increased by 15% against the previous year. Over the period under review, global imports hit record highs in 2024 and are likely to see steady growth in years to come.

Imports By Country

In 2024, the United States (295K tons), distantly followed by Canada (139K tons), Mexico (107K tons) and the Netherlands (66K tons) were the main importers of soups and broths, together committing 47% of total imports. The following importers - Germany (53K tons), Mali (44K tons), France (41K tons), the UK (31K tons), Belgium (27K tons) and Hong Kong SAR (25K tons) - together made up 17% 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%), Mexico (+3.2%), France (+1.8%) and the Netherlands (+1.8%) 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 experienced a relatively flat trend pattern. By contrast, Germany (-1.1%), the UK (-3.3%) and Belgium (-4.0%) illustrated a downward trend over the same period. While the share of the United States (+7.6 p.p.), Canada (+5.9 p.p.) and Mali (+1.7 p.p.) increased significantly in terms of the global imports from 2013-2024, the share of the UK (-1.8 p.p.) and Belgium (-1.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest soups importing markets worldwide were the United States ($599M), Mexico ($563M) and Canada ($332M), with a combined 38% share of global imports.

Mexico, with a CAGR of +9.4%, saw 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 $3,042 per ton, remaining stable against the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2023 when the average import price increased by 14%. Global import price peaked in 2024 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2024, 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, the amount of soups and broths exported worldwide expanded notably to 1.3M tons, increasing by 7.5% on the previous year. The total export volume increased at an average annual rate of +2.0% over the period from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when exports increased by 8.9%. The global exports peaked in 2024 and are expected to retain growth in the near future.

In value terms, soups exports expanded notably to $3.7B in 2024. The total export value increased at an average annual rate of +2.8% over the period 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 expected to retain growth in years to come.

Exports By Country

In 2024, the United States (315K tons), distantly followed by Canada (184K tons), Spain (75K tons) and Senegal (74K tons) represented the main exporters of soups and broths, together committing 51% of total exports. The following exporters - Germany (45K tons), Poland (37K tons), Mexico (36K tons), Guatemala (35K tons), South Africa (29K tons) and the Netherlands (29K tons) - together made up 17% 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 24% of global exports. The second position in the ranking was held by Canada ($243M), with a 6.5% share of global exports. It was followed by Spain, with a 5.8% share.

In the United States, soups exports increased 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 (+5.6% per year).

Export Prices By Country

In 2024, the average soups export price amounted to $2,942 per ton, approximately equating the previous year. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2023 an increase of 13%. The global export price peaked in 2024 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($4,492 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.