Soups - LATAM | Statista Market Forecast

Revenue in the Soups market amounts to US$10.34bn in 2024. The market is expected to grow annually by 4.97% (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$16.26 are generated in 2024.
In the Soups market, volume is expected to amount to 2.59bn kg by 2029. The Soups market is expected to show a volume growth of 2.4% in 2025.0.
The average volume per person in the Soups market is expected to amount to 3.8kg 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

In LATAM, the Soups Market in the Convenience Food Market is experiencing minimal growth, due to factors such as low consumer demand and limited availability. However, the convenience of online purchasing and increasing health consciousness may contribute to future growth.

Customer preferences: In recent years, there has been a growing demand for healthier and more convenient food options in the Soups Market of the Convenience Food Market within The Food market in LATAM. This trend has been driven by changing consumer preferences towards healthier lifestyles and a growing awareness of the importance of nutrition. As a result, there has been a rise in the popularity of organic and natural soups, as well as gluten-free and plant-based options. Additionally, there has been an increase in demand for soups featuring traditional and regional flavors, reflecting the cultural diversity of the region.

Trends in the market: In LATAM and the Soups Market of the Convenience Food Market within The Food market, there is a noticeable shift towards healthier and more natural options. Consumers are increasingly seeking out soups made from fresh ingredients and free from preservatives and additives. This trend is also reflected in the rise of plant-based and organic soup options. Additionally, there is a growing demand for convenient and on-the-go soup products, especially among busy urban consumers. These trends signal a shift towards a more health-conscious and time-sensitive consumer base, which presents opportunities for industry stakeholders to diversify their product offerings and cater to changing consumer preferences.

Local special circumstances: In Latin America, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by cultural preferences and local tastes. For example, in Mexico, soups are a staple in daily meals and are often made with fresh, locally sourced ingredients. In contrast, in Brazil, convenience and time-saving are key factors driving the demand for soups, leading to the popularity of pre-packaged and ready-to-eat options. Additionally, in countries like Argentina and Chile, the soups market is impacted by regulatory measures promoting healthy and natural food options, leading to the growth of organic and low-sodium soup varieties.

Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market in LATAM and Soups Market of the Convenience Food Market within The Food market in LATAM is influenced by macroeconomic factors such as economic growth, consumer spending patterns, and government policies. Countries with stable economic growth and rising disposable incomes are likely to experience higher demand for convenience food products, including soups. Additionally, favorable government policies such as subsidies and tax cuts can also contribute to the growth of the Soups Market in LATAM and Soups Market in LATAM. On the other hand, economic downturns and unstable economic conditions can negatively impact consumer purchasing power and limit market growth.

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.