Market Insights Consumer Food Convenience Food

Soups - Hong Kong

Hong Kong

Revenue in the Soups market amounts to €0.45bn in 2024. The market is expected to grow annually by 3.71% (CAGR 2024-2029).
In global comparison, most revenue is generated in Indonesia (€9,282m in 2024).
In relation to total population figures, per person revenues of €59.58 are generated in 2024.
In the Soups market, volume is expected to amount to 63.60m kg by 2029. The Soups market is expected to show a volume growth of 1.4% in 2025.
The average volume per person in the Soups market is expected to amount to 8.0kg in 2024.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Soups Market in the Convenience Food Market of Hong Kong is experiencing minimal growth due to various factors including low consumer health awareness and limited adoption of digital technologies. The convenience of online health services is not a major driver in this market's growth rate.

Customer preferences: Convenience and time-saving factors continue to drive consumer preferences in the Soups Market of the Convenience Food Market within The Food market. With busy lifestyles and increasing health consciousness, there has been a rise in demand for healthier and convenient soup options, such as low-sodium, plant-based, and ready-to-eat options. This trend is further reinforced by the growing popularity of meal delivery services and online grocery shopping, allowing consumers to easily access and incorporate soups into their daily routine.

Trends in the market: In Hong Kong, the Soups Market of the Convenience Food Market within The Food market is experiencing a surge in demand for healthier and more diverse soup options. This trend is driven by the increasing health consciousness among consumers and their preference for convenient, yet nutritious meal options. As a result, there has been a rise in the availability of low-fat, low-sodium, and organic soup products in the market. This trajectory is significant as it reflects the changing consumer taste and demands, and presents opportunities for industry stakeholders to innovate and cater to this growing segment. Additionally, this trend can potentially lead to a shift in consumer perception of convenience food as unhealthy and contribute to the overall growth of the Soups Market within The Food market.

Local special circumstances: In Hong Kong, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the city's fast-paced lifestyle and high demand for convenience. This has led to a wide variety of convenient soup options, such as ready-to-eat soups and soups sold in convenience stores. Additionally, Hong Kong's strong food culture and preference for fresh ingredients have driven the demand for premium quality soups, resulting in a market dominated by premium and organic soup brands. Furthermore, Hong Kong's strict food safety regulations have also played a significant role in shaping the market, ensuring high standards for food safety and quality.

Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The market is greatly influenced by the overall economic stability of Hong Kong, as well as its trade relationships and economic policies. Additionally, the increasing demand for convenience food products, including soups, is driven by the busy lifestyles of consumers in Hong Kong and the growing trend of snacking on-the-go. Moreover, the rising disposable income and changing consumer preferences towards healthier and more convenient food options are also contributing to the growth of the Soups Market in Hong Kong.

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.