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  4. Convenience Food

Soups - Gambia

Gambia
  • Revenue in the Soups market amounts to US$1.01m in 2024. The market is expected to grow annually by 6.50% (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$0.35 are generated in 2024.
  • In the Soups market, volume is expected to amount to 318.80k kg by 2029. The Soups market is expected to show a volume growth of 1.5% in 2025.0.
  • The average volume per person in the Soups market is expected to amount to 0.1kg 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.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

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

Out-Of-Scope

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

Revenue

Notes: Data was converted from local currencies using average exchange rates of the respective year.

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Volume

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Price

Most recent update: Sep 2024

Source: Statista Market Insights

Sales Channels

Most recent update: Nov 2024

Source: Statista Market Insights

Global Comparison

Most recent update: Sep 2024

Source: Statista Market Insights

Analyst Opinion

The Soups Market in Gambia has seen minimal growth due to factors like low consumer awareness, limited access to digital technology, and preference for traditional food. Despite this, convenience offered by online services and health consciousness may lead to future growth.

Customer preferences:
Convenience and ease of preparation have become key factors driving the growth of the soups market within the convenience food market in Gambia. As consumers are becoming more time-conscious and seeking convenient meal options, the demand for ready-to-eat soups has increased. Additionally, with the rise of health-consciousness, there is a growing preference for soups made with natural and organic ingredients. This trend is also influenced by the cultural preference for homemade-style soups and stews, which are perceived as healthier and more wholesome. As a result, food companies are increasingly focusing on developing soups that cater to these preferences, such as offering more plant-based and low-sodium options.

Trends in the market:
In Gambia, the Soups Market of the Convenience Food Market within The Food market is experiencing a shift towards healthier options, as consumers become more health-conscious and seek convenience without compromising on nutrition. This trend is expected to continue, with industry players focusing on developing soups with natural and organic ingredients, as well as those that cater to specific dietary needs such as gluten-free or vegan options. This presents opportunities for market growth and innovation, but also poses challenges for companies to adapt and meet changing consumer demands. Additionally, the rising popularity of e-commerce and online grocery shopping in Gambia is also expected to impact the soups market, as more consumers opt for the convenience of purchasing food products online. This trend will likely lead to increased competition among industry players and a greater focus on digital marketing and e-commerce strategies. Overall, the current trends in Gambia's Soups Market highlight the importance of adapting to evolving consumer preferences and utilizing technology to stay competitive in the market.

Local special circumstances:
In Gambia, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the country's tropical climate and local ingredients. The use of palm oil and groundnuts in traditional soups is a reflection of the country's agricultural landscape. Additionally, the market is shaped by cultural preferences for spicy and flavorful dishes, as well as the regulatory framework that promotes local food production over imported products. These factors drive the demand for diverse and authentic soup options in Gambia's Convenience Food Market.

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, income levels, and overall economic health. Countries with stable economies and high disposable incomes tend to have a larger market for convenience food products, including soups. Additionally, government policies, such as import/export regulations and taxes, can impact the availability and pricing of convenience food products. In Gambia, for example, the market for soups may be affected by trade agreements with neighboring countries and the overall stability of the national economy. Furthermore, global economic trends, such as fluctuations in commodity prices and currency exchange rates, can also impact the cost of producing and selling soups in the Convenience Food Market.

Methodology

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.

Key Market Indicators

Notes: Based on data from IMF, World Bank, UN and Eurostat

Most recent update: Sep 2024

Source: Statista Market Insights

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