Innovations in flavor profiles are attracting consumers seeking unique taste experiences, driving chilled soup market growth, says FactMR.
Innovations in flavor profiles are attracting consumers seeking unique taste experiences, driving chilled soup market growth, says FactMR.
The global chilled soup market is projected to generate revenue of US$ 840.4 million in 2024 and further climb to a value of US$ 1.38 billion by the end of 2034. The market has been forecasted to expand at a 5.1% CAGR from 2024 to 2034.
Given the increasing demand for products featuring multiple flavors or complex ingredient combinations globally, chilled soup manufacturers are intensifying their focus on innovation. Companies are exploring fusion and unconventional flavors that resonate with diverse culinary traditions. Incorporating superfoods like chia seeds, quinoa, kale, and other trendy ingredients enhances not only nutritional value but also aligns with dietary and health trends.
The North American region is set to lead the global chilled soup market, driven by rising popularity of chilled soups in the United States and Canada. Concurrently, manufacturers are also strategically targeting East Asia, leveraging the region's rising demand for convenient food options amid busy lifestyles.
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Key Takeaways from the Market Study:
“Leading manufacturers are focusing on producing chilled soups made from plant-based or vegan ingredients. Moreover, increased acceptance and demand for frozen foods in various countries are fueling the expansion of the chilled soup market,” says a Fact.MR analyst.
Supermarkets & Hypermarkets Generating Substantial Revenue
Supermarkets and hypermarkets lead in chilled soup sales compared to other distribution channels due to their extensive selection of brands, attracting a large customer base for food and other purchases. These stores maintain superior refrigeration systems that preserve the freshness and quality of chilled soups, essential for maintaining their appeal as convenient, ready-to-eat meals.
Supermarkets and hypermarkets frequently offer special deals, discounts, and promotions on chilled soups to appeal to budget-conscious customers and stimulate trial purchases. The availability and accessibility of chilled soups in these large retail settings further enhance their attractiveness, allowing customers to easily find and purchase them during routine shopping trips.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the chilled soup market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (chunky soup, crème soup, other types), packaging (pet bottles, cartons, cups/tubs, pouches), and distribution channel (supermarkets/hypermarkets, premium grocery stores, online retail, direct selling), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Key Companies Profiled-
PepsiCo, Inc.; The Hain Daniels Group Ltd.; Woolworths Group Limited; Tio Gazpacho; Sonoma Brands; Campbell Soup Company; Soupologie; The Billington; Nestle S.A.; Baxters Food Group Limited; Premier Foods Group Inc.
Industry News:
In September 2023, with the introduction of Campbell's Culinary Reserve, Campbell's Foodservice repositioned its frozen soup line to include over 60 chef-inspired soups. The new Campbell's Culinary Reserve line, which combines Campbell's Foodservice's Signature and Reserve frozen soup offerings, gives operators a convenient one-stop shop for delectable, premium soup that comes in 4-pound frozen tubs of condensed soup and 4-pound frozen pouches of ready-to-eat or ready-to-cook soup.
In November 2022, Brakes, a well-known foodservice wholesaler with headquarters in the United Kingdom, launched a new range of frozen soups sold under the Sysco Classic brand. The line comprises four vegan-friendly soup types that are packaged in 275-gram pouches.
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CAGR stands for Compound Annual Growth Rate. It represents the mean annual growth rate of an investment over a specified time period longer than one year.
Market share is the percentage of an industry's sales that a particular company controls. It is used to measure a company's competitiveness in the market.
Flavor innovation refers to the development of new and unique flavor profiles in food products, aimed at attracting consumers and enhancing their experience.
Distribution channels are the pathways through which goods and services flow from the producer to the consumer, including retailers, wholesalers, and online platforms.
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