India’s soups market expected to reach US$117m in 2024: GlobalData

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The Indian soups sector is projected to grow from INR7,230.8m (US$102.7m) in 2019 to INR9,023.2m (US$117m) in 2024 at a compound annual growth rate (CAGR) of 4.5%, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘India Soups – Market Assessment and Forecasts to 2024’ reveals that the sector is majorly driven by growth in the dried soup (mixes) category, which is forecast to register the fastest value CAGR of 4.5% during 2019–2024. The category is followed by ambient soup, which is expected to record CAGR of 4.2% during the next five years.

Sanchi Agarwal, Consumer Analyst at GlobalData, says: “Favorable economy, growing urbanization and hectic lifestyles are fuelling the demand for healthy, tasty and light snacks such as soups in India. Additionally, availability of a variety of flavors and growing consumer preferences to try something new are driving the sales in the Indian soups sector.”

Convenience store was the leading distribution channel in the Indian soups sector in 2019 followed by ‘hypermarkets & supermarkets’ and ‘food & drinks’ specialists.

The value share of India in the global soups sector is expected to decrease from 0.6% in 2019 to 0.5% in 2024. Similarly, the country’s share at regional level is expected to decrease from 2.9% in 2019 to 2.5% in 2024.

Unilever, Nestle SA and Capital Foods Limited are the top three companies in the Indian soups sector. Knorr and Maggi are the leading brands in the Indian soups sector in value terms in 2019.

Ms Agarwal concludes: “In line with the growing global health & wellness trend, consumers in India are also opting for healthier and nutritious product offerings to include in their daily diets. As a result, manufacturers are launching new products with health claims such as low cholesterol, no trans-fat, no added mono sodium glutamate (No MSG), no synthetic colours or added preservatives to appeal to these health conscious consumers.”

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