United Kingdom: Soups Market 2024

Soups Market Size in the UK

In 2021, the UK soups market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, saw a perceptible contraction. Soups consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Soups Production in the UK

In value terms, soups production stood at $X in 2021 estimated in export price. In general, production, however, saw a deep slump. The pace of growth was the most pronounced in 2018 with an increase of 19%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Soups Exports

Exports from the UK

In 2021, the amount of soups and broths exported from the UK contracted sharply to X tons, shrinking by -44.3% on 2020. In general, exports recorded a deep reduction. The pace of growth was the most pronounced in 2020 with an increase of 18%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, soups exports shrank sharply to $X in 2021. Over the period under review, exports saw a abrupt descent. The pace of growth was the most pronounced in 2013 when exports increased by 23%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Ireland (X tons), the Netherlands (X tons) and France (X tons) were the main destinations of soups exports from the UK, with a combined 60% share of total exports. These countries were followed by Spain, the United Arab Emirates, Hong Kong SAR, Malta, Kenya, Ghana, Malaysia, Singapore, the United States and the Czech Republic, which together accounted for a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ghana (with a CAGR of +62.6%), while the other leaders experienced more modest paces of growth.

In value terms, Ireland ($X) remains the key foreign market for soups and broths exports from the UK, comprising 29% of total exports. The second position in the ranking was taken by France ($X), with a 13% share of total exports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to Ireland stood at -13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+1.0% per year) and the Netherlands (+28.1% per year).

Export Prices by Country

The average soups export price stood at $X per ton in 2021, rising by 2.4% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average export price increased by 17% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Malta ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+13.0%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into the UK

Soups imports into the UK declined dramatically to X tons in 2021, with a decrease of -19% on the previous year's figure. Overall, imports continue to indicate a pronounced downturn. The pace of growth was the most pronounced in 2019 with an increase of 23%. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, soups imports declined remarkably to $X in 2021. Over the period under review, imports recorded a slight shrinkage. The most prominent rate of growth was recorded in 2018 when imports increased by 13%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest soups supplier to the UK, accounting for a 32% share of total imports. Moreover, soups imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. Portugal (X tons) ranked third in terms of total imports with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the Netherlands totaled +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-0.5% per year) and Portugal (+8.0% per year).

In value terms, the Netherlands ($X), Italy ($X) and Portugal ($X) were the largest soups suppliers to the UK, together comprising 52% of total imports.

Portugal, with a CAGR of +9.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average soups import price stood at $X per ton in 2021, growing by 2.3% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The pace of growth was the most pronounced in 2018 when the average import price increased by 14%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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