Soups - Madagascar | Statista Market Forecast

Revenue in the Soups market amounts to US$12.24m in 2024. The market is expected to grow annually by 6.49% (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$0.39 are generated in 2024.
In the Soups market, volume is expected to amount to 4.34m kg by 2029. The Soups market is expected to show a volume growth of 1.0% 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.

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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 Convenience Food Market in Madagascar has seen minimal growth, influenced by factors such as limited access to digital technologies and low health awareness. However, the market is slowly expanding thanks to the convenience offered by ready-to-eat soups.

Customer preferences: As consumers become more health-conscious and time-strapped, there is a growing demand for convenient and nutritious options in the Soups Market of the Convenience Food Market within The Food market. This trend has led to an increase in the availability of plant-based and low-calorie soups, catering to dietary restrictions and preferences. Furthermore, with the rise of online grocery shopping and meal delivery services, consumers are increasingly turning to these platforms to purchase their favorite soups, making it easier to incorporate healthy options into their busy lifestyles.

Trends in the market: In Madagascar, the Soups Market of the Convenience Food Market within The Food market is experiencing a surge in demand for healthier and more convenient options. This has led to an increase in the availability of plant-based and organic soups, as well as single-serving options for on-the-go consumption. These trends reflect a growing consumer preference for nutritious and convenient options, and could have significant implications for industry stakeholders such as manufacturers and retailers. As these trends continue to evolve, there may be opportunities for innovation and partnerships to meet the changing demands of consumers.

Local special circumstances: In Madagascar, the Soups Market of the Convenience Food Market within The Food market is influenced by the country's tropical climate and unique food culture. The demand for convenient and ready-to-eat soups is driven by the busy lifestyles of the urban population. However, the market is also impacted by regulatory challenges, as the country's strict import laws limit the availability of certain ingredients. This has led to the emergence of locally sourced and traditional soup varieties, catering to the preferences of the Malagasy people.

Underlying macroeconomic factors: The growth of the Soups Market of the Convenience Food Market within The Food market is also influenced by macroeconomic factors such as consumer spending patterns, disposable income levels, and overall economic growth. In countries with a stable economy and high consumer spending, the demand for convenience food products, including soups, is likely to be higher. Similarly, fiscal policies such as subsidies and tax incentives for food producers can also impact market performance. Moreover, global economic trends, such as changing food preferences and increasing demand for healthy and convenient food options, can also play a significant role in shaping the Soups Market within the Convenience Food Market. These factors, along with national economic health and financial indicators, can significantly impact the growth and development of the Soups Market within the Convenience 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.