Soups - Namibia | Statista Market Forecast

Revenue in the Soups market amounts to US$5.87m in 2024. The market is expected to grow annually by 4.67% (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$2.22 are generated in 2024.
In the Soups market, volume is expected to amount to 1.25m kg by 2029. The Soups market is expected to show a volume growth of 0.2% in 2025.0.
The average volume per person in the Soups market is expected to amount to 0.5kg 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 Convenience Food Market in Namibia is experiencing negligible growth due to factors such as limited options for online services, low health awareness, and traditional food preferences. This slow growth is impacting the overall Food Market, hindering its potential for significant expansion.

Customer preferences: Consumers in Namibia and Soups Market of the Convenience Food Market within The Food market are increasingly looking for healthier, convenient options. This has led to a rise in demand for soups made with organic, locally sourced ingredients. Moreover, there is a growing interest in plant-based soups, driven by the rising trend of flexitarian and vegan diets. The demand for soups with functional benefits, such as immune-boosting or gut-friendly ingredients, is also on the rise as consumers prioritize their health and well-being.

Trends in the market: In Namibia, the Soups Market of the Convenience Food Market within The Food market is seeing a rise in demand for healthier and more convenient options. This is reflected in the introduction of more organic and plant-based soups, as well as single-serve and microwavable options. These trends are significant for industry stakeholders, as they cater to the growing demand for healthier and on-the-go food options. As consumers become more health-conscious and busier, these trends are expected to continue, driving growth and innovation in the Soups Market. However, this may also pose challenges for traditional canned soup manufacturers, who may need to adapt their offerings to stay relevant in the market.

Local special circumstances: In Namibia, the Soups Market of the Convenience Food Market within The Food market is influenced by the country's unique geographical and cultural diversity. The market is driven by the demand for traditional soups, such as Oshikundu and Kapana, which cater to the local taste preferences. Additionally, the government's regulatory policies, such as the ban on imported soups, have created a thriving market for locally-produced soups. This has encouraged the growth of small-scale local producers, contributing to the country's economy.

Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is impacted by macroeconomic factors such as consumer spending, economic growth, 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 incentives, can also stimulate market growth. However, economic downturns and rising inflation rates can negatively affect consumer purchasing power and lead to a decline in the demand for soups.

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.