5.5.9.4Vertical

Soups, Broths & Canned Foods

Producers of canned soups, broths, and shelf-stable food products.

Market snapshot

These figures describe Sauces, Condiments & Specialty Foods (5.5.9), the segment that Soups, Broths & Canned Foods sits within. They are not figures for Soups, Broths & Canned Foods on its own.

Market size
~$27B
Growth
~3.8%CAGR (2017–22, nominal)
Companies
~491 firms
Firms by employee count

63.7% of firms have fewer than 20 employees: 313 micro-businesses, below most mandates.

The investable universe178 firms with 20+ employees
20–99
8849%
100–499
5028%
500+
4022%

A small segment that punches above its size in deal flow: branded sauces and condiments carry the highest gross margins in food and scale through co-packers rather than owned plants, so a growing brand needs little capital. That is precisely what makes it the most competitive category for acquirers.

NAICS 311930, 311941. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Business model & economics

Revenue model

Branded and specialty prepared-food shipments

Key economics

Revenue per firm
$54,048,737
Revenue per employee
$812,975
Employees per firm
66.4
Recurring revenue
High

recurring pantry demand

EBITDA margin
Richer for differentiated specialty brands
Capex intensity
Moderate

Characteristics

  • Scale-driven: payroll is only 8% of revenue, so the cost base is assets, not headcount
  • Moderate strategic-buyer pool: 40 firms exceed 500 employees, so a scaled asset has buyers, but not many
  • Scaled players plus a fragmented specialty-brand base.
  • Flavor, global-cuisine, and premiumization trends.
  • A very active emerging-brand M&A arena.

NAICS 311930, 311941. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Geographic concentration

AlabamaAlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioTennesseeUtahVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoNevadaVermontLouisianaRhode IslandCaliforniaOregon

The Pacific Northwest and California specialty-food cluster, where small branded producers sit close to both the produce supply and the natural-channel retailers that launch them.

OregonCalifornia

U.S. Census Bureau, 2022 Statistics of U.S. Businesses (firms by state), NAICS 311930/311941. Concentration shown by location quotient.

M&A deal context

Deal activityHigh

Who’s acquiring

  • Branded-food strategics
  • PE-backed specialty-food platforms
  • Emerging-brand acquirers

What’s driving deals

  • Acquisition of high-growth specialty brands.
  • Flavor, global, and clean-label trends.
  • Premiumization and differentiation.

Find Soups, Broths & Canned Foods acquisition targets

Search Acquisera’s index for companies classified under Soups, Broths & Canned Foods (5.5.9.4) and build a targeted deal pipeline.

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