Market Insights Consumer Food Convenience Food

Soups - Puerto Rico

Puerto Rico

Revenue in the Soups market amounts to US$89.06m in 2024. The market is expected to grow annually by 3.68% (CAGR 2024-2029).
In global comparison, most revenue is generated in Indonesia (US$10,110m in 2024).
In relation to total population figures, per person revenues of US$27.47 are generated in 2024.
In the Soups market, volume is expected to amount to 13.25m kg by 2029. The Soups market is expected to show a volume growth of 1.6% in 2025.
The average volume per person in the Soups market is expected to amount to 3.8kg in 2024.

Key regions: United Kingdom, Russia, Philippines, United States, Spain

Market

Region

Region comparison

Currency

Analyst Opinion

The Soups Market in Puerto Rico is facing a negligible growth rate, influenced by factors such as low consumer demand, limited availability of convenient options, and lack of innovation in the industry. Despite being a part of the Convenience Food Market, the Soups Market is struggling to keep up with the digitalization trend and cater to the changing preferences of health-conscious consumers.

Customer preferences: As consumers continue to prioritize convenience and time-saving solutions, there has been a rise in demand for ready-to-eat soups in the Puerto Rican market. This trend is further amplified by the busy lifestyles of urban consumers and the increasing number of single-person households. In addition, there is a growing interest in healthier options, leading to the emergence of innovative soup flavors and ingredients, such as plant-based and low-sodium options. This can be attributed to a shift towards healthier eating habits and the influence of global health and wellness trends in the region.

Trends in the market: In Puerto Rico, the Soups Market of the Convenience Food Market within The Food market is experiencing a surge in demand for healthier and more nutritious options. This trend is driven by the growing health consciousness among consumers, who are opting for convenient yet healthy meal options. This has led to an increase in the availability of organic and plant-based soups in the market. Furthermore, there is a rising preference for ethnic flavors, such as Caribbean and Latin American, in soups. These trends are expected to continue in the future, presenting opportunities for industry stakeholders to cater to the evolving consumer preferences and expand their product offerings.

Local special circumstances: In Puerto Rico, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the island's unique cultural heritage, with a strong emphasis on traditional flavors and ingredients. Additionally, the country's tropical climate and agricultural resources allow for a wide variety of fresh produce to be incorporated into soups, making them a popular and convenient meal option. The local government's regulations on food imports also play a role in shaping the market, promoting the consumption of locally sourced ingredients.

Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market in Puerto Rico is heavily impacted by macroeconomic factors such as consumer spending, household income, and overall economic stability. As a US territory, Puerto Rico's economy is closely tied to that of the United States, making it vulnerable to fluctuations in the global economy. Additionally, the country has faced challenges in recent years due to natural disasters and political instability, which have had a direct impact on consumer confidence and purchasing power. These factors can greatly influence the demand for convenience food products, including soups, in Puerto Rico. Furthermore, fiscal policies and trade agreements between Puerto Rico and other countries can also impact the availability and pricing of imported ingredients used in soup production, further affecting market performance. Overall, the macroeconomic landscape of Puerto Rico plays a significant role in shaping the Soups Market of the Convenience Food Market within The Food market, making it crucial for businesses to closely monitor and adapt to these factors.

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.