Soups - Iceland | Statista Market Forecast

Revenue in the Soups market amounts to US$9.07m in 2024. The market is expected to grow annually by 3.72% (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$24.02 are generated in 2024.
In the Soups market, volume is expected to amount to 1.01m kg by 2029. The Soups market is expected to show a volume growth of 2.1% in 2025.0.
The average volume per person in the Soups market is expected to amount to 2.5kg 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 the Convenience Food Market within The Food market in Iceland is experiencing slow growth, impacted by factors such as changing consumer preferences and the emergence of healthier meal options. Despite this, the convenience and ease of online ordering continue to drive the market's growth.

Customer preferences: The Soups Market of the Convenience Food Market within The Food market is seeing a rise in demand for healthier and more nutritious options, as consumers become more health-conscious. This has led to an increase in the availability of organic and plant-based soups, catering to the growing trend of vegetarian and vegan diets. Additionally, with the increasing popularity of on-the-go meals, convenient single-serving soup packs and microwavable options have also gained traction among busy consumers.

Trends in the market: In Iceland, the Soups Market within the Convenience Food Market is experiencing a rise in demand for healthier and more natural options. This trend is driven by consumers' increasing focus on health and wellness, as well as their growing concern for the environment. As a result, there is a shift towards plant-based and organic soups, as well as soups with reduced sodium and preservatives. This trend is expected to continue, with potential implications for industry stakeholders such as manufacturers, retailers, and suppliers who will need to adapt their product offerings to meet changing consumer preferences.

Local special circumstances: In Iceland, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the country's unique geography and climate. Due to its remote location and limited agricultural resources, Iceland relies heavily on imported ingredients for its soups. This leads to a higher cost of production, ultimately impacting the pricing and availability of soups in the market. Additionally, the country's strong emphasis on traditional, home-cooked meals may limit the demand for convenience and packaged soups, making it a niche market.

Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is greatly impacted by macroeconomic factors such as consumer spending power, inflation rates, and economic stability. Countries with a healthy and stable economy tend to have a higher demand for convenience foods, including soups, as consumers have more disposable income to spend on such products. In addition, fluctuations in currency exchange rates and trade policies can also affect the market, as it can impact the cost of imported ingredients and materials used in producing soups. Furthermore, government policies and regulations on food safety, labeling, and advertising can also influence the market in terms of production costs and consumer trust. Overall, a strong and stable macroeconomic environment is crucial for the growth and development of the Soups Market within the Convenience Food Market of The Food 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.