Soups - Bosnia and Herzegovina | Statista Market Forecast

Revenue in the Soups market amounts to US$25.75m in 2024. The market is expected to grow annually by 3.42% (CAGR 2024-2029).
In global comparison, most revenue is generated Indonesia (US$10bn in 2024).
In relation to total population figures, per person revenues of US$8.06 are generated in 2024.
In the Soups market, volume is expected to amount to 5.84m kg by 2029. The Soups market is expected to show a volume growth of 1.3% in 2025.0.
The average volume per person in the Soups market is expected to amount to 1.7kg in 2024.

Definition:

The Soups market covers any type of soup that is ready for consumption immediately after purchase or after heating. These soups require minimal preparation by the consumer and included instant soups that typically come in powdered form and broth or liquid soups that are purchased in prepared form such as tinned soups.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Dehydrated soup
Tinned and other packaged soup
Broth
Canned soups and stews
Fondue soup
Frozen soups, Instant miso soup

Other ready-to-eat meals
Out-of-home consumption

The Soups Market in Bosnia and Herzegovina has been experiencing slow growth, impacted by factors such as low consumer awareness and limited availability of digital technologies. Despite the convenience of online services, the market's growth rate remains negligible.

Customer preferences: As convenience becomes a top priority for consumers in Bosnia and Herzegovina, the demand for ready-to-eat soups is on the rise. This trend is driven by busy lifestyles and the need for quick and easy meals. Additionally, there is a growing preference for healthier options, leading to the introduction of new soup variants made with organic and natural ingredients. This shift towards healthier convenience food options is also influenced by the increasing awareness of the importance of a balanced diet and the impact of food on overall well-being.

Trends in the market: In Bosnia and Herzegovina, the Soups Market within the Convenience Food Market is witnessing a shift towards healthier options, with a growing demand for low sodium and organic soups. This trend is driven by increasing awareness about the health benefits of consuming natural and preservative-free foods. As a result, major players in the market are innovating and launching new products to cater to this demand. Furthermore, there is a rising trend of online grocery shopping, which is expected to boost the sales of convenience foods, including soups. This presents opportunities for industry stakeholders to expand their online presence and cater to the changing consumer preferences.

Local special circumstances: In Bosnia and Herzegovina, the Soups Market within the Convenience Food Market is heavily influenced by the country's geographic location and cultural preferences. Being a landlocked country, it heavily relies on imported ingredients, leading to higher prices for soups compared to neighboring countries. Additionally, the popularity of traditional dishes, such as Bosnian bean soup, has limited the growth of international soup brands. The regulatory environment is also a factor, with strict labeling laws and a preference for locally sourced ingredients. These unique factors shape the competitive landscape and consumer behavior in the Soups Market in Bosnia and Herzegovina.

Underlying macroeconomic factors: The growth of the Soups Market in Bosnia and Herzegovina is also influenced by macroeconomic factors such as consumer preferences, purchasing power, and government policies. With a growing economy and increasing disposable income, consumers are more likely to spend on convenience food products, including soups. Additionally, favorable government policies that promote foreign investment and encourage the development of the food industry are also contributing to the growth of the market. However, economic challenges such as inflation and currency fluctuations may impact consumer spending and market performance. Furthermore, global trends in health and wellness have also influenced the demand for healthier and more convenient food options, driving the development of new and innovative soup products in the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.