The South America canned soup market is expected to grow from US$ 349.15 million in 2019 to US$ 446.85 million by 2027; it is estimated to grow at a CAGR of 3.3% from 2020 to 2027.
Soups are a nutritional source of minerals, vitamins, and proteins due to which the demand for soups is increasing across South America. Canned soup is basically ready-to-eat or packed soup that can be made in an oven or microwave by heating the product at a certain temperature. Advancement in food and packaging technology and increased variety of organic canned soup have increased the demand for canned soups across the region. Various types of cuisines such as regional quince and exotic quince are available in the South America canned soups market. Also, a few varieties of cuisines such as Indian, Italian, and Chinese are emerging significantly in the market, which would create substantial growth opportunities for canned soups products industry during the forecast period. High levels of activity and interest in product development fueled by consumers demand for different flavored canned soups have led to the growth of the market. Canned soup manufacturers also launched different varieties such as healthy choice, low-fat versions, vegetarian products, cuisines, and new flavors, to satisfy the more affluent, discerning and variety seeking consumer. This is also expected to offer growth opportunities for canned soups products in the market during the forecast period.
Based on type, the South America canned soups market is bifurcated into condensed and ready-to-eat. In 2019, the condensed segment led the market. A wide variety of seasonings and foods are utilized to make condensed soup with high nutritional value. Meat such as chicken and beef is used as an ingredient to make soup stock. Vegetables such as broccoli, cabbage, green beans, corn, lima beans, okra, peas, tomatoes, white potatoes, and onions are employed in the making of canned soupsGrains such as noodles, barley, and rice. Flavoring and spices include allspice, celery seed, bay leaves, cloves, parsley, curry powder, pepper, sugar, thyme, and salt are also used.. Mashed and flour sweet potatoes are utilized as thickeners. Soybean and vegetable oil is used as a coating agent to prevent spillovers during the cooking process. Condensed canned soup products are a concentrated source of protein as well as calcium, which plays a vital role in building blocks of the human body. Health benefits associated with the consumption of the condensed canned soup is expected to drive the growth of the canned soup market for condensed soup segment.
The canned soups market in South America is segmented into Brazil, Argentina, and the rest of South and Central America. Growing demand for convenience food and fast food products due to the surging disposable income and working population, increasing urbanization, and rising popularity of various South American brands are among the factors propelling the growth of the canned soups in South America. Changing food habits of consumers that creates demand for food with specific flavor and texture, and growing industrialization in the food production business increase the sales of canned soups in the region. Social media has a wide impact on consumer buying behavior in Brazil, which further bolster the canned soups market.
Campbell Soup Company, Amy’s Kitchen Inc., General Mills Inc., The Kraft Heinz Company, Unilever, and Hain Celestial Company are among the players operating in the South America canned soup market.
The COVID-19 pandemic has been hindering economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdowns in the food & beverages industry and disruptions in supply chains are restricting the supplies of various products. Brazil recorded the highest number of confirmed cases across South America. The shutdown of many food processing plants during lockdown is restraining the growth of the canned soups market in the region.
The overall South America canned soups market size has been derived in accordance to both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the South America canned soups market