Australian soup market to reach $588 million mark by 2024

The Australian soups sector is projected to grow from $509.9 million in 2019 to A$588 m in 2024 at a compound annual growth rate (CAGR) of 2.9 per cent, according to data analytics company GlobalData.

GlobalData’s report, Australia Soups – Market Assessment and Forecasts to 2024, reveals that the sector is driven by the frozen soup category, which is forecast to register the fastest value CAGR of 6.3 per cent during 2019–2024. The category is followed by UHT soup, which is expected to record a CAGR of 5.7 per cent during the next five years.

“The Australian soups sector is being driven by the rising disposable incomes and busy consumers who seek convenient yet healthy products to match their fast-paced lifestyles. Additionally, young consumers with experiential palates are driving innovation in the sector,” said Sanchi Agarwal, consumer analyst at GlobalData.

‘Hypermarkets & supermarkets’ was the leading distribution channel in the Australian soups sector in 2019. It was followed by convenience stores and e-retailers.

In volume terms, the share of Australia in the global soups sector is expected to decrease from 1.5 per cent in 2019 to 1.4 per cent in 2024. Similarly, the country’s share at the regional level is expected to decrease from 17.1 per cent in 2019 to 15.6 per cent in 2024.

Unilever, Campbells Soup Company and The Kraft Heinz Co were the top three companies in the Australian soups sector. Continental and Campbell`s were the leading brands in value terms in 2019.

Agarwal“Australian consumers are becoming increasingly health conscious and are paying attention to their diets as well as ingredients in their food products. This is encouraging the manufacturers to launch ‘better-for-you’ products with healthier ingredients and ‘free-from’ claims to appeal to these consumers,” said Agarwal.

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