The Role of Canned Soup in Foodservice and Institutional Catering Market Demand and Trends
Introduction
Canned soup has been a staple in foodservice and institutional catering for decades, offering convenience, versatility, and cost-effectiveness for businesses in the industry. In this report, we will delve into the role of canned soup in meeting the demand of the foodservice and institutional catering market, as well as explore current trends shaping the industry.
Market Demand for Canned Soup
The demand for canned soup in the foodservice and institutional catering market remains strong due to several key factors. Firstly, canned soup provides a quick and easy solution for busy kitchens, allowing for efficient meal preparation without compromising on quality. This is particularly important in institutional settings such as schools, hospitals, and prisons, where large quantities of food need to be served daily.
Moreover, canned soup offers a wide variety of flavors and options, catering to diverse dietary preferences and restrictions. This versatility makes it a popular choice among foodservice operators looking to offer a well-rounded menu to their customers. Additionally, the long shelf life of canned soup makes it a convenient pantry staple for businesses, reducing food waste and ensuring consistent supply.
Industry Insights
According to market research firm IBISWorld, the canned soup production industry in the United States generated revenue of $3.7 billion in 2020. The industry is expected to grow at an annualized rate of 1.5% over the next five years, driven by increasing demand from foodservice and institutional catering sectors.
Campbell Soup Company, one of the leading players in the canned soup market, reported net sales of $8.7 billion in fiscal year 2020, with a significant portion of revenue coming from foodservice and institutional sales. The company’s portfolio of canned soup products, including brands like Campbell’s and Swanson, are widely used in restaurants, cafeterias, and other foodservice establishments.
Current Trends in the Market
Several trends are shaping the demand for canned soup in the foodservice and institutional catering market. One notable trend is the growing focus on health and wellness, with consumers seeking soups that are low in sodium, free of artificial additives, and made with natural ingredients. As a result, foodservice operators are increasingly offering healthier canned soup options to cater to this demand.
Another trend driving the market is the rise of plant-based and vegetarian soups, reflecting the growing popularity of plant-based diets among consumers. Canned soup manufacturers are introducing new plant-based varieties to meet this demand, providing foodservice operators with more options to offer to their customers.
Conclusion
In conclusion, canned soup plays a vital role in meeting the demand of the foodservice and institutional catering market, offering convenience, flexibility, and variety to businesses in the industry. With a focus on health and wellness, as well as the introduction of new plant-based options, canned soup manufacturers are well-positioned to capitalize on current market trends and continue to drive growth in the industry.