The potato soup market on a global scale is poised for expansion, with a projected Compound Annual Growth Rate (CAGR) of 8.9%, reaching an estimated valuation of US$ 1.7 billion by 2032, as reported by Future Market Insights (FMI). The accelerated pace of modern retail, coupled with the increasing emphasis on providing nutritionally balanced and convenient food products, is driving the demand for potato soup.
Further, need for easy to go and quick service will drive the demand for potato soup. With rapid expansion of food industry, where quality and consistency is the key, potato soup can assist in delivering a convenient meal easily as a time saving and healthy option.
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However, the heat of serving potato soup is more on for cafes, restaurants and hotels as an impeccable food option. As potato soup is nutritious, and easy to prepare, and gives customers more choice with a handful of flavour options available, it is facilitating the growth in the market.
Key Takeaways from Market Study
Potato soup demand is projected to grow year-on-year (Y-o-Y) growth of 8.2% in 2022.
Potato soup market is expected to reach a valuation of US$ 1.7 Bn by 2032.
Demand for potato soup grew at 7.7% CAGR between 2017 and 2021.
In terms of product type, baked potato soup is expected to dominate the global potato soup market.
Based on flavor, flavor segment is likely to witness high growth over the assessment period of 2022-2032.
“Potato soup acts as a convenient meal throughout all the time with a much applied versatility with different flavours, which makes it a hearty meal at any time of day for anyone. To capitalize on this existing trend, retailers are stocking the products in shelves with a range of quality to stand in profit,” says a Future Market Insights analyst.
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Competitive Landscape
Key potato soup brands are conducting several researches and looking for new strategic partnerships, while key business brands are focusing on developing the applications in food industry to generate high quality food and beverage solutions. Key players are focusing on new formulations and product innovations to gain market share and attract more customers towards the product.
Ø In 2018, Campbell Soup Company announced to launch a new drink, which is a blend of water with sweet potato juice, and act as an isotonic beverage post workout. The gluten-free product is a plant based soup, and non-GMO in nature. Glucose of sweet potatoes and electrolytes are blended in the product with purified water to create the soup that is filled with nutrients and isotonic fluids.
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Potato Soup Market by Category
By Product Type:
- Plain
- Baked
- Mixed
- Others
By Packaging Type:
- Fresh
- Frozen
- Canned
- Others
By Flavor:
- Unflavoured
- Flavoured
By Product Format:
- Cream
- Powder
- Chunk
- Paste
- Others
By Usage Format:
- Ready to Cook
- Ready to Eat
By Sales Channel:
- B2B / HoReCa
- B2C
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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