Soups - Equatorial Guinea | Statista Market Forecast

Revenue in the Soups market amounts to US$17.41m in 2024. The market is expected to grow annually by 11.22% (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$9.92 are generated in 2024.
In the Soups market, volume is expected to amount to 4.61m kg by 2029. The Soups market is expected to show a volume growth of 8.8% 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 Equatorial Guinea has been experiencing subdued growth, with factors such as low consumer awareness and limited access to digital technologies impacting its growth rate. However, the convenience and increasing health consciousness of consumers are driving the demand for online soup services, offering potential for growth in the future.

Customer preferences: The demand for convenient and ready-to-eat soups has been on the rise in Equatorial Guinea, as consumers look for quick and easy meal options. With the increasing number of working professionals and busy lifestyles, there is a growing preference for soups that require minimal preparation time. Additionally, there is a growing trend of incorporating local flavors and ingredients in soups, reflecting the country's diverse cultural influences. This has led to an increase in the availability of traditional soups in the convenience food market.

Trends in the market: In Equatorial Guinea, the Soups Market of the Convenience Food Market within The Food market is experiencing a surge in demand for healthier options, as consumers become more health-conscious. This trend is driven by an increasing awareness of the negative effects of highly processed and packaged foods. As a result, there has been a shift towards organic and natural soups, with a focus on clean labels and sustainable sourcing. This trend is expected to continue, with industry stakeholders investing in product innovation and marketing to cater to this growing demand. Additionally, there is a rise in e-commerce and online food delivery services, providing an opportunity for players in the soups market to expand their reach and tap into new consumer segments.

Local special circumstances: In Equatorial Guinea, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the country's tropical climate and limited access to fresh produce. This has led to a higher demand for canned and packaged soups, as well as locally sourced ingredients such as cassava and plantains. Additionally, the country's cultural preference for spicy and hearty soups has shaped the product offerings in this market. Government regulations on food imports and distribution also play a role in shaping the dynamics of the Soups Market, creating opportunities for local producers and limiting competition from international brands.

Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending habits, economic growth, and government policies. Countries with strong economic growth and stable fiscal policies tend to have higher demand for convenience food products, including soups. Additionally, fluctuations in global food prices and supply chain disruptions can impact the availability and affordability of soups in the market. Moreover, consumer preferences for healthier and more sustainable food options are also shaping the growth of the soups market, as demand for natural and organic soups continues to rise.

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.