Australiaâs soups market expected to reach US$401m in 2024, says GlobalData
22 Jan 2021
Australia's soups market expected to reach US$401m in 2024, says GlobalData
Posted in Consumer
The Australian soups sector is projected to grow from A$509.9m (US$354.7m) in 2019 to A$588.2m (US$401m) in 2024 at a compound annual growth rate (CAGR) of 2.9%, says GlobalData, a leading data and analytics company.
GlobalData's report, 'Australia Soups - Market Assessment and Forecasts to 2024', reveals that the sector is majorly driven by the frozen soup category, which is forecast to register the fastest value CAGR of 6.3% during 2019-2024. The category is followed by UHT soup, which is expected to record a CAGR of 5.7% during the next five years.